The biodegradable plastic specialist revealed in its full-year 2019 results statement that it received new orders in May this year for d2p-treated gloves totalling more than £500,000.
As previously announced, the group saw revenues in total rise by 53% in the first quarter of 2020 to £2.45mln, up from £1.60mln the year before. The group added that it has not been materially affected by the coronavirus (COVID-19) pandemic and accordingly has not needed to use any of the government support packages.
As for 2019, revenues eased by 6.5% to £8.23mln from £8.80mln in 2018 while profit margins declined to 45.9% from 46.5%.
The group noted that its full-year revenues were affected by inventory adjustments by some of its customers waiting for legislative clarification in certain markets. These factors persisted during the year, as both business drivers, legislation and enforcement activities regarding the manufacture of plastics, remained in a fluid period of change.
Since the outbreak of COVID-19, it added, the focus in many countries has shifted to concerns over hygiene as a result of which the trend to crack down on single-use plastic bags has taken a backseat or even been reversed.
“With recycling efforts being stifled and most of the plastic waste ending up in landfills, oxo-biodegradable plastic continues to provide a timely solution to sustainable plastic consumption and a solution to the issue of plastic litter pollution on land and oceans,” Symphony said in the results statement.
Adjusted underlying earnings (EBITDA) on an IFRS 16 accounting standards basis in 2019 was £429,000, compared to £1.18mln in 2018.
The reported loss before tax was £697,000, versus a profit the previous year of £38,000.
At the end of 2019, the group had net cash of £880,000, compared to debt of around £80,000 at the end of 2018.
The group's cash and cash availability as at May 21, 2020, was more than £1.0mln and it said it does not expect to require any additional cash in the next twelve months.
The board said it considers the group to be in a strong financial position to enable it to maximise the opportunities available within the markets it is in, and with its d2w, d2p and d2c developed and developing product range.