Symphony Environmental Tech. PLC – Preliminary Results

Symphony Environmental Tech. PLC – Preliminary Results

Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in products and technologies that “make plastic smarter”, is pleased to announce its preliminary results for the year ended 31 December 2018.    

Financial highlights: 

  • Group revenues increased by 6.5% to £8.80 million (2017: £8.27 million)
  • d2p revenues increased by 191% to £0.93 million (2017: £0.32 million)
  • d2w revenues were broadly stable at £7.67 million (2017: £7.78 million)
  • Gross profit increased by 2.8% to £4.13 million (2017: £4.01 million)
  • Adjusted EBITDA, before R&D, and planned increased marketing, communications and brand costs of £1.18 million (2017: £1.20 million)
  • Reported profit before tax fell to £0.04 million (2017: £0.43 million)
  • Basic earnings per share fell to 0.03p (2017: 0.28p)
  • Cash used in operations £1.01 million (2017: cash generated £1.03 million)
  • Net current assets increased to £1.71 million (2017: £1.25 million)

Business highlights:

  • Ten governments globally have mandated that certain plastic products must contain oxo-biodegradable additives; a regulatory move which is beneficial to the Group’s business
  • A further nine countries have introduced positive regulation for all types of bio-degradable packaging with more countries intending to make similar changes
  • Increasing interest in d2w type products as a result of Middle East regulations and enforcement thereof
  • First d2p anti-insect technology commercial order
  • Eranova (plastic from algae) due-diligence and commercial discussions ongoing

Chief Executive, Michael Laurier, said:  

“This is a pleasing set of results as it demonstrates positive momentum on many different fronts. Our d2w technologies have been designed to help eliminate the harmful effects of plastic pollution in the oceans and on land. Quite differently, and for other markets, our d2p “designed-to-protect” technologies adds special benefits to ordinary plastic and rubber products such as anti-microbial, insecticidal and flame retardant etc., and we are encouraged by the growth of our d2p “designed-to-protect” technologies in a number of different applications. 

We believe the Group is reaching a pivotal point in its development. In particular, our Middle East market is increasing the number of products which must be made with our d2w type of oxo-biodegradable plastic technology, whilst at the same time substantially improving their enforcement process.

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