30th Aug 2018 12:14
LONDON (Alliance News) - Symphony Environmental Technologies PLC on Thursday reported a tumble in its interim profit, slashed by higher operating and administrative costs.
For the six months to June 30, the company posted pretax profit of GBP7,000 compared to GBP95,000 a year prior, despite increasing revenue by 11% to GBP4.1 million from GBP3.7 million.
Operating profit fell to GBP18,000 from GBP109,000, pulled back by the board's decision to increase communication and marketing costs, of which an additional GBP171,000 was incurred in the first half.
Higher administrative expenses, of GBP1.8 million compared to GBP1.6 million the year prior, contributed to the profit fall, while distribution costs were reduced to GBP108,000 from GBP128,000.
The company added that it looks to the future with confidence as it is "in a pivotal period with growing demand for its technologies", which are used to make bio-degradable plastic.
Symphony shares were trading up 0.4% at 12.80 pence each.
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Symphony Env.