Eco-friendly plastic bag maker Symphony Environmental Technologies (LON:SYM) is ramping up its marketing efforts for its controlled-life plastic technology d2w.
The firm is to spend around £300,000 on a marketing campaign to increase awareness of the product.
d2w is an additive which, when added to normal plastic, changes its molecular structure at the end of its life to make it as biodegradable as a leaf.
As a result, losses for the year will be higher than expected though Symphony said revenues are in line with full-year forecasts.
Michael Laurier, chief executive, said: “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.”
The firm said it would begin a cost reduction programme, which will look to strip out any non-critical costs in the future.
It is targeting a saving of £500,000 per year moving forward, something Laurier said should be achieved with “minimal disruption.”