Symphony Environmental Technologies Expects Rise in Revenue and Reduced Loss in First Half of 2022

Introduction

Symphony Environmental Technologies, a leading plastic-technology company based in the U.K., announced on Tuesday that it anticipates an increase in revenue for the first half of 2022. The growth is primarily attributed to the company's successful operations in the Middle East. Additionally, Symphony expects its loss to narrow as a result of reduced costs.

Revenue Growth

During the first half of the year, Symphony Environmental Technologies is projected to achieve revenue of £3.6 million ($4.6 million), surpassing the previous year's performance of £3.0 million.

Improved Profitability

The company has experienced a remarkable improvement in gross profit margins, which now exceed 42%, up from 36% compared to the previous year. Symphony attributes this positive development to decreased raw-material costs and enhanced supply-chain efficiencies.

Narrowed Loss

Although a loss is expected to be reported for the period, it will be substantially narrower in comparison to the previous year.

Future Outlook

Symphony Environmental Technologies remains confident in its ability to return to profitability, building upon the momentum gained in the first half of 2022. The company anticipates near-term commercialization of key projects as a contributing factor to its continued success.