Demand for smart plastics sees Symphony revenues rise

Smart plastics company Symphony Environmental Technologies announced its preliminary results for the year to 31 December on Thursday, with revenues increasing by 6.8% to £6.8m.

The AIM-traded firm reported gross profit as up 16.3% to £3.41m, with operating profit before non-recurring costs at £0.2m, swinging from a loss of £0.97m in 2015.

Non-recurring costs stood at £0.05m, down from £1.31m, and profit before tax was £0.12m, compared to the loss of £2.30m recorded a year earlier.

Profit after tax was £0.17m, surging from the £3.33m loss in 2015.

The board confirmed basic earnings per share were 0.11p, firming from losses per share of 2.26p, as the company’s operating performance roared ahead of market expectations.

“I am very pleased to report a profit before tax of £0.12m,” said chairman Nirj Deva.

“This positive performance compares well with the loss of £2.3m reported in 2015.”

Deva said the result was achieved in particular by a substantial reduction in overheads.

“During the year, d2w continued to generate the majority of its revenues in markets mainly outside of Europe.

“The political momentum has been encouraging in several overseas territories where governments aim to resolve the plastic litter crisis, as regularly highlighted in the media

“ As communicated by me last year, the opportunities for d2w oxo-biodegradable technology remain good even though Symphony's investment levels in the technology have reduced.”

The d2w product remained the only oxo-biodegradable technology to have an Eco-label, a Life Cycle Assessment, and reports on recycling studies, biodegradation and ecotoxicity on land and in the sea, Deva claimed.

“d2w oxo-biodegradable technology fits well with the circular economy as well as overall strategies to improve the environment.”

Deva also advised last year that the board intended to focus more on delivering products and technologies that would create value for shareholders in the near term.

“For our d2p ‘designed to protect’ range, we have progressed significantly, and our suite of technologies now includes anti-fungal, anti-bacterial, odour absorber, insecticide and flame-retardants.

“We have now begun commercialising d2p anti-microbial gloves and d2p anti-microbial water pipes, with launches announced for early 2017.

“These product developments have been the result of an extensive pipeline of activities over the last three years, and we are planning further technology commercialisations in the short term.”

Deva commented that the company has a valuable asset in its global distributor network and the board was working with them and their customers to develop products as well as selling the completed technologies through them.

“The board would like to thank its management, distributors and staff for all their hard work over the last year and we look forward to further progress in 2017.”