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Symphony Environmental Technologies
- BY: Andrew Hore |
- POSTED: 10/09/2009 |
Symphony Environmental Technologies made its maiden interim profit in the six months to June 2009.
Shares in the degradable plastics group were unchanged at 12p each, which values Symphony at £13.9m. The share price has risen by 433% over the past six months.
Revenues increased by 60% to £3.69m in the first half of 2009. This enabled Symphony to move into profit at the interim stage. A £167,000 loss in the first half of 2008 was turned into a £402,000 profit in the first half of 2009. Symphony generated nearly £500,000 of cash in the period. Net debt was £643,000at the end of June 2009.
The d2w technology is also being used for metalised snack food films. Symphony launched its new d2p antimicrobial technology after the end of the half year.
Hoodless Brennan is likely to increase its full year profit forecast to around £1m. The shares are trading on around 13 times prospective 2009 earnings.
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