LONDON (Alliance News) - Symphony Environmental Technologies PLC Monday said its pretax loss narrowed in 2014, as cost reductions it made in 2013 it's a lack of reoccurring exceptional costs offset a decline in revenue.
The plastics company reported a pretax loss of GBP390,000, compared with a loss of GBP778,000 in 2013, even though revenue fell to GBP6.4 million from GBP7.2 million. Its administrative It's a fell, and it had booked an exceptional charge of GBP570,000 in 2013 related to the closing of one of its UK facilities and an impairment provision against its SRT research and development business.
Symphony attributed the decline in revenue to timing issues in a number of its markets for its oxo-biodegradable plastics. Whilst legislation is being established in favour of these products in several countries, there have been delays in the implementation and enforcement of this legislation in some.
Although local distributors have "recently noticed material progress in this area" Symphony said it remains cautious on the timing of sales in these countries.
The company said that it has seen some orders for its anti-fungal and anti-bacterial plastics, although volumes so far have been small "as expected."
"I am confident that our strategy will continue to work in a world that needs both of our main technologies," the company said in a statement. "Plastic pollution, health and food protection are, and will remain important concerns in today's society. Our expectations for 2015 and beyond are to deliver positive and meaningful growth."
Shares in Symphony Environmental are down 15.3% at 9.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Symphony Env. (SYM)