25th Sep 2015 07:56
LONDON (Alliance News) - Symphony Environmental Technologies PLC on Friday reported a swing to a pretax loss for the first half of 2015 as it continued to work on strengthening its product range and broadening its promotion activity.
Symphony operates two divisions, a plastics division that makes various types of plastic products, and a recycling technologies division.
For the half year to end-June the company reported a swing to a pretax loss of GBP181,000, from a pretax profit of GBP93,000 a year before, as a small rise in revenue to GBP3.4 million from GBP3.3 million was offset by higher administrative expenses and distribution costs.
The company said that governments continue to legislate in favour of biodegradable plastics in a number of territories outside of Europe, but that the timing of enforcement and potential value "remains difficult to predict".
In the UK, a 5 pence shopping bag tax will come into effect from October 5, and the government is considering an exemption for biodegradable bags.
"With a growing pipeline of customer-led development projects together with a global need to resolve plastic pollution and everyday contamination from bacteria, infestation etc, the group is well placed to benefit although, and as previously reported, we remain cautious with the timing of revenue growth," said Chairman Nirj Deva in a statement.
Shares in Symphony were down 6.7% at 7.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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