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Symphony Environmental Technologies

  • BY: Andrew Hore |
  • POSTED: 16/09/2008 |

Symphony Environmental Technologies has cut its interim loss.

The overall loss was reduced from £1.06m to £167,000 in the six months to June 2008.

Net debt more than doubled to £1.06m. Growth is partly being funded through invoice discounting.

Sales of Symphony’s degradable plastics additive, d2w, grew by two-thirds to £2.11m. Sales of its own plastic bags are declining so the overall group turnover was 35% higher at £2.3m.

More than three-quarters of revenues come from eight countries. Symphony has distribution agreements in more than 50 countries.

New distribution agreements suggest that d2w sales will continue to grow in the second half.

Despite the positive news the share price slipped 0.125p to 4.125p, valuing Symphony at £4.34m.

The main worry is the level of debt. Symphony is looking at ways of replacing the Headstart convertible loan which is valid until the end of March 2009. This loan is currently worth £380,000. It may take Symphony a little while longer to reach the point where it is generating cash so there is likely to be a further cash outflow before that happens. It would be a shame if lack of finance hampered the pace of Symphony’s growth. 

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