(Alliance News) - Symphony Environmental Technologies PLC on Thursday said it expects to move back into profitability in the coming months.
Shares in Symphony Environmental were up 8.5% to 7.33 pence each in London on Thursday just after midday.
The Asia-focused investment company focusing on healthcare, hospitality, lifestyle, logistics and education sectors said this was due underpinned by Middle East manufacturing and sales operating according to its plan, while its administrative annual cost base was now set 25% lower than 2022 levels.
This was alongside reducing distribution costs as a proportion of revenues by 50% due to generally lower shipping rates and efficiencies from the Middle East factory.
Gross profit margins were also at least 5% higher, Symphony Environmental said.
The company said on its profit return guidance: "This does not take into account the joint venture in India, where we wait for approval that plastic producers using d2w technology will become certified suppliers.
"The near-term commercialisation of several of our key projects and resultant sales are significant, and we are confident in delivering positive updates throughout 2023."
Symphony Environmental said it intends to provide a trading update during July, as it has in previous years.
Also on Thursday, Symphony Environmental declared a dividend of 2.50 US cents per share.
The board said it was declaring this dividend having considered its policy "in light of divestments, dividends received from investee companies and the company's liquidity".
It now intends to pay ordinary dividends annually and extraordinary dividends as and when the board feels it would be appropriate to do so, Symphony International said.
Chair Georges Gagnebin said: "While we faced unprecedented challenges in the past few years and there will, undoubtedly, be some challenges ahead, we remain optimistic about our portfolio and intend to continue to try and provide returns to our shareholders by way of dividends or otherwise in the years to come."
Including the declared dividend, Symphony International said it has cumulatively returned USD329.4 million through a combination of cash dividends and share buybacks since 2014.
By Greg Rosenvinge, Alliance News reporter
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Symphony Env. (SYM)