TIDMSYM
RNS Number : 1999Z
Symphony Environmental Tech. PLC
30 August 2018
30 August 2018
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
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
Interim Results
Symphony Environmental Technologies Plc (AIM: SYM), a global
specialist in products and technologies to "make plastic smarter",
is pleased to announce its interim financial statements for the
six-month period ended 30 June 2018.
Financial highlights
-- Revenues increased by 11% to GBP4.1 million (H1-2017: GBP3.7
million) with gross profit up by 6% to GBP2.0 million (H1-2017:
GBP1.8 million)
-- Revenues from the Group's d2w oxo-biodegradable technologies
were stable at GBP3.6 million (H1-2017: GBP3.6 million). However,
due to US dollar depreciation in the period compared with H1-2017,
d2w revenues on a constant currency basis would have been
approximately 11% higher
-- Revenues from the Group's d2p anti-microbial technologies
increased significantly to GBP0.5 million (H1-2017: GBP0.0
million)
-- Operating profit fell to GBP18,000 (H1-2017: GBP109,000) but
this was impacted by the Board's strategic decision to increase
communication and marketing costs, of which an additional
GBP171,000 was incurred in H1-2018
-- Basic earnings per share of 0.01 pence (H1-2017: 0.06 pence)
Operational highlights
d2w "oxo-biodegradable" ("OXO")
-- OXO technologies continue to represent the majority of the
Group's revenues and are principally derived from outside
Europe
-- These products - which continue to see increased consumer
interest as concerns regarding plastics waste grow - are mainly for
single use plastics which include, but are not limited to, shopping
bags, bin liners, diapers, coffee capsules, drinking straws,
agricultural and food and other packaging films
-- Eleven governments globally have now mandated that certain plastic products must contain oxo-biodegradable additives; a regulatory move which is beneficial to the Company's standing
-- More robust enforcement of this legislation is generating
increased d2w revenues, particularly in the Middle East and
Pakistan
-- Eco-label for d2w renewed by Brazilian standards authority, ABNT, following a full audit
-- Pursuant to the Oxomar Project, ("OXOMAR" - see notes below)
which is sponsored by ANR, the French National Research Agency,
French scientists have recently published a paper demonstrating
enhanced bacterial colonisation of degraded oxo-biodegradable
plastics
d2p "designed to protect"
-- Symphony has continued to invest into a range of speciality
products which are synergistic with its customer base so as to
expand the product offering
-- Latex and nitrile household glove sales increasing
significantly in Italy, and now listed in numerous large retail
outlets
-- Anti-microbial glove sales also increasing in the UAE and the United States
-- Having launched the world's first d2p antimicrobial water
pipe in Pakistan last year, repeat orders were placed and delivered
in the period
-- NSF International has certified d2p antimicrobial masterbatch
for use in water pipes for North America having conformed with the
requirements of NSF/ANSI Standard 61 - Drinking Water System
Components
-- Flame retardant approvals obtained in the United States (NF94
and NFPA standards), the UK (LPS 1207) and the EU (NFP 92-503)
-- Range of d2p products expanded with production of hospital
overalls, examination gloves and tooth brushes having commenced in
the period
Commenting on the results Nirj Deva, Chairman of Symphony,
said:
We announced a comprehensive trading and operations update on 6
August 2018 and these half year results are consistent with
that.
I am pleased to report an 11% increase in Group revenues to
GBP4.1 million and in particular, new revenues from the Group's d2p
anti-microbial technologies of GBP0.5 million (H1-2017: GBP0.0
million). This was achieved despite the average US dollar rate
depreciating against Sterling in the period compared to
H1-2017.
The growth in d2p revenues was mainly due to anti-microbial
household glove sales in Italy together with repeat orders for d2p
anti-microbial additive technology for use inside water pipes for
the developing Pakistan market. We continue to see increasing d2p
glove sales in Italy and are also optimistic of future sales given
our recent expansion into new markets in the United Stated and the
UAE.
We have also achieved NSF International certification for d2p
anti-microbial masterbatch use in drinking water pipes which is an
important step in opening up the North American market.
The commercialisation process for a number of our other d2p
technologies is progressing and updates will be provided in due
course. These d2p technologies include further anti-microbial
products, flame retardants, odour and ethylene adsorbers, and
insecticides, where we believe significant revenues can be achieved
throughout our global distribution network.
As previously reported, we increased our full year 2018
marketing budget by GBP375,000 for allocation into improving our
communication and marketing actions, particularly in relation to
OXO. Most of this is for UK, Europe and USA activity. As the global
drive for urgent change to more environmentally responsible
products and technologies continue, we have seen and responded to
some misleading and factually incorrect media and press coverage.
There have also been many publications which were positive,
including in TV media, such as RT America, which recently aired
Symphony and d2w in a balanced and factual manner.
Much of the miscommunications against OXO technologies are being
undertaken primarily in the EU by organisations with vested
interests in other technologies. These other technologies do not
have the same level of legislation and regulation in their favour,
and in particular are not considered as an option to resolve the
issue of plastics that escape collection and damage the
environment. Our d2w technology is marketed and sold as a drop-in
technology that acts as an "insurance policy" in the event that
plastics escape being reused, collected or recycled.
We have comprehensive and independent evidence supporting
oxo-biodegradable and its environmental benefits, and we are
confident of our position and that we can fully defend our d2w
technology. Oxo-biodegradable technology has been mandated for many
types of plastic products in eleven countries where they have
reviewed the evidence and understand its significant environmental
benefits. Our d2w oxo-biodegradable technology has been fully
validated for degradability, biodegradability and eco-toxicity
under international standards and conforms to the EU Packaging
Waste Directive.
As reported on 14 March 2018 in our Preliminary Results, the EU
Commission has requested the European Chemicals Agency (ECHA) to
review the evidence on oxo-degradable plastics and to prepare a
report to the Commission on whether any restrictions should be
applied to this type of plastic. Our d2w plastic is not
oxo-degradable, but oxo-biodegradable, as defined by the European
Standards authority "CEN", but we have nevertheless provided
substantial evidence to ECHA. ECHA's report is expected to be
published in January 2019.
We have, and will, continue to invest significantly into R&D
and for the reasons set out above, we have increased our
communication and marketing spend. The business continues to
perform profitably inclusive of those costs. Stripping out those
costs, the underlying business performed well with an 18% increase
in Adjusted EBITDA (as defined in the Chief Executives Review) to
GBP588,000 from GBP498,000 in the first half of 2017.
Your Board believe we are in a pivotal period with growing
demand for our technologies. We expect to deliver record volumes
for both our d2w and d2p technologies in 2018 and look forward with
confidence.
Enquiries
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207
5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Cantor Fitzgerald Europe (Nominated Adviser
and Broker)
David Foreman, Richard Salmond, Michael Tel: +44 (0) 20 7894
Boot (Corporate Finance) 7000
Caspar Shand Kydd (Sales)
FTI Consulting (Financial PR)
Daniel Hamilton Tel: +44 (0) 20 3727
1794
Chief Executive's review
This has been an important period for the Group with continued
profitability alongside our continued investment in R&D
together with significantly increased costs associated with
communications and marketing.
The underlying business is performing well, and we continue with
our strategy to add new technologies within the Group's existing
operational framework as and when they are ready for market.
I am pleased with the success of our d2p anti-microbial gloves
in Italy and this will continue as we expand into more of the large
retail groups during the year. A number of our other territories
have started to show signs of growth, in particular the USA and
Middle East.
Gaining NSF International approval for our d2p anti-microbial
technology means that we can start to market in North America our
range of masterbatches for drinking water pipes where we have
already gained commercial traction in Pakistan.
The majority of our revenue continues to be denominated in US
Dollars. Due to the US dollar depreciating against Sterling in the
period compared with H1-2017, d2w revenues remained constant at
GBP3.6 million. However, on a constant currency basis, d2w revenues
would have been approximately 11% higher.
Trading results
Total revenue increased 11% for the first six months of 2018 to
GBP4.1 million compared to GBP3.7 million for the first six months
of 2017. The increase was mainly due to growth of d2p glove sales
and water pipes generating revenue of GBP0.5 million (compared with
just GBP0.0 million in H1-2017). Gross profit increased 6% to
GBP2.0 million compared to GBP1.8 million for the first half of
2017, but gross margin decreased to 47.4% (H1-2017: 49.7%) due to
increased finished product sales mix which have a lower gross
margin than additives. Finished products accounted for GBP0.47
million of revenues during the period, compared to GBP0.14 million
in the first half of 2017.
Administrative expenses increased by 14% to GBP1.82 million
during the period (2017 H1: GBP1.60 million) mainly due to
increased marketing and communication costs of GBP0.17 million. The
remainder of the increase related to staff costs, and in particular
in administration, supply chain and technical departments.
The Board has reviewed the underlying position of the business
using the following Adjusted EBITDA calculation taking account of
R&D and communication and marketing costs which have not yet
had a significant positive effect on the Group's revenues:
GBP'000 H1 2018 H1 2017
Operating profit 18 109
-------- --------
Depreciation and amortisation 47 47
-------- --------
R&D costs 305 295
-------- --------
Communication and marketing costs 218 47
-------- --------
Adjusted EBITDA 588 498
-------- --------
Group operating profit for the period was GBP18,000 (H1-2017:
GBP109,000), profit before tax was GBP7,000 (H1-2017: GBP95,000)
and profit after tax was GBP13,000 (H1-2017: GBP95,000).
Earnings per share for the period decreased to 0.01 pence
(H1-2017: 0.06 pence).
Balance sheet and cash-flow
The Group had net cash (no borrowings) of GBP0.63 million at 30
June 2018 (31 December 2017: net cash of GBP0.63 million and 30
June 2017: net borrowings of GBP0.58 million).
Cash of GBP0.34 million was consumed by operations during the
period (H1-2017: GBP0.28 million) due to an increase of GBP0.50
million in receivables due to longer credit term mix on business
towards the end of the period. The net cash consumed was funded by
proceeds from new shares issued as a result of options and warrants
being exercised totalling GBP0.36 million.
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.
Outlook
The Chairman has detailed the current status with respect to
oxo-biodegradables, the technology, the media and the EU. We are
confident of our technology position and expect to make positive
ground over the coming months.
We have active markets globally for both our d2w and d2p
technologies, and have established distribution channels to enable
significant revenue growth of both our existing commercial
technologies, but also the range of new technologies under
development.
We look forward to the future with confidence.
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
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ------------
Revenue 4,117 3,693 8,267
Cost of sales (2,167) (1,856) (4,255)
------------------------------ ---------- ---------- ------------
Gross profit 1,950 1,837 4,012
Distribution costs (108) (128) (237)
Administrative expenses (1,824) (1,600) (3,297)
------------------------------ ---------- ---------- ------------
Operating profit 18 109 478
Finance costs (11) (14) (48)
------------------------------ ---------- ---------- ------------
Profit for the period before
tax 7 95 430
Tax credit 6 - -
------------------------------ ---------- ---------- ------------
Profit for the period 13 95 430
------------------------------ ---------- ---------- ------------
Total comprehensive income
for the period 13 95 430
------------------------------ ---------- ---------- ------------
Earnings per share:
Basic 0.01p 0.06p 0.28p
Diluted 0.01p 0.06p 0.27p
------------------------------ ---------- ---------- ------------
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
(balance sheet)
At At At
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- ------------
Assets
Non-current
Property, plant and equipment 261 269 291
Intangible assets 42 55 47
303 324 338
Current
Inventories 525 455 567
Trade and other receivables 1,479 1,799 992
Cash at bank and in hand 629 44 631
-------------------------------------- ---------- ---------- ------------
2,633 2,298 2,190
-------------------------------------- ---------- ---------- ------------
Total assets 2,936 2,622 2,528
-------------------------------------- ---------- ---------- ------------
Equity
Equity attributable to owners
of
Symphony Environmental Technologies
plc
Share capital 1,543 1,516 1,516
Share premium account 333 3,608 -
Retained earnings 82 (3,876) 67
-------------------------------------- ---------- ---------- ------------
Total equity 1,958 1,248 1,583
-------------------------------------- ---------- ---------- ------------
Liabilities
Current
Interest bearing loans and
borrowings - 621 2
Trade and other payables 978 753 943
-------------------------------------- ---------- ---------- ------------
978 1,374 945
-------------------------------------- ---------- ---------- ------------
Total liabilities 978 1,374 945
-------------------------------------- ---------- ---------- ------------
Total equity and liabilities 2,936 2,622 2,528
-------------------------------------- ---------- ---------- ------------
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 2018
Balance at 1 January 2018 1,516 - 67 1,583
Issue of share capital 27 333 - 360
Share-based options - - 2 2
----------------------------- --------- --------- ---------- ---------
Transactions with owners 27 333 2 362
Total comprehensive income
for the period - - 13 13
----------------------------- --------- --------- ---------- ---------
Balance at 30 June 2018 1,543 333 82 1,958
----------------------------- --------- --------- ---------- ---------
For the six months to 30
June 2017
Balance at 1 January 2017 1,499 3,533 (3,971) 1,061
Issue of share capital 17 75 - 92
----------------------------- --------- --------- ---------- ---------
Transactions with owners 17 75 - 92
Total comprehensive income
for the period - - 95 95
Balance at 30 June 2017 1,516 3,608 (3,876) 1,248
----------------------------- --------- --------- ---------- ---------
For the year to 31 December
2017
Balance at 1 January 2017 1,499 3,533 (3,971) 1,061
Issue of share capital 17 75 - 92
Capital reduction - (3,608) 3,608 -
Transactions with owners 17 (3,533) 3,608 92
Total comprehensive income
for the period - - 430 430
Balance at 31 December
2017 1,516 - 67 1,583
----------------------------- --------- --------- ---------- ---------
Condensed consolidated interim statement of cash flows
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2018 2017 2017
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------- ----------- ----------- -------------
Operating activities:
Profit for the period after
tax 13 95 430
Depreciation 38 38 78
Amortisation 8 8 16
Loss on disposal - - 3
Foreign exchange 40 53 (5)
Share based payments 2 - -
Tax credit (6) - -
Interest expense 11 14 48
Change in inventories 42 (39) (151)
Change in trade and other
receivables (497) (272) 579
Change in trade and other
payables 4 (173) 35
--------------------------------- ----------- ----------- -------------
Cash consumed in operations (345) (276) 1,033
Tax received 6 - -
--------------------------------- ----------- ----------- -------------
Net cash consumed in operations (339) (276) 1,033
--------------------------------- ----------- ----------- -------------
Investing activities:
Additions to property, plant
and equipment (9) (19) (84)
Proceeds from disposals of
property, plant and equipment - 9 10
Additions of intangible assets (2) - (1)
Cash consumed in investing
activities (11) (10) (75)
--------------------------------- ----------- ----------- -------------
Financing activities:
Movement in working capital
facility - (42) (625)
Discharge of finance lease
liability (1) (2) (4)
Proceeds from share issue 360 92 92
Interest paid (11) (14) (48)
--------------------------------- ----------- ----------- -------------
Cash generated in financing
activities 348 34 (585)
--------------------------------- ----------- ----------- -------------
Net change in cash and cash
equivalents (2) (252) 373
Cash and cash equivalents,
beginning of period 631 258 258
Cash and cash equivalents,
end of period 629 6 631
--------------------------------- ----------- ----------- -------------
Bank overdraft of GBPnil (30 June 2017: GBP38,000) (31
December 2017: GBPnil) is included in cash and cash equivalents.
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. 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 2018. 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 2017.
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 2017 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 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 2017.
These interim financial statements were approved by the board on
29 August 2018.
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 2017. There
have been no changes in the period other the adoption of IFRS 15,
'Revenue from Contracts with Customers'. The revenue recognition
and related disclosures of the Group will remain unchanged as all
performance obligations under IFRS15 are met at the same time as
per the previous revenue recognition policy.
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
to to Year to
Shares issued and 30 June 30 June 31 December
fully paid 2018 2017 2017
------------------------ -------------- -------------- --------------
- beginning of period 151,614,377 149,939,377 149,939,377
- issued during the
period 2,730,000 1,675,000 1,675,000
------------------------- -------------- -------------- --------------
Total equity shares
issued and fully paid
at end of period 154,344,377 151,614,377 151,614,377
------------------------- -------------- -------------- --------------
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:
6 months 6 months Year to
to 30 June to 30 June 31 December
Basic and diluted 2018 2017 2017
-------------------------------- -------------- -------------- --------------
Profit attributable to owners
of the Company GBP13,000 GBP95,000 GBP430,000
Weighted average number of
ordinary shares in issue 151,920,953 151,614,377 151,089,240
-------------------------------- -------------- -------------- --------------
Basic earnings per share 0.01 pence 0.06 pence 0.28 pence
-------------------------------- -------------- -------------- --------------
Dilutive effect of weighted
average options and warrants 9,278,488 16,136,953 9,925,427
Total of weighted average
shares together with dilutive
effect of weighted options
and warrants 161,199,441 167,751,330 161,014,667
-------------------------------- -------------- -------------- --------------
Diluted earnings per share 0.01 pence 0.06 pence 0.27 pence
-------------------------------- -------------- -------------- --------------
No dividends were paid for the year ended 31 December 2017.
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:
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 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.
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, and insects, and
against fire. d2p products also include odour, moisture and
ethylene adsorbers as well as other types of food-preserving
technologies. We have also launched d2p anti-microbial household
gloves and are developing a range of other d2p finished products
for retail sale.
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 Oxo-biodegradable Plastics
Association (www.biodeg.org) (OPA), the Society for the Chemical
Industry (UK), and the Pacific Basin Environmental Council.
Symphony is also a strategic partner of the Commonwealth business
initiative, 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 Symphony 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.
BBC World Service film introducing d2w oxo-biodegradable
(controlled-life) plastic technology
From within the UK-
http://www.symphonyenvironmental.com/d2w/d2w-brochure-5/
From outside of the UK -
http://www.bbc.com/storyworks/the-british-bid/symphony
About OXOMAR
The OXOMAR project commenced in 2017 and is sponsored by ANR,
the French National Research Agency. For further details on OXOMAR
please see the following links
http://www.agence-nationale-recherche.fr/en/anr-funded-project/?tx_lwmsuivibilan_pi2%5BCODE%5D=ANR-16-CE34-0007
http://lomic.obs-banyuls.fr/fr/axe_4_ecotoxicologie_et_ingenierie_metabolique_microbienne/oxomar.html
For details of the paper referred to above:
Dussud, C., Hudec, C., George, M., Fabre, P., Higgs, P.,
Bruzaud, S., Delort, A., Eyheraguibel, B., Meistertzheim, A.,
Jacquin, J., Cheng, J., Callac, N., Odobel, C., Rabouille, S. and
Ghiglione, J. (2018). Colonization of Non-biodegradable and
Biodegradable Plastics by Marine Microorganisms. Frontiers in
Microbiology, 9.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BIGDICBDBGIC
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