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Symphony Environmental Technologies

  • BY: Andrew Hore |
  • POSTED: 08/07/2009 |

Symphony Environmental Technologies says that its first half results will be better than expected.

Shares in the degradable plastics group rose 0.75p to 5.5p each, which values Symphony at £6.39m.

There are 48 distributors covering 76 countries and this has helped to grow revenues.

Interim revenues increased from £2.3m to £3.65m, while gross margins improved from 42% to 53%. Gross profits were £1.93m in the six months to June 2009 but there are no indications of pre-tax profit. This will depend on the interest charge for the period and the loss from the tyre recycling operations.

Symphony has reduced its debt by £400,000 over the six months to June 2009.

A 2009 profit of £580,000 is forecast for 2009, which puts the shares on a prospective multiple of less than 12.

Interim results will be published on 10 September. 

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