Business
2007 Preliminary Results
2007 Preliminary Results.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Environmental Tech. PLC\n28 June 2007\n\n\n\n\nFor Immediate Release 28 June 2007\n\n\n SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC\n\n PRELIMINARY RESULTS\n FOR THE YEAR ENDED 31 DECEMBER 2006\n\n\nSymphony Environmental Technologies Plc ('Symphony' or 'the Company'), the\ndegradable plastics and waste-to-energy Group, today announces its preliminary\nresults for the year ended 31 December 2006.\n\n\nHIGHLIGHTS\n\n• Turnover down 54% to £4.20m (2005: £9.11m)\n• Gross profit margin increased to 20% (2005: 19%)\n• Gross profit down 53% to £0.84m (2005: £1.77m)\n• Administrative expenses (excluding exceptional) down 13% to £2.21m\n (2005: £2.55m)\n• Operating loss (after exceptional costs) up 87% to £2.34m (2005:\n £1.25m)\n• Loss per share up 59% to 3.62 pence from 2.28 pence\n• Name changed to 'Symphony Environmental Technologies Plc' reflecting\n the fact that Symphony is no longer just a plastics company\n\n\nMichael Laurier, Chief Executive said:\n\n'This was a challenging year for Symphony but also a year of significant change\nas the business moves toward higher margin licensing sales from the high volume\nproduct sales. The management structure has now changed to give more control to\nthe core management team and significant progress has been made by the core\nbusiness and also by our new pyrolysis technologies.\n\nWe have been encouraged by the progress we have made so far in 2007 and we look\nforward to the future with confidence.'\n\n\nFor further information, please contact:\n\nSymphony Tel: 020 8207 5900\nMichael Laurier, CEO\nIan Bristow, FD\n\nCitigate Dewe Rogerson Tel: 020 7638 9571\nFreida Moore\nGed Brumby\n\n\nFurther information on the Symphony Group can be found at\nwww.symphonyplastics.com and www.degradable.net.\n\n\n\nCHAIRMAN'S REPORT\n\nSymphony has been going through difficult and changing times. The market for\noxo-biodegradable technologies since we entered this field has not been easy,\nand potential customers have been subjected to a determined campaign against\noxo-biodegradable by the hydro-biodegradable (starch-based) industry. However,\nwe can now see that the market is beginning to realise the benefits of\noxo-biodegradable and the limitations of hydro-biodegradable, and this is being\nreflected in enquiries and sales of additives.\n\nIn addition, Symphony is no lo...