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Symphony Environmental Technologies PLC on Monday reported a ‘turnaround’ in financial performance during the first half amid strengthening markets and successful cost cutting.
The Hertfordshire, England-based biodegradable plastic technology developer said pretax loss stood at £542,000 in the first half that ended June 30 narrowing from £863,000 a year prior.
Revenue decreased 3.8% to £3.4 million from £3.6 million, as cost of sales fell 9.8% to GBBP1.9 million from £2.1 million.
Specifically, biodegradable technology, or d2w, revenue was largely unchanged at £2.8 million and design-to-product, or d2p, revenue grew 13% to £402,000.
Distribution costs rose 9.6% to £125,000 from £114,000 while administrative expenses reduced 14% to £1.9 million from £2.2 million.
Chief Executive Officer Michael Laurier said: ‘These H1-2024 results demonstrate a material turnaround in financial performance following improved d2w core markets during Q2 and successful implementation of a cost reduction program, which has started to increase our operating margins. This process will continue through the second half of this year where we are seeing a further strengthening in our global d2w markets as well as continuing positive developments in our d2p programmes.’
After investing in development and portfolio expansion, the company has a number of new technologies nearing commercial adoption and others starting pre-commercial evaluation trials.
Symphony Environmental commented: ‘Several of our main markets for d2w, our biodegradable plastic technology, have become more active and demand is strengthening, fuelled by an urgency for change to a better type or class of plastic. This changing environment is helpful for the group as our range of technologies are non-disruptive and can easily be dropped into an existing manufacturing and supply system.’
Symphony Environmental shares were down 4.4% at 3.16 pence each in London on Monday morning.
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