StockMarketWire.com - Symphony Environmental has swung to an H1 pretax loss of £0.18m, from a profit of £0.01m. Revenues totalled £3.42m, from £3.33m.

Chairman Nirj Deva said:

"The Group's sales performance was similar to the same period in 2014. Expenses increased in respect of research and development, and sales and marketing, in line with a policy to strengthen the product-range and broaden promotional activity.

"This is the primary reason for the EBITDA loss of £0.11 million (2014: profit £0.12 million). Revenue from the d2w range continues to fund exciting research and development opportunities with the d2p product range as displayed in the segmental results above.

"Governments continue to legislate in favour of d2w type products in a number of territories outside Europe, although timing of enforcement and potential values remain difficult to predict.

"The widely published 5p shopping bag tax in England comes into effect on the 5 October, and Government is considering an exemption for biodegradable bags.

"Symphony believes that the UK Government should allow a d2w type product to be included in this exemption as it has been proven to meet all the main criteria, being recyclable, reusable and biodegradable when exposed to the elements on land and sea.

"Symphony commissioned a YouGov survey in July 2015 which revealed that 85 per cent of consumers think that 'all plastic carrier bags should be recyclable and biodegradable in case they accidentally get into the open environment' and 65 per cent said 'carrier bags should be provided free of charge if they are both biodegradable and recyclable.'

"Symphony's products provide the UK government with an opportunity, and by endorsing this, the government could make a positive contribution to the global legislation process, and create a much larger oxo-biodegradable plastics industry earning foreign currency for Britain.

"With a growing pipeline of customer-led development projects together with a global need to resolve plastic pollution and everyday contamination from bacteria, infestation etc., the Group is well placed to benefit although, and as previously reported, we remain cautious with the timing of revenue growth".






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