Environmental Recycling Technologies (ERT) has increased its revenue for the first half of 2009 to £321,000 compared with £1,000 in the same period a year earlier.
The London-based group has been developing patented rights to the Powder Impression Moulding (PIM) process capable of converting mixed waste plastics into commercial products.
The PIM process works by melting and fusing thermoplastic-rich powder and applying it to the open surfaces of heated moulds. With further processing a composite material can be formed, made with varying densities and properties.
During the first half of this year the group has been engaged in restructuring actions to lower its cost base and make savings to its overall organisation.
As a result the group said that, in the first half of this year, loss on operations was £0.54m, compared with a loss of £1.8m in the first half of 2008. Losses attributable to equity shareholders were lower at £0.81m while other income from grants stood at £106,000 compared with the 2008 figure of £178,000.
The period also saw the group’s main UK licensee, 2K Manufacturing, acquire its factory site at Luton alongside the installation of its first PIM machinery. The board is hopeful the success of the group will highlight the potential for PIM process technology throughout the UK.
Roger Baynham, the group’s managing director, said: ‘Despite uncertain global economic conditions, there has been significant activity in the waste management and environmental sectors as governments throughout the world develop strategies to reduce the challenges of the carbon agenda.
‘We believe this vindicates the board’s decision to rebrand the enterprise and concentrate our efforts in sectors where the unique abilities of the PIM process to utilise high percentages of co-mingled and contaminated plastic waste materials are paramount.’