StockMarketWire.com - Biodegradable plastics maker Symphony Environmental Technologies booked a small first-half loss, as broadly flat revenue was offset by R&D and brand costs.

Pre-tax losses for the six months through June amounted to £86k, compared to a profit of £7k on-year.

Revenue was broadly flat at £4.1m.

Chairman Nirj Deva said revenue was slightly lower than in the second half of 2018, principally due to inventory adjustments by some customers resulting from legislative clarification, together with delays in d2p glove listings in Italy.

'We are uncertain as to the exact timing of when orders will increase, but we believe we will see this in the short rather than longer-term,' Deva said.

'This is because of the continued traction from legislation and regulation forcing change, and the commencement of the second and third phases of Saudi Arabia's enforcement programme which had temporarily delayed orders during the period.'

'Revenue expectations in the market for the full year 2019 may therefore be affected but the board consider this would be a temporary timing issue rather than anything more fundamental.'

'In conclusion, our sales pipeline is advancing well across a wide range of technologies which, with an increase in direct front-line sales, mean we remain confident of an improving performance over the coming months and into 2020.'





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