LONDON (Alliance News) - Symphony Environmental Technologies PLC Wednesday said it had swung to profit in the half-year to the end of June, benefiting from improved gross margins and cost efficiencies implemented in the previous year.
The company expects its second-half performance to at least match its first-half, it said, with "many opportunities expected to come to fruition during 2015."
The plastic products company posted a pretax profit of GBP8,000, swung from a pretax loss of GBP224,000 in the previous year, despite seeing revenue decline slightly to GBP3.3 million from GBP3.6 million, boosted by lower cost of sales and administrative expenses.
Expenses were reduced as part of the company's cost reduction programme in 2013, dropping to GBP1.6 million from GBP1.9 million in the previous year.
Symphony Environmental said its gross profit margin had improved to 52% from 49%. The company's Plastics Sales business saw an earnings before interest, tax, depreciation and amortisation profit of GBP470,000, up from GBP280,000 the year before.
It is continuing to work on a commercialisation strategy for its tyre recycling business, and said it will provide updates as appropriate.
It plans to continue to develop and expand its product range, in order to increase the value of sales into existing customers. Recent legislation changes and improvements should boost its controlled-life plastic technology revenues it said.
The company said that "significant opportunities continue to be developed for our products and markets and our outlook continues to strengthen."
Shares in Symphony Environmental were trading 0.1% higher at 8.51 pence per share Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Symphony Env. (SYM)