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Symphony Environmental Technologies PLC - Hertfordshire-based biodegradable plastic technology developer - In 2023 pretax loss narrows to £2.3 million from £3.0 million a year prior. Revenue nudges up to £6.4 million from £6.2 million, while administrative expenses reduce to £4.1 million from £4.8 million. Basic loss per share is 1.18 pence compared to 1.65p. Says: ‘One of the Group’s focuses was to reduce cost, without causing any drag on the sales initiative. This was achieved and continues into 2024.’ Says gross profit margins stable at 37%. Adds: ‘With the lower cost structure and higher gross margins, the 2024 outlook shows a much more positive commercial position for the Group compared to recent years.’ Notes the opportunities for Symphony are ‘significant’ and, whilst taking considerably longer to convert than originally anticipated, a combination of more positive conversations, trials and other factors give the board confidence that these can and will be converted in the short to medium term. Current stock price: 2.85 pence, up 3.6% in London on Thursday 12-month change: down 59% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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