IN BRIEF: Symphony Environmental back in profit as costs come down
Symphony Environmental Technologies PLC - Hertfordshire-based biodegradable plastic technology developer - In 2023 pretax loss narrows to GBP2.3 million from GBP3.0 million a year prior. Revenue nudges up to GBP6.4 million from GBP6.2 million, while administrative expenses reduce to GBP4.1 million from GBP4.8 million. Basic loss per share is 1.18 pence compared to 1.65p. Says: "One of the Group's focuses was to reduce cost, without causing any drag on the sales initiative. This was achieved and continues into 2024." Says gross profit margins stable at 37%. Adds: "With the lower cost structure and higher gross margins, the 2024 outlook shows a much more positive commercial position for the Group compared to recent years." Notes the opportunities for Symphony are "significant" and, whilst taking considerably longer to convert than originally anticipated, a combination of more positive conversations, trials and other factors give the board confidence that these can and will be converted in the short to medium term. Read More