Symphony Environmental Tech. PLC Trading Update (0552X)
17 December 2019 - 6:00PM
UK Regulatory
TIDMSYM
RNS Number : 0552X
Symphony Environmental Tech. PLC
17 December 2019
17 December 2019
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
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Trading Update
Symphony Environmental Technologies Plc (AIM: SYM), a global
specialist of technologies that enhance the properties of plastic
and complementary non-plastic products by making them biodegradable
or resistant to external factors, announces a trading update for
the financial year ending 31 December 2019.
Revenues for the second half of 2019 are now expected to be not
less than GBP4.1 million, broadly similar to the first half.
Accordingly, revenues for the full year 2019 will be below market
expectations resulting in an operating loss of approximately GBP0.5
million. We reported in our Interim Results on 27 September 2019
that sales in the first half had been impacted due to inventory
adjustments by some of our customers as a result of legislative
clarification in certain markets. These factors persisted
throughout the second half, as both business drivers, legislation
and enforcement activities regarding the manufacture of plastics,
remain in a fluid period of change. Consequently, higher d2w
purchases expected in Q4 2019 have been deferred and are now
expected to be placed in Q1 2020.
Net cash and cash equivalents totalled GBP1.2 million as at 30
November 2019 (30 June 2019: net borrowings of GBP0.4 million).
Michael Laurier, CEO of Symphony stated: "As previously
reported, we are uncertain as to the timing of when sales will
increase, but we believe this will be in the short rather than
longer-term. The global issue of how-to best deal with plastics is
hotly debated and being resolved in different ways from country to
country. The business environment that we are engaged in is complex
but it continues to open many opportunities to the pipeline of
technologies that we have developed. Whilst these factors have
affected Symphony's financial results for the year ending 31
December 2019, the Board remains confident in delivering an
improved financial performance going forward."
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 Joint Broker)
David Foreman, Michael Boot (Corporate Tel: +44 (0) 20 7894
Finance) 7000
Caspar Shand Kydd, Maisie Atkinson (Sales)
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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contact rns@lseg.com or visit www.rns.com.
END
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