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Share Price: 2.75
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Change: -0.15 (-5.17%)
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Symphony Environmental swings to profit in first half

Wed, 28th Sep 2016 14:27

(ShareCast News) - Smart plastics company Symphony Environmental Technologies announced its interim financial statements for the six months to 30 June on Wednesday, with revenues of £3.23m down slightly from £3.42 million in the first half of 2015.The AIM-traded firm reported gross profits of £1.63m, also down marginally from £1.76m, with recurring expenses of £1.47m dropping from £1.81m.Group operating profit on recurring items reached £57,000, swinging from a loss of £169,000, and profit before tax swung to £19,000 from a loss of £181,000.Basic earnings per share was 0.04p, compared to a loss per share of 0.05p in the prior year." am very pleased to report a profit for the period under review," said Symphony chairman Nirj Deva."The reduced costs are now more appropriate to the current needs of the business and are targeted at completion of our d2p 'designed to protect' range of products and masterbatches within the short-term."This has not taken away potential from our d2w controlled life technology, which continues to see positive studies undertaken and legislative and sales momentum in certain parts of the world."Deva said the board was encouraged by positive developments within the d2p anti-microbial range, with an initial order and letter of credit for $160,000 received for a new application."In addition, a d2p consumer finished product has been granted a listing by a major UK retailer for delivery in early 2017."We are also finalising the development of 10 more consumer products," he said, adding: "a number of other projects are moving closer to the commercial phase."Deva said that while the board could not guarantee that will lead to significant orders, it remained optimistic of the group's outlook in the short term."The weakening of sterling since the Brexit referendum has so far been favourable to Symphony, but with over three months until the financial year end, it is too early to advise whether there will be an overall material effect on the annual results," Deva explained."The board are confident, however, that the second half of this year will be at least similar to the first half."At 1415 BST, shares in Symphony Environmental Technologies were up 5.91% at 4.77p.
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11 Aug 2023 08:37

Symphony Environmental loses two board members

(Sharecast News) - Plastic and rubber sustainability specialist Symphony Environmental Technologies announced the immediate resignations of non-executive director Bob Wigley and executive director Alexander Brennan on Friday.

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1 Aug 2023 14:36

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29 Jun 2023 12:14

Symphony Environmental expects to return to profit in coming months

(Alliance News) - Symphony Environmental Technologies PLC on Thursday said it expects to move back into profitability in the coming months.

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29 Jun 2023 10:33

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22 Jun 2023 15:44

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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30 May 2023 11:50

Symphony Environmental revenue down by a third; expects profit in 2023

(Alliance News) - Symphony Environmental Technologies PLC on Tuesday said revenue and profit suffered in 2022 after it experienced "unexpected and lengthy" delays.

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21 Mar 2023 11:17

Symphony Environmental case heard by EU court, judgement in due course

(Alliance News) - Symphony Environmental Technologies PLC on Tuesday said its case against a single use plastics has been heard by the General Court of the EU in Luxembourg, with a judgement expected in due course.

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13 Mar 2023 21:02

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23 Dec 2022 10:26

Symphony Environmental expects annual loss to widen as revenue drops

(Alliance News) - Symphony Environmental Technologies PLC on Friday said it expects its annual pretax loss to widen following a decline in revenue in 2022, but the future looks brighter for 2023.

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23 Dec 2022 07:58

Symphony Environmental FY losses set to widen

(Sharecast News) - Plastic technology group Symphony Environmental warned on Friday that full-year losses looked set to widen year-on-year as multiple issues weighed on revenues throughout the period.

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29 Sep 2022 15:05

Symphony Environmental revenue falls; stresses growth of Indian market

(Alliance News) - Symphony Environmental Technology PLC on Thursday reported a widened loss and falling revenue in its interim report, but remained hopeful about its future prospects.

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9 Aug 2022 18:03

IN BRIEF: Symphony Environmental notes positive regulation in Mexico

Symphony Environmental Technologies PLC - Borehamwood, Hertfordshire-based plastics and rubber - Notes new Mexican technical standards from the Mexican Ministry for the Economy, which it says will have "positive commercial implications" for its d2w biodegradable technology in Mexico and Latin America. Will come into effect in late October this year.

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9 Aug 2022 13:45

Symphony upbeat on new Mexican biodegradable plastics standard

(Sharecast News) - Symphony Environmental Technologies said on Tuesday that the Mexican Ministry for the Economy has published a new technical standard with "positive commercial implications" for its 'd2w' biodegradable technology in Mexico and the wider Latin America region.

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8 Aug 2022 11:57

Symphony Environmental builds Middle East pipeline with Ecobatch

(Alliance News) - Symphony Environmental Technologies PLC on Monday said it has signed a manufacturing agreement with UAE-based Ecobatch Plastic Factory, strengthening its presence in the Middle East.

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