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Symphony Environmenal Technologies

  • BY: Andrew Hore |
  • POSTED: 10/04/2011 |

Degradable plastics additive supplier Symphony Environmental Technologies increased its underlying profit by 76% in 2010.

Revenues increased from £7.04m to £8.48m, while profit improved from £638,000 to £1.12m. The latest figure does not include £119,000 of restructuring costs or the capitalised development costs of £325,000, up from £230,000 in 2009.  This shows how fast profit can grow as revenues rise.

Demand for the company’s additives is growing thanks to environmental legislation changes around the world. The number of distributors has increased from 49 to 61.

Costs related to the development of the waste-to-value technology increased from £182,000 to £218,000. This project is in its final year. It involves the deconstruction of tyres and the main technology owned by Symphony relates to the high pressure water disassembly of the tyres.

Net debt was £1.23m at the end of 2010. Cash generation was held back by growth in revenues near the end of the year increasing the trade receivables figure.

At 18.25p a share, Symphony is valued at £21.4m.

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