Symphony Environmental swings to profit in first half

(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.