StockMarketWire.com - Biodegradable plastics developer Symphony Environmental Technologies swung to a full-year loss, as its revenue slid and costs rose.

Pre-tax losses for the year through December amounted to £0.70m, compared to a modest profit of £0.4m on-year.

Revenue fell to £8.23m, down from £8.80m, though the company said its revenue had jumped 53% to £2.45m in the first quarter of 2020.

Symphony Environmental said it had not been materially affected by Covid 19 and accordingly had not needed to utilise any government support packages.

'The Covid-19 pandemic has so far had little negative impact on the operations of the group, and staff have adapted well to working at home,' chairman Nicolas Clavel said.

'We have seen minor cashflow and order delays in some territories, but at present our main markets are generally stable as our technology is mainly used in food packaging.'

'In terms of price, availability, hygiene and effectiveness, it is our view that plastics are currently the ideal product for the protection of people and the packaging of food and goods.'




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