12th Jun 2025 11:47
(Alliance News) - Symphony Environmental Technologies PLC on Thursday said its loss narrowed and revenue increased slightly in 2024, as costs continued to drop.
The Hertfordshire, England-based biodegradable plastic technology developer said its pretax loss narrowed to GBP1.3 million in 2024 from GBP2.3 million a year prior.
Basic loss per share narrowed to 0.63 pence per share from 1.18p.
Revenue increased 3.8% to GBP6.6 million from GBP6.4 million, while cost of sales fell 12% to GBP3.5 million from GBP4.0 million.
Administrative expenses were down 5.2% to GBP3.9 million from GBP4.1 million.
The company said costs fell as it negotiated improved manufacturing costs with some factories and improved sourcing of some raw materials.
Symphony Environmental said revenue growth "has been modest" but it does not reflect "the progress of our advancing sales pipeline".
No dividend was declared for the year, unchanged from a year ago.
Looking ahead, Chair Nicolas Clavel said Symphony Environmental started 2025 with a "significantly improved" first quarter.
The first quarter was close to operating break-even, as the operating loss narrowed to GBP54,000 from GBP370,000 in the first quarter of 2025.
Clavel noted improved gross margins and reduced costs on sales growth of 9%.
The company said it expects the performance to improve further during the year, as sales increase and gross margins "remain strong with potential for further improvement".
"The group continues its international strategy of increasing regulatory approvals for d2w and d2p products in some major markets where demand is expected to be high following premarket assessments...Should they succeed, the sales volumes will be materially valuable for the group," said Chair Clavel.
Chief Executive Michael Laurier said: "With a significantly improved operating performance for [the first quarter of 2025], we are optimistic about the short to medium term outlook. This confidence is further underpinned by the strength of our longer term pipeline, which we expect to materialise as key opportunities reach commercial realisation."
Shares in Symphony Environmental were down 5.1% to 7.12 pence in London on Thursday morning.
By Michael Hennessey, Alliance News reporter
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