15th Mar 2019 10:07
LONDON (Alliance News) - Symphony Environmental Technologies PLC on Friday said its annual profit fell due to increased marketing spend, but revenue from its d2w biodegradeable plastics unit more than doubled.
The company, which makes technology for biodegradable and anti-microbial plastics, said its pretax profit came to just GBP38,000 in 2018, a fraction of its GBP430,000 profit the year before.
This was due to a planned GBP360,000 increase in spending on Symphony Environmental's marketing, communication, and brand activities during the year.
In total, administrative expenses increased to GBP3.9 million from GBP3.3 million.
Revenue increased 6.0%, however, to GBP8.8 million from GBP8.3 million, with revenue from its d2p plastics unit - which adds properties such as flame resistance and antibacterial protection to plastics - more than doubled at GBP930,000 versus GBP320,000 the year before.
Its oxo-biodegradable d2w unit revenue was slightly lower at GBP7.7 million from GBP7.8 million.
Symphony Environmental Technologies Chief Executive Michael Laurier said: "This is a pleasing set of results as it demonstrates positive momentum on many different fronts. Our d2w technologies have been designed to help eliminate the harmful effects of plastic pollution in the oceans and on land. Quite differently, and for other markets, our d2p "designed-to-protect" technologies adds special benefits to ordinary plastic and rubber products such as anti-microbial, insecticidal and flame retardant etc, and we are encouraged by the growth of our d2p "designed-to-protect" technologies in a number of different applications."
"We believe the group is reaching a pivotal point in its development. In particular, our Middle East market is increasing the number of products which must be made with our d2w type of oxo-biodegradable plastic technology, whilst at the same time substantially improving their enforcement process."
Shares in Symphony Environmental Technologies were up 11% at 6.37 pence on Friday in London.
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