Specialist plastics group Symphony Environmental Technologies PLC (LON:SYM) lifted sales over the past year but profits were dented by increased marketing costs.
Group revenues increased by 6.5% to £8.8mln in 2018, driven by a near 200% jump in sales of anti-microbial products to £930,000.
Turnover at the core recyclable business d2w was down slightly, with Symphony still waiting for the commitments to recycling by Middle East governments to translate into sizeable orders.
Ten governments globally have mandated that certain plastic products must contain oxo-biodegradable additives, which the basis of its d2w technology.
New directions
The group has also won a first commercial order for d2p anti-insect technology, while discussions are underway for Eranova, a plastic from algae product.
A £360,000 rise in marketing costs meant pre-tax profits dropped to £38,000 from £430,000.
Michael Laurier, chief executive, said the group is reaching a pivotal point in its development.
“In particular, our Middle East market is increasing the number of products which must be made with our d2w type of oxo-biodegradable plastic technology, whilst at the same time substantially improving their enforcement process."
“In other markets, our d2p "designed-to-protect" technologies adds special benefits to ordinary plastic and rubber products such as anti-microbial, insecticidal and flame retardant etc., and we are encouraged by the growth of our d2p "designed-to-protect" technologies in a number of different applications.”