Business
Trading & Market Update
Trading & Market Update.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n \n \n RNS Number : 1471T\n Symphony Environmental Tech. PLC\n 16 July 2020\n \n \n \n \n \n \n \n \n 16 July 2020 \n \n \n 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 \n \n \n \n \n \n SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC \n \n \n (\"Symphony\", the \"Company\" or the \"Group\") \n \n \n \n \n \n Trading & Market Update \n \n \n \n \n \n Symphony Environmental Technologies Plc (AIM: SYM), a global specialist in technologies to enhance the properties of plastic and some non-plastic products by making them biodegradable, and/or to provide protection against threats to health and safety, is pleased to announce a trading update for the six months ended 30 June 2020 as well as market updates for the Group's two main technologies, d2p and d2w, each of which are at potentially transformational points of development. \n \n \n Highlights\n \n \n Financials\n \n \n · \n Group revenue increased by 17% to £4.8 million (H1-19: £4.1 million)\n \n \n · \n Net cash and cash equivalents of £0.3 million to which £1.0 million can be added with respect to letters of credit and invoice financing (31 December 2019: net cash and cash equivalents £0.9 million plus invoice financing £0.6 million)\n \n \n · \n Unaudited draft management information indicates Group returned to profitability generating positive EBITDA in H1-20\n \n \n d2p \"Designed to Protect\" Technologies & Finished Products\n \n \n · \n FDA approved Symphony's antibacterial d2p bread packaging - customer trials progressing well \n \n \n · \n Personal Protective Equipment (\"PPE\") orders exceeding £950,000 for delivery in the second half of the year \n \n \n d2w Oxo-biodegradable Technology\n \n \n · \n Positive legislation indicators in some markets for d2w type biodegradable plastics \n \n \n · \n Single use plastic bans outside the EU being suspended \n \n \n · \n Saudi Arabia adds further oxo-biodegradable products to its enforcement programme\n \n \n \n \n \n Financial performance for the six months ended 30 June 2020\n \n \n Total revenues for the six months ended 30 June 2020 increased 17% to £4.8 million ...