11th Sep 2013 11:50
LONDON (Alliance News) - Symphony Environment Technologies PLC Wednesday said it had reduced its losses in the first half, as sales activity picked up significantly after legislation approving oxo-biodegradable technology was passed in a number of its markets.
The company's main focus is dw2 oxo-biodegradable plastic which degrades in a "predetermined life-span".
The plastics and tyre-recycling technologies firm posted pretax losses of GBP224,000 for the period ended 30 June, compared with GBP689,000 a year earlier. The firm was able to reduce its operating losses to GBP215,000, from GBP677,000 last year.
This significant reduction in losses is primarily due to the increase in revenues, Symphony said.
Revenue jumped 69% to GBP3.6 million, from GBP2.1 million. Symphony said this was a result of strengthening within existing markets in South Asia.
Basic loss per share reduced to 0.06 pence, from 0.51 pence in 2012.
Going forward, Symphony said negotiations for new d2w supply contracts had been ongoing throughout the period. These are expected to be complete in the short-term, albeit no certainty of a successful outcome can be guaranteed at this point in time, it added.
"The sales activity improved in our established markets, and stock levels within these markets are now kept to lower but more efficient operating levels," Chairman Nirj Deva said in a statement.
"During the period we saw legislative changes in Pakistan and elsewhere, from which we expect further material improvements to d2w revenues in the months ahead. A total of 16 countries have now legislated to some extent in favour of oxo-biodegradable technology; most of them within the last 18 months."
Symphony shares were trading at 6.81 pence Wednesday morning, up 0.81 pence, or 14%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Symphony Env.