Symphony Environmental jumped 11% to 7.5p as its interim chairman reiterated the sustainable plastics business will be back in profit this year.
Ahead of the AGM, Nicolas Clavel said Middle East manufacturing and sales are on plan, annual costs have been cut by 25% and distribution costs as a proportion of revenues have dropped by 50% due to generally lower shipping rates and efficiencies.
Gross profit margins are also at least 5% higher, Clavel added, commenting that this outlook did not take into account anything from a joint venture in India, where it is waiting for plastic producers using its d2w technology will become certified suppliers.
“The near-term commercialisation of several of our key projects and resultant sales are significant and we are confident in delivering positive updates throughout 2023.”
Shares rose 0.75p to 7.5p.