Symphony Environmental Technologies plc (LON:SYM) said profits in the year just finished will be significantly higher than current market expectations.
The global specialist in products and technologies that “make plastic smarter” said revenues for 2017 should clock in at around £8.2mln, up from £6.8mln the year before and slightly above the market’s expectations.
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The consensus forecast for revenue is £7.5mln.
Symphony, which had predicted in October that full-year pre-tax profit would be not less than £350,000, raised this guidance to not less than £400,000, compared to £123,000 in 2016; the market consensus is for pre-tax profit of around £200,000.
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The group had net cash in the bank of £621,000 at the end of 2017, compared to net borrowings of £371,000 the year before.
"We are pleased with the continuing progress the group has made during 2017 where it has achieved growth in profitability and strong cash generation and look forward to 2018 with optimism," said Michael Laurier, the chief executive of Symphony.