LONDON (Alliance News) - Symphony Environmental Technologies PLC on Monday said it does not expect any substantial negative impact from Brexit following the EU referendum held last week and expects to continue trading in line with market expectations.
The company specialises in selling traditional, non-degradable, flexible plastic products and also develops controlled-life plastic, otherwise known as oxo-biodegradable plastic.
Symphony said it does not expect any negative effect from the UK referendum result or from the subsequent weaker pound, mainly because it sells its products in dollars, and to a "lesser extent", euros, to more than 90 countries that mainly lie outside of the European Union.
"The group is therefore not materially exposed to any changes in the UK or European economies, and our imports from the EU represent only a small percentage of the group's total imports," said the company.
"As exporters, a weaker UK currency is beneficial for Symphony's business, as it helps to make our products more competitive in the international markets," the company added.
"Accordingly, the board do not consider the UK's decision to leave the EU will adversely affect the business and believe the group will continue to trade in accordance with market expectations," said Symphony.
Symphony shares were trading down 4.5% to 5.25 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Symphony Env. (SYM)