Symphony Env. Share News (SYM)

LONDON (Alliance News) - Symphony Environment Technologies PLC said on Wednesday its profit more than tripled in 2017, powered by double-digit revenue growth.

The plastic products company said pretax profit for the year more than tripled to GBP430,000 from GBP123,000, as operating profit also rose significantly, to GBP478,000 from GBP145,000 due to the firm's operational gearing.

Revenue for the period grew by 22% to GBP8.3 million from GBP6.8 million in 2016, mostly as a result from increased sales of d2w oxo-biodegradable plastic additives in several markets, including South America and the Far East.

The strongest performance came from the Middle East, and in particular Saudi Arabia, with the enforcement of legislation requiring the use of oxo-biodegradable technology for plastic items in the year.

Product-wise, Symphony launched the d2p anti-microbial gloves in Wilko stores in the UK and several outlets in Italy, and the anti-microbial masterbatch for water pipes use in Pakistan.

"The year under review saw a continued improvement in the group's financial performance - revenues, profits and cash generation have all increased and we are now free of debt. Throughout the year we have explained to governments, potential customers and NGOs the benefits of using our growing range of technologies, and in particular, d2w oxo-biodegradable plastic, which can help to solve the problem of persistent plastic pollution. Most of our revenues still derive from d2w and are earned mainly outside of the EU and the United States," said Chief Executive Michael Laurier.

Shares in Symphony Environment Technologies were up 6.5% at 16.51 pence on Wednesday.