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Symphony Environmental Technologies

  • BY: Andrew Hore |
  • POSTED: 12/09/2010 |

Degradable plastics additive supplier Symphony Environmental Technologies continues to grow geographically and in profit terms.

Interim revenues rose 6% to 3.9m, while pre-exceptionals profit improved from 402,000 to 533,000. The figure does not include 115,000 of reorganisation costs. This strengthened the balance sheet and means that dividends can be paid.

The technology is being used in more than 90 countries. Symphony is launching an additive to create non-PET water bottles. There is also an increasing emphasis on anti-microbial products.

House broker Allenby Capital forecasts a near-doubling of pre-tax profit from 638,000 to 1.25m in 2010. Allenby expects a further rise to 2m in 2011.

At 13p a share, Symphony is valued at 15.2m.

Symphony has 12m of tax losses. Net debt was 1.21m at the end of June 2010 but the business is cash generative so this figure will decrease. Symphony could be cash positive by 2011.

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