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09 Feb 2021 | 10:05

Symphony Environmental grows FY revenues

(Sharecast News) - Plastic and rubber products specialist Symphony Environmental Technologies said on Tuesday that group revenues had increased in 2020 despite a shipment missing its year-end cut-off due to Far East shipment congestion. Symphony Environmental said group revenues were up 19% at £9.8m but stated that further revenues of £700,000 could not be recognised during the year due to the delayed shipment.

Symphony said revenue growth was led by its strategic decision to grow finished products, with year-on-year growth of 200%, and d2p masterbatch, with year-on-year growth of 88%. However, d2w growth was limited to 2% as some of Symphony's distributors experienced continued severe Covid-19 lockdowns.

Costs increased approximately £250,000 due to a temporary increase in Latin America, regulatory specialist costs and EU legal action costs, with the short-term discretionary costs also expected to continue into 2021, with market advisory costs expected to fall away during the second half of the year.

As a result, the AIM-listed group expects to report an operating loss of £400,000 for the year as a whole.

As of 1000 GMT, Symphony Environmental shares were down 4.0% at 17.52p.
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