- Symphony Environmental widens FY pretax loss to GBP2.31m, from a loss of GBP0.39m. Revenues totalled GBP6.37m, from GBP6.35m. The results included GBP1.3m on non-recurring administrative expenses, from nil.

Looking ahead, Symphony said the results for 2015 reflect the continued investment phases for both our d2w and d2p technologies, and we have now set a much lower operating cost basis for the business going forward.

"The business is transitioning away from product development activities that required capital for long-term returns and is now moving towards a stronger focus on shorter-term commercialisation and sales opportunities," it said in a statement.

"Sales for the first quarter of 2016 are 8% higher than for the same period last year, and on a conservative basis for the full year the Board expects to achieve moderate sales growth whilst maintaining gross margins. In addition, the Board expects operating costs for the full year 2016 to be approximately £750,000 lower than 2015.

"The Board considers the longer term sales prospects for both d2p and d2w as being positive as a result of the new d2p technologies being capable of commercialisation, and for d2w, where there is enforcement of legislative changes.

"The Group has been working for some time on a number of high-profile projects for both its technologies and the Board believe these are progressing well, although it should be noted that no certainty of success can be provided at this stage.

"I am pleased to confirm that the Group has sufficient working capital to execute its strategy and to complete its short to medium term objectives. As an operationally geared business, now running with a significantly lower cost base, the Board looks forward to a financially more successful year in 2016."

At 9:36am: [LON:SYM] Symphony Environmental Technologies PLC share price was -0.25p at 4p

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