27th Sep 2019 09:10
(Alliance News) - Symphony Environmental Technologies PLC on Friday said it expects business performance to improve in the "coming months" following a swing to loss in the first half of 2019.
The stock was trading 7.5% lower on Friday morning in London at 7.40 pence each.
The company, which develops additives to make ordinary plastic biodegradable, reported pretax loss of GBP86,000 for the six months to the end of June compared to GBP7,000 profit a year earlier, as administrative expenses rose to GBP1.9 million from GBP1.8 million. Revenue meanwhile remained stable at GBP4.1 million.
However, when compared to the second half of 2019, revenue was slightly lower, principally due to inventory adjustments by some of Symphony's customers as a result of legislative clarification in some markets.
"I am pleased to report that further progress has been achieved in 2019 in a number of areas such as product development, government lobbying, branding, technical and the strengthening of our direct front-line sales force," said Chair Nirj Deva.
Looking ahead, Symphony said its sales pipeline is advancing well across a wide range of technologies and it remains confident of an improving performance over the coming months and into 2020.
By Evelina Grecenko; [email protected]
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