8 Apr 2009

Symphony Environmental Technologies

Sector: Chemicals
Market Cap: Array
PE Forecast: Array
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Degradable plastics and waste-to-energy group Symphony Environmental Technologies is heading into the black after slashing annual losses.

Degradable plastics and waste-to-energy group Symphony Environmental Technologies is heading into the black after slashing annual losses.

The Hertfordshire-based company reduced its deficit from £1.95m to £400,000 last year on turnover up 42% to £5.4m. Chief executive officer Michael Laurier says this represents part of the pay-off for the decision taken some years ago to switch from offering finished biodegradable products to ‘enhancing the supply chains’ of suppliers and end-users, such as supermarkets, Starbucks and Perrier.

According to Laurier, Symphony, whose product range will be extended this year with Symphony Energy, is extending its distribution network and aiming at a global market worth between £1.5 and £3bn. ‘Brand perception is the key,’ he insists, to persuade retailers to tell suppliers to incorporate Symphony’s technology.

Analysts see pre-tax profits of £500,000 this year, rising to £1.4m in 2010. Floated at 30p eight years ago, Symphony shares now languish at 3.12p, but could perk up if the company achieves sustained profitability.

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