LONDON (Alliance News) - Symphony Environment Technologies PLC said Tuesday revenues in its plastics division nearly doubled during the year as it narrowed it pretax loss by 68% as a number of "significant prospects" continued to develop during the year.
It is preliminary results for the year to December 31, 2013, Symphony said revenue in the Plastics Division - Symphony Environmental Limited - rose 46% to GBP7.19 million from GBP4.94 million last year. The company said its loss after tax reduced by 68%, narrowing to GBP0.71 million from GBP2.22 million in 2012.
The SEL division focuses on "making plastic smarter" technologies, said the company, and continued to advance sales revenue during the year so far solely through the d2w brand.
The firm said the SEL business performed well across all of its major markets, compared to the previous year, buoyed also by "a number of very significant prospects continued to develop during the year."
The growth of its d2w controlled-life plastic technology was specifically boosted by growth-drivers include legislation and Corporate Social Responsibility, for example, the firm said during the year that Pakistan had mandated the use of oxo-biodegradable technology for disposable plastic products. "As seen elsewhere, sales have started slowly while grace periods are allowed and enforcement becomes effective. This has been seen in the UAE and parts of Africa where similar legislation is in place, and sales are now increasing," said Symphony.
The company said it remains focused on its strategy is to commercialise its Recycling Technologies Division - Symphony Recycling Technologies Limited - a research and development division for tyre recycling technologies and systems, which has not yet reached the stage of becoming revenue generative.
The company did not declare a dividend for 2013.
Shares in Symphony were trading higher Tuesday, up 7.33% at 7.5 pence per share, one of the biggest gainers on the AIM market.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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Symphony Env. (SYM)