Symphony Environmental Technologies PLC (AIM:SYM) has said its revenues this year will be behind 2021 even after a strong second half to the year.
An issue with Middle East destocking has still not been resolved mainly due to delays in certifications for its partner's new factory in the UAE, which finally became fully operational in December.
As a result, group revenue for 2022 is expected to be approximately £6.5mln (2021: £9.2mln) with losses for the year forecast at £2.5mln (£1.4mln) after tax.
For 2023, the biodegradable and sustainable plastics group expects a better year helped by d2p anti-microbial products, where sales this year have risen 80% to £800,000, and the new Middle East plant.
“Based upon the group's trading performance in December 2022 and that trending for the first quarter, the board expect Symphony to move back into profitability during this period,” the company said in its trading update.
“Additionally, and as advised within the group's interim results, the board remains confident it will achieve a £14mln annualised run-rate revenues during first half 2023 where, after many years of R&D and product development, commercialisation of several near-term active pipeline opportunities (excluding India) is expected in the very near term," it added.