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Symphony Environmental Technologies

  • BY: Andrew Hore |
  • POSTED: 10/04/2009 |

Symphony Environmental Technologies is on course to move into profit in 2009.

In 2008, the degradable plastics group’s revenues increased 42% to £5.36m, while the loss reduced from £1.95m to £348,000. Non-recurring admin costs fell from £250,000 to £53,000. Underlying admin costs were flat so much of the increase in revenues came through to reduce the loss. There were £109,000 of development costs capitalised, against £119,000 the year before.

The recognition of a deferred tax asset of £720,000 shows the company’s confidence that it will become profitable.

Net debt was £1.28m at the end of 2008 and some of that has subsequently been converted into shares. The interest rate on this debt is high so the faster cash is generated the faster profits can increase. The remaining £240,000 of the Headstart loan costs 1.5% a month. This should be paid off by February 2010 but it could be paid off earlier.

The Symphony d2w eco-compatible plastic additives business made its first ever profit last year. There are 45 distributors around the world.

The tyre recycling technology development operation lost £130,000.

At 2.875p a share, Symphony is valued at £3.34m. 

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