RNS - Preliminary Results26 May 2020 08:52
Just starting to see the demand come though in the post year. Future looks bright. GLA :)
Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in technologies to improve the properties of plastic and some non-plastic products by making them biodegradable and/or providing protection against threats to health and safety, announces its preliminary results for the year ended 31 December 2019.
Financial highlights:
· Group revenues £8.23 million (2018: £8.80 million)
· Gross profit £3.78 million (2018: £4.13 million)
· Reported loss before tax £0.70 million (2018: profit £0.04 million)
· Basic loss per share 0.41p (2018: earnings per share 0.03p)
· Cash used in operations £0.73 million (2018: £1.01 million)
· Net current assets £2.85 million (2018: £1.71 million)
Business highlights:
· Subscription completed for new shares raising £1.9 million (net)
· Grupo Bimbo, the world's largest bakery, announces expansion of its biodegradable packaging programme, and new packaging showing Symphony's d2w brand
· New and first significant order for d2w agricultural grade
· Major launch of d2p "Protector" products in Bahrain
· Awarded London Stock Exchange Green Economy Classification & Mark
Post year-end
· Q1 2020 revenues increase by 53% to £2.45 million (Q1 2019: £1.60 million)
· FDA approves Symphony's antibacterial packaging for bread; commercial trials ongoing
· New European orders in May for d2p antimicrobial gloves exceeding £0.5 million
· Increasing activity for other d2p additives and products
· Single use plastic bans outside the EU being postponed or overturned due to concern for people's safety and hygiene taking priority
· The Group has not been materially affected by COVID 19 and accordingly has not needed to utilise any of the Government COVID 19 support packages
Chairman's Statement
We are at a time of unprecedented change. The current COVID 19 pandemic is likely to permanently alter human outlook and consumption trends, further establishing the environmental, social and governance ("ESG") concerns of key stakeholders of the vast majority of organisations.
Symphony's proposition gathered further ESG momentum during 2019 by increasing key sales and public relations resources, as well as further gaining international recognition by customers, governments and other bodies, with the award of new contracts, approved supplier accreditations and a Green Economy Classification and Mark. These achievements were accompanied by a small reduction in revenues during 2019, but that year in isolation does not capture the momentum of the Group, as demonstrated by a 53% increase in revenues during the first quarter of 2020 to £2.45m versus £1.60m for the same period last year.