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Symphony Environmental sees sales and orders rise strongly

Interim revenues rose to £4.8mln (2019: £4.1mln) with the company saying it had swung back into an underlying profit

Symphony Environmental Technologies PLC -

Symphony Environmental Technologies PLC (LON:SYM) lifted revenues by 17% in the half-year to end-June 2020, while sales of its anti-microbial products have taken off due to the coronavirus (COVID-19) pandemic.

The company had already announced an order for PPE products (gloves) in May worth £500,000 but that has since risen to £950,000, it said, with delivery scheduled for the second half of the year.

Antiviral testing of its d2p anti-microbial technology is ongoing, the group added, with the results expected in September.

Evaluation trials are also underway for the use of d2p in bread packaging in the US following approval from the FDA in February.

Interim revenues rose to £4.8mln (2019: £4.1mln) with the company saying it had swung back into an underlying profit.

Symphony added that the increase in sales was achieved despite severe disruption to some of its distributors during lockdown.

The AIM-listed company noted that COVID-19 and the need for protective equipment had encouraged governments to reassess bans on the use of single-use plastics and look at alternatives such as Symphony's d2w Oxo-biodegradable technology.

Saudi Arabia, it said, had added further oxo-biodegradable products to its enforcement programme, while Bahrain and Jordan have recently enacted new legislation.

Symphony said it had £1.3mln available in cash and existing bank facilities at the end of June and does not expect to need any additional funds in the next 12 months.

“Despite COVID-19 causing delays in a small part of Symphony's sales and development programme, the group is pleased to see growing orders, and indications of a much stronger order book going forward," it said in the trading and markets update.

“Whilst the Board is confident that the Group is in a strong position, and is, with its suite of highly relevant technologies, well placed in the current environment, it is not yet appropriate to provide forward-looking guidance,” the group added.

Quick facts: Symphony Environmental Technologies PLC

Price: 33 GBX

AIM:SYM
Market: AIM
Market Cap: £56.68 m
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