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Symphony Environmental confident of an improving performance

"We continue to believe that there is a strong global outlook for d2w technology underpinned by regulatory, legislative and market forces in our key markets of Latin America and the Middle East."

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"Symphony is at or nearing a pivotal point in its progression from mainly an R&D phase to a commercial phase"

Symphony Environmental Technologies PLC (LON:SYM), the biodegradable plastic technology firm, said its sales pipeline is advancing well across a wide range of technologies.

The company issued a 'steady as she goes' results statement covering the first half of 2019, with revenues and adjusted underlying earnings (EBITDA) little changed from last year.

Group revenue and gross profit were unchanged from last year at £4.1mln and £2.0mln, while the gross margin improved to 49.4% from 47.4% the year before.

Revenues would have been higher but for delays to the introduction of new regulatory requirement for oxo-biodegradable technologies for certain products in Saudi Arabia.

The company reported inventory adjustments had been made by some of its customers following "legislative clarification" in several of its markets, as a result of which revenue expectations for the full year may be affected.

Adjusted EBITDA, before research and development (R&D) and planned marketing, communications and brand costs, eased to £519,000 from £587,000 in the first half of 2018.

The reported loss before tax was £86,000, compared to a profit the previous year of £7,000.

“Our sales pipeline is advancing well across a wide range of technologies which, with an increase in direct front-line sales, mean we remain confident of an improving performance over the coming months and into 2020,” said Nirj Deva, the chairman of Symphony.

Michael Laurier, the chief executive officer, said the company expects further products using its d2p protective antibacterial plastic technology will be commercialised in the near future and that new business will continue to evolve for Symphony’s d2c bio-based and compostable product range.

“The board continues to believe that Symphony is at or nearing a pivotal point in its progression from mainly an R&D phase to a commercial phase and we very much look forward to updating the market on our progress for d2w, d2p and d2c technologies in due course,” Laurier said.

The group had net borrowings of £380,000 at the end of the reporting period, compared to net borrowings of £80,000 at the end of 2018.

Quick facts: Symphony Environmental Technologies PLC

Price: 7.75 GBX

AIM:SYM
Market: AIM
Market Cap: £13.18 m
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