Symphony Environmental Technologies looks to raise almost GBP2 million

(Alliance News) -Symphony Environmental Technologies PLC on Friday announced a fundraising plan and said its revenue rose in 2023, despite suffering some "delays".

The Hertfordshire-based biodegradable plastic technology developer raised GBP1.4 million through a subscription of approximately 39 million new ordinary shares.

In addition to this, the company launched an offer via the PrimaryBid platform for over 14 million new ordinary shares at 3.5 pence each to raise a further GBP500,000.

Symphony Environmental also provided insight into the company's performance in a trading update released on Friday.

Revenue for 2023 increased 3.2% to GBP6.4 million from GBP6.2 million the year before.

The company is awaiting regulatory approval for a number of products and some key trials were extended into the second half of 2023, causing delays to some revenue. However, the company said it is confident this will be dealt with in the short to medium term.

Shares in Symphony Environment closed up 55% at 3.25 pence each in London on Friday.

By Elijah Dale, Alliance News reporter

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