Symphony Environmental Technologies PLC (LON:SYM) has reported increased revenues for the first half of the year as its d2p range of products began to contribute to its balance sheet.
The AIM-listed smart plastics maker reported an 11% increase in revenues to £4.1mln during the period, mainly due to its d2p range of anti-microbial plastic products contributing £0.5mln, up from zero the same time last year. Meanwhile, its d2w range of oxi-biodegradable plastics reported flat revenues of £3.6mln.
READ: Symphony Environmental reports solid revenue growth as d2p technology begins contributions
The group’s operating profit for the half year was £18,000, down from £109,000 in the first half of 2017, which the company said was due to an increase in communication and marketing costs totalling £171,000 for the period.
Chairman of Symphony, Nirj Deva, said that the increase in d2p revenues in the period had been down to sales of household gloves in the Italian market, adding that the firm had seen repeat orders for the technology for use inside water pipes in the developing Pakistan market.
Deva also said that stripping out the marketing budget increase, the firm had seen an 18% increase in its underlying adjusted earnings (EBITDA) to £588,000 for the period.
In the company’s outlook, chief executive Michael Laurier said that the firm was confident in its technology position and expected to make “positive ground” over the coming months.