30th Jun 2015 11:02
LONDON (Alliance News) - Environmental Recycling Technologies PLC on Tuesday said its pretax loss in 2014 narrowed slightly as it continues to work on commercialising its powder impression moulding process.
The company said its pretax loss for the year was GBP3.3 million, slightly narrowed from a GBP3.5 million loss a year earlier. The group generated revenue of GBP37,000, down from GBP119,000, all of which came from licensing and royalty revenue.
Over the course of the year, the company's AXION Polymers subsidiary secured its first orders for AXPLAS, a recycled plastics formulation used in the powder impression moulding process for the production of flat sheet. The company also signed a cooperation deal with Ceramic Drying Systems Ltd and signed heads of terms on a GBP1 million licence with an unnamed joint venture in the UK.
Post the period end, the company entered into talks to acquire an unnamed company which, it says, would "provide the enlarged group with a more balanced business and additional sales opportunities and synergies". No further details on the acquisition were provided, but the company said talks are at an advanced stage.
"I am pleased to say that our management team continues to make steady progress in a consolidated approach to the commercialisation of PIM whilst also looking out for wider and synergistic activities in the field of environmental recycling in the light of new legislative drivers and greater environmental consciousness," said Ken Brooks, chairman.
Shares in Environmental Recycling were down 5.3% to 0.45 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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