Business
Trading update
Trading update.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \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. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this information is considered to be in the public domain\n \n \n \n \n \n 23 December 2022\n \n \n \n SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC\n \n \n \n (\"Symphony\", the \"Company\" or the \"Group\")\n \n \n \n Trading Update\n \n \n \n \n \n \n Symphony Environmental Technologies Plc (AIM:SYM) global specialists in technologies that make plastic and rubber products \"smarter, safer and sustainable\", announces a trading update for the year ending 31 December 2022 (\"FY-22\"), subject to final deliveries to be shipped before year-end and completion of the audit.\n \n \n Group revenue for FY-22 is expected to be approximately £6.5 million (2021: £9.2 million). This follows, as previously advised, a soft first half of the year with results affected by short term logistics and resource issues, temporary destocking issues, and a change to our glove strategy. Whilst the second half of the year has been stronger, the Middle East destocking issue has still not been resolved mainly due to delays in receiving the requisite government certifications for our partner's new factory in the UAE, which finally became fully operational in December. It is anticipated that this will be fully resolved during Q1 2023.\n \n \n Pleasingly, strong momentum in d2p sales continues with revenue in FY-22 expected to be approximately £0.8 million, representing at least 80% year-on-year growth (2021: £0.4 million). The increase in FY-22 d2p sales has mainly been due to continued conversion of higher value d2p anti insect (\"AI\") product.\n \n \n This lower FY-22 revenue figure is expected to result in a Group loss after tax of approximately £2.5 million in FY-22 (2021: £1.4 million). \n \n \n However, and continuing that reported in the Group's interim results (announced on 29 September 2022), these financial results for FY-22 do not reflect the operational progress made during the year, and the outlook for the Group remains as positive as previously described, albeit with further signifi...