22/12/2004
We tipped Symphony on these pages as a speculative buy at 13.25p in October, and the environmentally responsible plastics company has pushed higher on a successful court judgement in the case brought by rival group EPI, ending months of uncertainty that have weighed on the share price. London's High Court dismissed EPI's major claim that Symphony had copied its technology entirely, and this decision leaves the company free to continue exploiting it globally. EPI was also ordered to pay 85% of Symphony's legal costs. Symphony chief executive Michael Laurier is 'delighted' with the outcome, and says the business can now be taken forward with 'renewed enthusiasm' in the light of the clear and positive verdict. In an encouraging first half to June, Symphony pared back its pre-tax losses from £2.2m to a mere £84,000 and gross profits rocketed 101% to £1.05m, on a 20% rise in sales to £4.45m. At the time, Laurier cited cost control, improved operating margins and growing interest in the group's products, which range from carrier bags and refuse sacks to dog waste sacks, stretch film and aprons. Since the first half, Symphony has bagged £500,000 through a Durlacher-led placing at 10p. This cash is being used to ramp up sales and boost research and development. For the current year, Durlacher's David Pannell predicts losses on £9m sales, before a move to profits of £200,000 on £12.4m sales for 2005.
| Market cap: | £8.48m |
| PE Forecast: | n/a |
| Share price: | 17p |
| AIM | £2.89m |
2.75p
|
-0.12p
|
|
| Other company articles: |
| 29/04/2008 |
| 06/10/2006 |
| 22/12/2005 |
| 20/01/2005 |
| 22/12/2004 |
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