6th Aug 2018 12:30
LONDON (Alliance News) - Symphony Environmental Technologies PLC on Monday said it looks forward with optimism after its interim revenue grew on anti-microbial technologies division.
The plastic technologies company said it expects revenue for the six months to the end of June to come in at GBP4.1 million, up 11% from GBP3.7 million reported for the same period a year earlier, while sales and marketing spend increased by GBP200,000.
The oxo-biodegradable technologies division recorded a revenue of GBP3.6 million, unchanged year-on-year, due to US dollar depreciation in the period. On a constant currency basis, revenue rose by 11%.
Symphony Environmental said it expects to post maiden revenue from anti-microbial technologies division at GBP500,000. Range of products in this unit has expanded during the period with production of hospital overalls, examination gloves and tooth brushes.
"The group's investment in and development of innovative new products in our anti-microbial range of products is driving commercial growth," said Chief Executive Michael Laurier.
"We expect to sell record volumes of both our oxo-biodegradable and anti-microbial products this year and look forward to the second half of the year with optimism," added Laurier.
Shares in Symphony Environmental were trading 1.7% lower on Monday at 14.50 pence each.
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