TIDMSYM
RNS Number : 7649U
Symphony Environmental Tech. PLC
27 October 2017
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain
27 October 2017
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or "the Group")
Trading Update
Symphony Environmental Technologies Plc (AIM: SYM), a global
specialist in products and technologies to "make plastic smarter",
is pleased to provide a trading update following the positive start
to the second half of the year announced in the Company's interim
results on 7 September 2017.
The Group has continued to generate increased sales of its d2w
oxo-biodegradable plastic additives in several of its markets.
These markets include South America and the Far East but momentum
has been most apparent in the Middle East, and in particular Saudi
Arabia, where legislation requires the use of oxo-biodegradable
technology for almost all everyday plastic items made in or
imported into the country. Enforcement of the legislation commenced
earlier this year.
The initial uplift in orders and enquiries from the Company's
regional distributor (as previously reported) have continued, and
the Board now expect revenues for the year to 31 December 2017 to
be approximately GBP8.0 million (2016: GBP6.8 million). Due to the
operational gearing of the Group, the Board expects that profit
before tax will be significantly higher than current market
expectations, and not less than GBP350,000 for the full year (2016:
GBP123,000).
As at close of business on 26 October 2017 the Group had cash in
the bank, net of its invoice discounting facility, of GBP317,000 as
compared with a net borrowing position of GBP577,000 on 30 June
2017. In addition, the Group has a GBP1.50 million invoice
discounting facility to assist in funding receivables, together
with a GBP0.50 million overdraft facility. The working capital of
the Group fluctuates depending on the customer mix within its
revenues at any point in time. The cash position as stated is not
necessarily an indication of the cash position at the end of the
year.
Michael Laurier, Chief Executive commented "I am very pleased
with the Group's progress and in particular the growing adoption of
our core d2w oxo-biodegradable products. With the growing problem
of plastic pollution, and in particular microplastics, we continue
to see a growth in enquiries, not just in the Middle East, but
globally. It is becoming much better known that plastics treated
with d2w oxo-biodegradable technology will go a long way towards
reducing the issue of plastic waste on land and in the oceans."
For further information, contact:
Contacts
Symphony Environmental Technologies
Plc
Michael Laurier, CEO Tel: +44 (0)
20 8207 5900
Ian Bristow, FD
Cantor Fitzgerald Europe
David Foreman / Callum Butterfield Tel: +44 (0)
(Corporate Finance) 20 7894 7000
Alex Pollen (Sales)
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
Symphony has developed and continues to develop, controlled-life
plastic technology which helps tackle the problem of microplastics
by turning ordinary plastic at the end of its service-life into
biodegradable materials. It is then no longer a plastic and can be
bioassimilated in the open environment in the same way as a leaf.
The technology is branded d(2) w(R) and appears as a droplet logo
on many thousands of tonnes of plastic packaging and other plastic
products around the world. In some countries oxo-biodegradable
plastic is mandatory. For a video of d2w(R) plastic degrading see
https://www.youtube.com/watch?v=tQ7ce532BBM
In addition, Symphony has developed a range of additives,
concentrates and master-batches marketed under its d2p(R) brand,
which can be incorporated in a wide variety of plastic and
non-plastic products so as to give them protection against many
different types of bacteria, fungi, algae, moulds, insects and
fire.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This will be useful to government officials tasked with enforcing
legislation. Symphony's d(2) t tagging and tracer technology is
also available for further security.
Symphony has a diverse and growing customer-base and has
established itself as an international business with 74
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony is accredited to
ISO9001 and ISO14001.
Symphony is a member of The Oxo-biodegradable Plastics
Association (www.biodeg.org) (OPA), the Society for the Chemical
Industry (UK), and the Pacific Basin Environmental Council.
Symphony actively participates in the Committee work of the British
Standards Institute (BSI), the American Standards Organisation
(ASTM), the European Standards Organisation (CEN), and the
International Standards Organisation (ISO).
Further information on the Symphony Group can be found at
www.symphonyenvironmental.com.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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