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LONDON (Alliance News) - Symphony Environmental Technologies PLC Wednesday said its losses for 2015 will be higher than current market expectations, as a result of increased marketing spending and product development costs.
However, the 'smart plastic' company reiterated that its full year revenue will be broadly in line with market expectations.
Symphony said it had chosen to spend around GBP300,000 of previously unbudgeted costs in relation to marketing, particularly surrounding its anti bacterial product d2p.
The company said that to avoid any future working capital constraints impeding the business it is reviewing its overheads to take out any non-critical costs, ideally up to GBP500,000 per year on an ongoing basis.
"The board firmly believe this additional marketing and development expenditure will benefit the business in the longer term and it is in the interests of stakeholders that these costs were incurred. However, in recognition of the financial position of the business, it is right that we should look to take out any non-critical costs to maintain the working capital position and prospects of the business going forward and I'm confident, with the proposed cost reduction programme being put in place, that we can achieve this with minimal disruption," said Chief Executive Officer Michael Laurier in a statement.
Shares in Symphony Environmental were down 14% at 6.01 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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