Eco-friendly plastics maker Symphony Environmental Technologies PLC (LON:SYM) says revenues have started to pick up this year after a flat 2015.
Sales for the first quarter of 2016 are 8% higher than a year ago but were ‘disappointingly static’ at £6.37mlm (£6.35mln) in the year to December, said chairman Nirj Deva.
The operating loss rose to £0.97mln (£0.27mln).
Statutory losses for the year were £2.3mln (£390,000) after a strategic review of the business resulted in a write-down of £1.3mln for development costs of its bio-degradeable d2w product.
After the review the company expects to save £750,000 annually on lower research and marketing expenditure.
The full year forecast is for moderate sales growth and maintained gross margins.
“As an operationally geared business, now running with a significantly lower cost base, the Board looks forward to a financially more successful year in 2016,” added chief executive Michael Laurier.