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Symphony Environmental reports positive coronavirus test results, returns to profit in first half

The firm said testing by the Institute of Biology at Unicamp University in Sao Paolo State, Brazil, had shown a 99.9% reduction in the virus on a film coated with its d2p anti-microbial technology within one hour

Symphony Environmental Technologies PLC - Symphony Environmental reports positive coronavirus test results, returns to profit in first half

Symphony Environmental Technologies PLC (LON:SYM) shares jumped higher on Monday as the firm reported positive results from a test of its d2p anti-microbial technology masterbatch against a bovine form of coronavirus.

The AIM-listed firm said the Institute of Biology at Unicamp University in Sao Paolo State, Brazil, had tested polyolefin films incorporating the d2p technology for reductions in the presence of the virus at one, two and 24 hour periods.

WATCH: Symphony Environmental CEO talks coronavirus breakthrough for its antimicrobial technology

The tests showed a 99.9% reduction in the virus on the film at one hour, which then rose to 99.99% at two hours and 99.999% at 24 hours.

Unicamp concluded that the products were “shown to be virucidal” and recommended the use of the technology as a potential virucidal agent against coronavirus.

"This is another important breakthrough for Symphony, that leads to an exciting commercial phase that will help accelerate our global sales pipeline for d2p already in development. Plastic, unlike many other materials in common use, can be given anti-microbial properties, and d2p can be included in almost all the plastic products which we touch every day”, Symphony chief executive Michael Laurier said in a statement.

"These results demonstrate the efficacy against viruses of d2p anti-microbial technology in plastic products, and the importance it has in helping governments to control the spread of the virus, and saving lives. This technology goes beyond short term protections such as washing with soap, sanitising hands, or wiping surfaces; being embedded in the plastic itself, d2p provides protection for the lifetime of the plastic product”, the CEO added.

Return to profitability

In a separate announcement reporting its first-half results, Symphony said it had returned to profitability.

For the six months ended June 30, 2020, the company reported a pre-tax profit of £18,000 compared to a loss of £86,000 in the previous year, while revenues increased to £4.8mln from £4.1mln.

Symphony attributed the higher revenues to growth in sales of its biodegradable d2w plastic technology within its main markets.

The company also said the US Food and Drug Administration (FDA) has approved its d2p bread packaging and that customer trials were progressing well, while during the period it also secured orders for personal protective equipment of around £1mln.

Looking ahead, Symphony said following its robust first half, invoicing in the third quarter had started slowly due to disruption caused by the coronavirus pandemic and holiday season delays, however, the firm said more recent activity with its “strong pipeline” indicated a “strong pick-up for the rest of the year and into 2021”.

The firm also said progress with its d2w technology is expected to continue at a faster rate, with government’s predicted to approve the use of the technology in plastic products that would otherwise be banned.

“The board is confident that the group is in a good position and is well placed to strongly move forward over the following months with continuing growth in 2021”, the firm said.

In late morning trading, Symphony Environmental shares were 22% higher at 27.50p.

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Quick facts: Symphony Environmental Technologies PLC

Price: 27.9 GBX

AIM:SYM
Market: AIM
Market Cap: £47.92 m
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Symphony Environmental Technologies marks 'significant breakthrough' in...

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