Symphony Environmental warns on revenues

(Sharecast News) - Symphony Environmental warned on revenues on Tuesday as a result of inventory adjustments made by customers following legislative clarification in certain markets.
Revenues for the second half were now expected to be no less than £4.1m - broadly similar to the first half.

Accordingly, Symphony said revenues for the full year 2019 would be below market expectations and result in an operating loss of approximately £500,000 as both business drivers, legislation and enforcement activities regarding the manufacture of plastics remained "in a fluid period of change".

Higher d2w purchases expected in the fourth quarter were also deferred and now expected to be placed in Q1 2020.

Net cash and cash equivalents totalled £1.2m as of 30 November.

Chief executive Michael Laurier said: "We are uncertain as to the timing of when sales will increase, but we believe this will be in the short rather than longer-term.

"The business environment that we are engaged in is complex but it continues to open many opportunities to the pipeline of technologies that we have developed. Whilst these factors have affected Symphony's financial results for the year ending 31 December 2019, the board remains confident in delivering an improved financial performance going forward."

As of 0840 GMT, Symphony shares had crashed 22.94% at 5.51p.