StockMarketWire.com - Symphony Environmental Technologies (AIM:SYM), global specialists in 'making plastic smarter', with d2w controlled-life, d2p anti bacterial and d2t anti-counterfeiting technologies, has annoubnced that interim results for the six months ended 30 June 2015 provided revenues marginally higher than the comparable prior period.

The company also reported that and this trend remains true to date with the Board comfortable that full year revenues will be broadly in line with market expectations.

However, the Board said it had made the conscious decision to spend approximately £0.3m of previously non-budgeted expenditure in respect of marketing, particularly in relation to d2w to increase awareness together with increased professional fees for third party product development costs.

Accordingly, full year losses will likely be higher, by a corresponding amount, than current market expectations. To avoid any future working capital constraints impeding the business, the Board is reviewing the overheads of the Group to take out any non-critical costs, ideally up to £0.5m per annum on an ongoing basis.

Michael Laurier, CEO of the Company, stated: "The Board firmly believe this additional marketing and development expenditure will benefit the business in the longer term and it is in the interests of stakeholders that these costs were incurred.

"However, in recognition of the financial position of the business, it is right that we should look to take out any non-critical costs to maintain the working capital position and prospects of the business going forward and I'm confident, with the proposed cost reduction programme being put in place, that we can achieve this with minimal disruption."


At 10:23am: [LON:SYM] Symphony Environmental Technologies PLC share price was -0.75p at 6.25p



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