TIDMSYM
RNS Number : 8188Y
Symphony Environmental Tech. PLC
14 September 2020
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
14 September 2020
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Interim Results
&
Publication of Coronavirus Report
Symphony Environmental Technologies Plc (AIM : SYM), a global
specialist in technologies to enhance the properties of plastic and
some non-plastic products by making them biodegradable, and/or to
provide protection against threats to health and safety, is pleased
to announce its interim financial results for the six-month period
ended 30 June 2020.
Financial highlights
-- Revenues increased to GBP4.8 million (H1-2019: GBP4.1 million)
-- Gross profit increased to GBP2.2 million (H1-2019: GBP2.0 million)
-- Reported profit before tax of GBP18,000 (H1-2019: loss GBP86,000)
-- Basic earnings per share of 0.01 pence (H1-2019: loss per share of 0.05 pence)
Business highlights - Period and Post-Period
d2p "Designed to Protect" Technologies & Finished
Products
-- FDA approved Symphony's antibacterial d2p bread packaging -
customer trials progressing well
-- Personal Protective Equipment ("PPE") orders of approximately GBP1.0 million
-- Positive Bovine Coronavirus test report from Eurofins Biolab, Italy
-- d2p anti-microbial pipeline in excess of 100 active projects
d2w Oxo-biodegradable Technology
-- Positive indications from legislators and opinion-formers in
some markets for d2w type biodegradable plastics
-- Some single-use plastic bans suspended
-- Saudi Arabia added further oxo-biodegradable products to its enforcement programme
-- Queen Mary University further evidenced biodegradation in soil and marine environments
-- Study funded by French government proved d2w plastics biodegrade in marine environment
Eranova
-- Amended terms for participation in the Eranova Green Algae
project agreed (with exclusive distribution rights) - completion
expected shortly
Commenting on the results Nicolas Clavel, Interim Chairman of
Symphony, said:
I am pleased to report total revenues for the six months ended
30 June 2020 increased 17% to GBP4.8 million (H1-19: GBP4.1
million) and a return to profitability. As advised in July, some of
Symphony's main distributors experienced severe COVID-19 lockdowns
which delayed growth in those countries during the second half of
this reported period. In this context, we are pleased with the
Group's like-for-like revenue growth during the first half of
2020.
Focusing first on Symphony's d2p "designed to protect"
technologies, the Group has now developed a comprehensive suite of
active formulations, from anti-microbial, to anti-odour and
antibacterial protections. We are extremely optimistic as to the
commercial need for these products, but it is both right and
necessary that we obtained the necessary regulatory approvals and
scientific evidence validating the performance of these
technologies. In this regard, a number of very significant
milestones have been achieved:
In February, the US Food & Drug Administration ("FDA")
approved one of Symphony's d2p technologies for use in bread
packaging. Since the FDA approval, the Group has continued to work
on evaluation trials with customers as well as independently, the
results of which are expected over the coming six months.
The Group has also invested in and developed several other types
of d2p products for use in food and non-food packaging and
products, including active formulations that are approved for their
respective applications in the European Union. Many of these d2p
formulations have shown good test results and are currently
undergoing customer trials in several countries.
Since the period end, the Group has received positive Bovine
Coronavirus test results on the Group's d2p antimicrobial
technology. The full test report has now been received and has
therefore enabled our distributors and sales teams to move forward
on this with their customers, both existing and new.
Symphony's d2p products and technologies cover many applications
including PPE, food packaging and water and irrigation piping.
Unsurprisingly, given COVID-19, enquiries have increased
significantly for antimicrobial d2p in PPE and other products and
as previously reported, we expect to deliver approximately GBP1.0
million of such products in the second half of the year.
In terms of the Group's d2w oxo-biodegradable technologies,
Symphony has, and is, campaigning in a number of countries at what
the Board perceive to be a key juncture in the history of
environmental policy making. COVID-19 has reinforced the view that
simply banning certain plastics, particularly single-use plastics
is inconsistent with societal and economic needs and we have seen
some bans being suspended. Symphony's campaigns have focused on the
markets where the Group is most active, and the Board is cautiously
optimistic that (outside of the EU) legislators and opinion-formers
(particularly in Central and South America) will take meaningful
steps towards further encouraging the use of Symphony's type of
biodegradable technology over the next 12 months.
The Board is confident that the Group is in a strong position,
and is, with its suite of highly relevant technologies, well placed
in the current environment to deliver meaningful revenue
growth.
Enquiries:
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207
5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus Capital Limited (Nominated Adviser and
Joint Broker)
David Foreman / Nick Cowles / Kieran Russell Tel: +44 (0) 161
(Corporate Finance) 831 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203
764 2341
The person responsible for arranging the release of this
information is Michael Laurier, CEO of the Company.
Chief Executive's review
We are pleased to report that revenues increased by 17% during
the first half of the year to GBP4.8 million (H1-19: GBP4.1
million), resulting in a profit of GBP18,000 compared with a loss
of GBP86,000 in H1-2019. Despite COVID-19, Symphony has continued
to invest in product development, regulatory advice and government
lobbying (both at the EU and non-EU), together with technical
support at levels broadly comparable with the first half of
2019.
d2p "Designed to Protect"
This product range comprises many different formulations and
product types that cover numerous applications (see www.d2p.net)
and this update just focuses on the most recent d2pAM antimicrobial
developments.
Symphony's d2p antibacterial technology was approved by the US
FDA for bread packaging in February, and in July we were informed
that independent test results had shown that a d2p treated plastic
product achieved a virus reduction of 99.8% within 24 hours against
the bovine form of Coronavirus. This scientific breakthrough was
reported by The Times on 24 July 2020.
We believe that this technology can help with the fight against
Coronavirus as it can be applied to a vast range of day-to-day
items such as credit cards, banknotes, worktops, door-handles,
shopping bags and packaging as well as water pipes and air
conditioning pipes. Such products, if intended for short-term use,
can be further enhanced by making them fully biodegradable in case
they are littered in the open environment, having escaped the waste
collection systems. The Group currently has in excess of 100 active
d2pAM antimicrobial customer projects.
Our d2p treated and non-treated PPE products order book is
strong, with an EU delivery program running into 2021, combined
with a high level of anticipated ongoing demand.
Coronavirus test & results
Our global customers and distributors had been waiting for the
full report on the Coronavirus tests by Eurofins Biolab, Italy.
This was issued on 27 August 2020 and the customer-led process for
evaluation and purchasing of additives and products has now
accelerated.
The laboratory reported that the virus used for the test was the
Bovine Coronavirus BCoV, Strain S379 Riems, and the host cells on
which the virus was tested are human tissue -(HRT-18) cells. BCoV
is a Coronavirus virus surrogate closely related to the SARS
viruses (SARS-CoV and SARS-CoV-2) and COVID-19 as it belongs to the
same beta Coronavirus genus and showed similar susceptibility to
World Health Organisation formulations in published studies.
The conclusions of the test are extremely positive for Symphony:
"The antiviral treatment causes a good viral reduction in
accordance with the ISO Standard 21702 requirement of 24 hours
contact time and the treated surface does not have any cytotoxic
effect on the host cell line".
Further laboratory trials are ongoing to ascertain performance
using different formulations, product types, exposure times, and
applications.
d 2w Oxo-biodegradable
The global market for d2w biodegradable plastic technology
continues to see a "tug of war" game with legislators and users
that are clearly misguided or confused on what to do about the
serious issue of plastic litter. This issue has become acute as a
result of the COVID-19 pandemic, which has caused much greater use
of single-use plastics, and in particular, items such as face masks
and gloves, which are now beginning to wash up on beaches and in
other unwanted places.
We are continually having to address issues that are politically
or commercially motivated, and not scientifically based. Our d2w
biodegradable plastic technology is proven and supported by more
than four decades of independent studies, and has been confirmed
this year by Queen Mary University in the UK and LOMIC in
France.
We have for many years had to compete with plastic marketed as
"compostable" even though our product is designed for a quite
different purpose. It is designed to address the problem of litter,
by biodegrading in the open environment, and does not need to be
taken to an industrial composting facility. We still encounter
governments and end users believing that a "compostable" product,
that meets EU or US composting standards will biodegrade in the
open environment or home composting, when it has actually been
tested according to those standards to biodegrade in an industrial
composting facility. Many also believe that it will convert into
compost, when in fact it is required by those same standards to
convert almost entirely into CO2.
The EU's "Single Use Plastics" Directive adds to the confusion
as it requires EU members to ban oxo-degradable products that do
not properly biodegrade and are not recyclable with ordinary
plastics. We continue to explain the difference between
oxo-degradable and oxo-biodegradable plastic, and we believe that
Symphony's d2w technology would achieve considerably better
traction both within the EU and outside Europe if we could resolve
this confusion.
Despite these challenging headwinds, the Group has gained
positive traction across many markets outside of the EU, as d2w
technology offers superior value, with no supply or product quality
disruption, low cost and the lowest life-cycle impact.
The scientific evidence for oxo-biodegradable plastics was first
published in the 1970's and continues to evolve, with the
publication of a scientific paper by Queen Mary University in
February 2020, that showed that plastic products upgraded with d2w
biodegraded up to 90 times faster than conventional plastics. The
most recent evidence is a summary of work as at September 2020 at
the CNRS, Laboratoire d'Oceanographie Microbienne, France. This
confirmed that plastics treated with d2w biodegraded in sea water
and did so at significantly higher levels of efficiency than
conventional plastics, with no toxic effects. The project-team has
published six scientific papers since 2017 in relation to their
studies of plastics in the oceans.
As previously reported, our d2w sales are mainly outside the EU
and cover more than 60 countries. The Middle East and South and
Central America are the most active, but our Far-East sales, which
currently represent less than 10% of our overall sales, have
substantially increased over the last 12 months. Part of this is
driven by demand from the Middle East, and China as a result of
bans that will come into force in major cities from next year of
non-degradable plastic bags for use in supermarkets, shopping
centres and food delivery services. These bans include,
non-degradable single use plastic straws, plastic cotton buds and
foam plastic table disposable dinnerware. China is reported to be
one of the world's largest consumers of plastics, with 9.4 million
tonnes consumed in 2018 and with forecast usage increasing to 41.3
million tonnes by 2025.
As previously advised, in Saudi Arabia the current enforcement
programme is progressing, and now includes three new products;
woven plastic bags, disposable tableware, and seedling bags. This
is in addition to shopping and garbage bags, clothes bags and table
covers.
Eranova
Eranova SAS ("Eranova") has developed a technology which
extracts starch from marine algae/seaweed (a natural waste product)
for use with other materials. This is a massive uncontrolled
resource, polluting beaches and the sea. It is a major
environmental concern for maritime cities and states and needs
constant clearance.
The extracted starch can be combined with polymers to produce
compound resins which are compostable and biodegradable and can be
used to manufacture a wide range of bioplastic products. In
addition, the technology can be developed to produce biofuel,
biopolymers, proteins for food and animal feed, as well as
by-products for the pharmaceutical and cosmetic industries. This is
in line with the EU Bioeconomy Strategy to produce renewable
biological resources from land and sea and to convert these into
value-added products.
Following the original collaboration agreement between Symphony
and Eranova in 2018, Symphony introduced the project to Indorama
Corporation ("Indorama"). Pursuant to a current funding round for
Eranova, the collaboration agreement has been amended, with
Indorama acting as lead-investor and making an investment of EUR1.0
million. Symphony's financial exposure has reduced from an
originally proposed investment of EUR0.5 million to EUR0.1 million.
Symphony's fully diluted interest in Eranova will now be 1.6%.
Symphony will no longer have the option to subscribe for up to 51%
of the enlarged capital of Eranova but will have exclusive
distribution rights for certain territories.
This investment enables the development of the Eranova project
to be accelerated. Pre-industrial development is expected to start
during this year with the construction of long seawater tanks,
called "raceways" on land provided by the Port of Marseilles, where
Eranova will optimise cultivation of algae for the production of
the starch extract.
The key benefits of the technology are:
-- Carbon capture during the production process
-- Uses a natural, renewable, waste product
-- A non-food-based resource (compared with corn or potatoes)
-- Higher yields per hectare due to the fast growing-rate of
marine algae compared to food-crops
-- Good mechanical properties and competitive cost
-- Potential new markets for by-products of the technology
This funding round for Eranova is due to be completed
shortly.
Financial results
Group revenue increased by 17% to GBP4.8 million compared to
GBP4.1million for the first half of 2019. This was due to growth of
d2w sales within our main markets. The gross margin during the
period was 45.4% (H1-2019: 49.4%) due to the primarily increased
direct costs relating to production for our Middle East market.
We continued our investment into product development, government
relations, and marketing and technical support during the period.
Administrative expenses increased slightly to GBP1.96 million
(H1-2019: GBP1.91 million).
Due to the increase in revenues, the Group made a small
operating profit of GBP40,000 (H1-2019: loss GBP39,000), and a
profit before tax of GBP18,000 (H1-2019: loss GBP86,000). The
profit after tax was GBP18,000 (H1-2019: loss GBP86,000).
The earnings per share for the period was 0.01 pence (H1-2019:
loss per share of 0.05 pence).
Balance sheet and cashflow
The Group had net cash of GBP0.29 million at the end of the
period (31 December 2019: net cash of GBP0.88 million).
Net cash of GBP0.62 million was used in operations (H1-2019:
GBP0.23 million) due to increases in receivables and inventory.
Extended time to pay has been granted to some debtors due to
COVID-19, and increased inventory has been held against any
potential COVID-19 supply chain issues.
The Group has an invoice discounting facility of GBP1.5 million
to assist in funding outstanding receivables when required. The
Board believes that the Group has sufficient working capital to
support the business and its current opportunities going
forward.
Brexit
The Board continues to consider the possible effects of Brexit
on the business and, due to most of the business being outside of
the EU, believes that Brexit will not have a material impact on the
operations, financial performance or future prospects of the Group.
However, the Group is actively looking to increase d2p and PPE
business in the EU and so the Board continues to monitor the
potential challenges arising from Brexit and the current political
and economic uncertainties.
COVID-19
COVID-19 has and continues to cause general uncertainty which
may affect several markets in which Symphony operates. There has
been delay to some operations within the Group's distributor
network but overall effects on Symphony's operations and finances
have been minimal. The Group's markets are generally not negatively
affected by the pandemic which on the contrary may strengthen given
that plastics (and particularly antimicrobial plastics) are
essential for protecting food and human health. The Group has not
needed any COVID-19 financial support from the government.
Outlook
Following a robust performance in H1, third quarter invoicing
started slowly due to disruption caused by COVID-19 and holiday
season delays. However, more recent activity within our strong
pipeline indicates a pick-up for the rest of the year and into
2021.
Our current PPE product range includes nitrile, latex, vinyl and
plastic examination gloves, as well as face masks. As previously
advised, orders for PPE of approximately GBP1,000,000 have been
received for these types of finished products for delivery in the
second half of this year and enquiries are growing. However, for
many of these product items material demand is greater than current
supply and therefore we are focused on securing supply into
2021.
Our global network continues to work hard towards
commercialising a growing pipeline of customer-led demand for use
in many different d2p applications, and the Board is especially
confident of gaining success in the short term with the
FDA-approved technology together with the suite of technologies
which are showing proven anti-viral protection.
d2w progress is expected to continue at a faster rate, with some
Governments expected to approve the use of d2w type technology in
plastic products that would otherwise be banned.
The Board is confident that the Group is in a good position and
is well placed to strongly move forward over the following months
with continuing growth in 2021.
Michael Laurier, Chief Executive
Condensed consolidated interim statement of comprehensive
income
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ------------
Revenue 4,753 4,090 8,225
Cost of sales (2,594) (2,069) (4,450)
------------------------------ ---------- ---------- ------------
Gross profit 2,159 2,021 3,775
Distribution costs (164) (146) (321)
Administrative expenses (1,955) (1,914) (4,077)
------------------------------ ---------- ---------- ------------
Operating profit/(loss) 40 (39) (622)
Finance costs (22) (47) (75)
------------------------------ ---------- ---------- ------------
Profit/(loss) for the period
before tax 18 (86) (697)
Tax credit - - 37
------------------------------ ---------- ---------- ------------
Profit/(loss) for the period 18 (86) (660)
------------------------------ ---------- ---------- ------------
Total comprehensive income
for the period 18 (86) (660)
------------------------------ ---------- ---------- ------------
Earnings per share:
Basic 0.01 (0.05) (0.41)p
Diluted 0.01 (0.05) (0.41)p
------------------------------ ---------- ---------- ------------
All results are attributable to the owners of the parent.
There were no discontinuing operations for any of the above
periods.
Condensed consolidated interim statement of financial
position
At At At
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- ------------
ASSETS
Non-current
Property, plant and equipment 191 247 218
Right-of-use assets 573 695 637
Intangible assets 40 43 42
804 985 897
Current
Inventories 993 580 882
Trade and other receivables 3,316 2,394 2,335
Cash and cash equivalents 525 252 1,161
-------------------------------------- ---------- ---------- ------------
4,834 3,226 4,378
-------------------------------------- ---------- ---------- ------------
Total assets 5,638 4,211 5,275
-------------------------------------- ---------- ---------- ------------
EQUITY AND LIABILITIES
Equity
Equity attributable to owners
of
Symphony Environmental Technologies
plc
Share capital 1,700 1,546 1,700
Share premium account 2,077 336 2,077
Retained earnings (519) 37 (537)
-------------------------------------- ---------- ---------- ------------
Total equity 3,258 1,919 3,240
-------------------------------------- ---------- ---------- ------------
Liabilities
Non-current
Lease liabilities 446 570 509
-------------------------------------- ---------- ---------- ------------
Current
Borrowings 231 620 283
Lease liabilities 124 119 122
Trade and other payables 1,579 983 1,121
-------------------------------------- ---------- ---------- ------------
1,934 1,722 1,526
-------------------------------------- ---------- ---------- ------------
Total liabilities 2,380 2,292 2,035
-------------------------------------- ---------- ---------- ------------
Total equity and liabilities 5,638 4,211 5,275
-------------------------------------- ---------- ---------- ------------
Condensed consolidated interim statement of changes in
equity
Equity attributable to the owners of Symphony Environmental
Technologies plc:
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- --------- ---------- ---------
For the six months to 30
June 2020
Balance at 1 January 2020 1,700 2,077 (537) 3,240
Total comprehensive income
for the period - - 18 18
------------------------------ --------- --------- ---------- ---------
Balance at 30 June 2020 1,700 2,077 (519) 3,258
------------------------------ --------- --------- ---------- ---------
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- --------- -------------- ---------- ---------
For the six months to 30
June 2019
Balance at 1 January 2019 1,543 333 123 1,999
Issue of share capital 3 3 - 6
Transactions with owners 3 3 - 6
Total comprehensive income
for the period - - (86) (86)
---------------------------------- --------- -------------- ---------- ---------
Balance at 30 June 2019 1,546 336 37 1,919
---------------------------------- --------- -------------- ---------- ---------
Share Share premium Retained Total
capital earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- ----------------- -------------- ---------- ---------
For the year to 31
December 2019
Balance at 1 January
2019 1,543 333 123 1,999
Issue of share capital 157 1,744 - 1,901
Transactions with
owners 157 1,744 - 1,901
-------------------------- ----------------- -------------- ---------- ---------
Total comprehensive
income for the year - - (660) (660)
-------------------------- ----------------- -------------- ---------- ---------
Balance at 31 December
2019 1,700 2,077 (537) 3,240
-------------------------- ----------------- -------------- ---------- ---------
Condensed consolidated interim cash flow statement
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2020 2019 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------- ----------- ----------- -------------
Operating activities:
Profit/(loss) for the period
after tax 18 (86) (660)
Depreciation 91 37 200
Amortisation 9 8 17
(Profit)/loss on disposal
of tangible assets (77) (17) (15)
Foreign exchange (profit)/loss (23) 3 42
Tax credit - - (37)
Interest paid 22 31 75
Change in inventories (111) 43 (259)
Change in trade and other
receivables (981) (166) (164)
Change in trade and other
payables 437 (85) 76
--------------------------------- ----------- ----------- -------------
Net cash used in operations (615) (232) (725)
Tax received - - 37
--------------------------------- ----------- ----------- -------------
Net cash used in operating
activities (615) (232) (688)
--------------------------------- ----------- ----------- -------------
Investing activities:
Additions to property, plant
and equipment (12) (39) (50)
Proceeds from sale of property,
plant and equipment 92 26 27
Additions to intangible assets (7) (17) (35)
Net cash generated/(used)
in investing activities 73 (30) (48)
--------------------------------- ----------- ----------- -------------
Financing activities:
Movement in working capital
facility 41 152 (454)
Discharge of finance lease
liability (61) - (132)
Proceeds from share issue - 5 1,901
Lease interest paid (14) (16) (32)
Bank and invoice finance
interest paid (8) (15) (43)
--------------------------------- ----------- ----------- -------------
Net cash (used)/generated
in financing activities (42) 126 1,240
--------------------------------- ----------- ----------- -------------
Net change in cash and cash
equivalents (584) (136) 504
Cash and cash equivalents,
beginning of period 878 374 374
Cash and cash equivalents,
end of period 294 238 878
--------------------------------- ----------- ----------- -------------
Represented by:
Cash and cash equivalents 525 252 1,161
Bank overdraft (231) (14) (283)
--------------------------------- ----------- ----------- -------------
294 238 878
--------------------------------- ----------- ----------- -------------
Notes to the interim financial statements
1 Nature of operations and general information
Symphony Environmental Technologies plc (the "Company") and
subsidiaries' (together the "Group") principal activities include
the development and supply of environmental plastic additives and
products.
Symphony Environmental Technologies plc, a public limited
company, is the Group's ultimate parent company. It is incorporated
and domiciled in England (company number 03676824). The address of
its registered office is 6 Elstree Gate, Elstree Way, Borehamwood,
Hertfordshire, WD6 1JD, England. The Company's shares are listed on
the AIM market of the London Stock Exchange.
These condensed interim consolidated financial statements
("interim financial statements" or "interim report") are for the
six months ended 30 June 2020. They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2019.
The financial information set out in this interim report does
not constitute statutory accounts. The Group's statutory financial
statements for the year ended 31 December 2019 have been filed with
the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
Section 498(2) or 498(3) of the Companies Act 2006. These interim
condensed consolidated financial statements have not been
audited.
These interim financial statements have been prepared in
accordance with the requirements of International Accounting
Standard ("IAS") 34 "Interim Financial Reporting", and are
presented in Pounds Sterling (GBP), which is the functional
currency of the parent company. They have been prepared under the
historical cost convention. They have also been prepared on the
basis of the recognition and measurement requirements of
International Financial Reporting Standards that are adopted by the
European Union, and the policies and measurements are consistent
with those stated in the financial statements for the year ended 31
December 2019.
These interim financial statements were approved by the board on
11 September 2020.
2 Significant accounting policies
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year ended 31 December 2019.
3 Seasonal fluctuations
The Group operates in many countries and in many different
markets. There are therefore no formal or considered seasonal
fluctuations affecting the operations of the Group.
4 Segmental analysis
The Board considers that the Group does not have separate
operating segments as defined under IFRS 8.
5 Shares issued
Shares issued are summarised as follows:
6 months 6 months Year to
to to 31 December
Shares issued and 30 June 30 June 2020
fully paid 2020 2019
------------------------ -------------- -------------- --------------
- beginning of period 170,026,277 154,344,377 154,377,377
- issued during the
period - 225,000 15,681,900
------------------------- -------------- -------------- --------------
Total equity shares
issued and fully paid
at end of period 170,026,277 154,569,377 170,026,277
------------------------- -------------- -------------- --------------
6 Earnings per share and dividends
The calculation of earnings per share is based on the result
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
The calculation of diluted earnings per share is based on the
basic earnings per share, adjusted to allow for the issue of shares
on the assumed conversion of dilutive options and warrants which
were exercisable during the period.
Reconciliations of the results and weighted average numbers of
shares used in the calculations are set out below:
Basic and diluted 6 months to 6 months Year to
30 June to 31 December
2020 30 June 2019
2019
-------------------------------- -------------- --------------- --------------
Profit/(loss) attributable GBP18,000 GBP(86,000) GBP(660,000)
to owners of the Company
Weighted average number
of ordinary shares in
issue 170,026,277 154,522,528 160,085,762
-------------------------------- -------------- --------------- --------------
Basic earnings per share 0.01 pence (0.05) pence (0.41)
pence
-------------------------------- -------------- --------------- --------------
Dilutive effect of weighted
average options and warrants 5,752,769 5,546,938 5,338,811
Total of weighted average
shares together with dilutive
effect of weighted options
and warrants 189,300,008 172,702,090 160,085,762
-------------------------------- -------------- --------------- --------------
Diluted earnings per share 0.01 pence (0.05) pence (0.41)
pence
-------------------------------- -------------- --------------- --------------
No dividends were paid for the year ended 31 December 2019.
The effect of options and warrants for the six months to 30 June
2019 and year to 31 December 2019 are anti-dilutive.
7 Availability of Interim Financial Statements
Paper copies of the Interim Financial Statements will be sent to
shareholders upon request. Shareholders will be able to download a
copy of the Interim Financial Statements from the Group's website
www.symphonyenvironmental.com . Further copies of the Interim
Financial Statements will be available from the Company's
Registered Office at 6 Elstree Gate, Elstree Way, Borehamwood,
Hertfordshire WD6 1JD.
NOTES TO EDITORS:
Symphony Environmental Technologies plc
https://www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d2p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to provide protection against many
different types of microbes, and insects and rodents, and against
fire. d2p products also include odour, moisture and ethylene
adsorbers as well as other types of food-preserving technologies.
Symphony has also launched d2p anti-microbial household gloves and
toothbrushes and is developing a range of other d2p finished
products for retail sale. See www.d2p.net
Symphony has developed and continues to develop and market, a
biodegradable 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 a
similar way to a leaf. The technology is branded d2w(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,
most recently Saudi Arabia, oxo-biodegradable plastic is mandatory.
See www.d2w.net
The Group has complemented its d2w biodegradable product range
with d2c "compostable resins and products" that have been tested to
US and EU composting standards.
Symphony has also developed the d2Detector(R), a portable device
which analyses plastics and detects counterfeit products. This is
useful to government officials tasked with enforcing legislation,
and Symphony's d2t tagging and tracer technology is 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 itself is
accredited to ISO9001 and ISO14001.
Symphony is a member of The OPA (www.biodeg.org) and 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 Group can be found at
www.symphonyenvironmental.com and twitter @SymphonyEnv See also
Symphony on Instagram. A Symphony App is available for downloading
to smartphones.
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