News blog

Symphony Environmental Technologies

• BY: Andrew Hore |
• POSTED: 05/12/2012 |

Degradable plastics additive supplier Symphony Environmental Technologies says that d2w additive sales have fallen by 30% this year.

Second half revenues will be higher than the £2.12m reported for the first half but they will be much lower than the £8.5m generated in 2011. A trading loss of £1.1m is expected for this year.

Sales to new countries have been delayed. These sales may come through in the next few months but it is difficult to be sure.

Symphony has tightened credit terms and this has hit revenues. Working capital has been reduced as a consequence. Sales in November were similar to the year before as destocking appears to have run its course.

Symphony has enough cash for its requirements and it continues to invest in R&D.

There are negotiations with a major pharma company concerning distribution rights a unique plastic masterbatch. This plastic could be beneficial to the food and other sectors and should be complementary to d2p technology, which reduces contamination by harmful bacteria and fungi. 

At 3.5p a share, down 0.5p, Symphony is valued at £4.48m. The share price has nearly halved over the past year.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2012_38.pdf