Symphony Environmental Technologies PLC eyes continued growth following 2020

() said it is aiming for continued growth in 2021 as the plastics specialist reported revenue growth last year despite the challenging conditions in the global economy.

In its results for the year to December 31, the firm reported a pre-tax loss of £0.44mln, narrowed from a £0.7mln loss in the prior year, while revenues for the period rose to £9.8mln from £8.2mln.

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The company also said that revenues of £0.7mln missed the year-end cut-off date due to shipping congestion in the Far East, which if included would have pushed 2020 revenues up to £10.5mln.

Symphony reported strong sales growth in its finished products segment, where sales rose 200% to £1.8mln, as well as strong 88% growth to £0.47mln for its d2p anti-microbial plastic technology. Sales for the firm’s d2w oxo-biodegradable plastics rose 2% to £7.27mln.

Looking ahead, the firm said the year had started well with the £0.7mln in revenues that missed the year-end cut-off date accounted for in the initial months of 2020, a 16% increase on the year-ago period.

Symphony also said customer-led trials for its d2p masterbatch for use in bread packaging are expected to complete in the coming months and the firm believed this will result in “long term material commercial sales later this year”.

“The commercial team is extremely busy and due to strong interest in our technologies, they are focusing on a number of major markets, where sales visibility, potentially high sales volumes, and short-term delivery prospects are strong”, Symphony chief executive Michael Laurier said in a statement.

“With our strong pipeline, and targeted investment levels in commercialising all of our main product areas, we look forward with confidence to continued growth in 2021”, he added.