Symphony Environmental Technologies profit falls on higher R&D spend
Source - SMW
Biodegradable plastics developer Symphony Environmental Technologies posted a fall in annual profit, as higher sales were offset by expenses including R&D costs.
Pre-tax profit for the year through December fell to £38k, down from £430k on-year.
Revenue rose 6.5% to £8.8m.
'This is a pleasing set of results as it demonstrates positive momentum on many different fronts,' chief executive Michael Laurier said.
'Our d2w technologies have been designed to help eliminate the harmful effects of plastic pollution in the oceans and on land.'
'Quite differently, and for other markets, our d2p 'designed-to-protect' technologies adds special benefits to ordinary plastic and rubber products such as anti-microbial, insecticidal and flame retardant.'
'We believe the group is reaching a pivotal point in its development.'
'In particular, our Middle East market is increasing the number of products which must be made with our d2w type of oxo-biodegradable plastic technology, whilst at the same time substantially improving their enforcement process.'