Degradable plastics additive supplier Symphony Environmental Technologies, which is quoted on London’s Alternative Investment Market, continues to grow both geographically and in profit terms.
Interim revenues rose by 6% to £3.9 million, while pre-exceptionals profit improved from £402,000 to £533,000. (This figure did not include £115,000 of reorganisation costs.) The improvement has strengthened the company’s balance sheet and means that dividends can be paid.
Symphony’s technology is being used in more than 90 countries. The company is launching an additive to create non-PET water bottles, and there is also an increasing emphasis on anti-microbial products.
House broker Allenby Capital forecasts a near doubling of pre-tax profit from £638,000 to £1.3 million in 2010, and expects a further rise to £2 million in 2011.
Symphony has £12 million of tax losses. Net debt was £1.2 million at the end of June 2010, but the business is cash generative so this figure will decrease. In fact Symphony could be cash positive by 2011.
Market: AIM
Symbol: SYM
Price: 12.25p
12 month high/low: 15.5p/8.6p
Market cap: £14.3m
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