LONDON (Alliance News) - Symphony Environmental Technologies PLC Monday said revenue in the first half of the year was lower than the prior year, though administrative expenses are significantly lower as well due to cost cutting.
Symphony Environmental Technologies produces environmentally friendly plastic products and recycling technologies. The company has been investing in broadening its product range in the main segments of its business: environmental products, health and hygiene products and anti-counterfeiting products.
The company said Monday that revenue in the six months to June 30 is expected to be reported around GBP3.3 million, with administrative expenses significantly reduced following the cost reductions undertaken during 2013.
In the first half of last year, the company reported revenue of GBP3.6 million, with administrative expenses of GBP1.9 million.
In a statement Monday, Symphony Environmental Technologies said it has entered into a product development agreement with an USD50 billion polymer corporation.
The company has been developing new formulations and intellectual property to expand its product range into the agricultural, retail and chemical sectors.
It recently won a new contract with a supermarket group for its environmental products. The company said in May that it expects sales volumes from the contract to be significant. It has already begun deliveries on the product, and expects a full roll-out in the second half of the year.
Symphony Environmental Technologies shares were flat Monday morning, trading at 10.50 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Symphony Env. (SYM)