Oxo-degradable plastics company Symphony Environmental Technologies said it was “delighted”with its first half results.
For the six months to 30 June 2010, pre-tax profit was £0.42m, compared with £0.40m in the first half of 2009. Excluding non-recurring items meant underlying pre-tax profit increased by 33% from £0.40m in the first half of 2009 to £0.53m in the first half of 2010. Revenue increased by 6% over the same period to £3.90m.
Michael Laurier, CEO of Symphony, said: “I am delighted to present these interim results,which show an underlying growth in profit of 33% to £0.53 million for the first six months of the year.
“In addition, following completion of the group’s reorganisation, the company now has a more suitable balance sheet and will gain from having a better operating structure.
“I am also pleased to report a further increase in our distribution network, which now totals 57 distributors. We look forward to the second half of the year with confidence.”