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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Symphony Environmental Technologies Plc | LSE:SYM | London | Ordinary Share | GB0009589168 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.35 | -10.77% | 2.90 | 2.50 | 3.30 | 3.25 | 2.90 | 3.25 | 1,038,556 | 12:25:24 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Plastics,resins,elastomers | 6.15M | -2.89M | -0.0156 | -1.86 | 5.36M |
From May 2019 to May 2024
TIDMSYM
RNS Number : 9914K
Symphony Environmental Tech. PLC
28 September 2016
28 September 2016
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", "Group" or the "Company")
Interim Results
First large order for d2p
Symphony Environmental Technologies Plc (AIM: SYM), global specialists in 'making plastic smarter', with d2w controlled-life, d2p anti-bacterial and d2t anti-counterfeiting technologies, today announces its interim financial statements for the six-month period ended 30 June 2016.
Highlights
-- Revenues of GBP3.23 million (2015 H1: GBP3.42 million) -- Gross profits of GBP1.63 million (2015 H1: GBP1.76 million) -- Recurring expenses of GBP1.47 million (2015 H1: GBP1.81 million) -- Group operating profit on recurring items of GBP57,000 (2015 H1: loss GBP169,000) -- Profit before tax of GBP19,000 (2015 H1: loss of GBP181,000) -- Basic earnings per share of 0.04 pence (2015 H1: loss per share of 0.05 pence)
Post Period
-- Business during quarter three continuing with similar performance to the first half
d2p Technology
-- $160,000 initial order received for a new d2p antimicrobial application -- New consumer product listing with a leading UK retailer for delivery in early 2017 -- Finalising development of 10 consumer products to be sold through the distribution network -- Fire-retardant product successfully tested under USA flammability standard UL 94HB
Commenting on the results Nirj Deva, Chairman of Symphony, said:
I am very pleased to report a profit for the period under review. The operating profit on recurring items was GBP57,000, against a first half loss of GBP169,000 in 2015. This was principally achieved by the successful implementation of a cost-reduction plan which reduced ongoing expenses by GBP342,000 for the period. On an annualised basis, the recurring cost savings are approximately GBP750,000.
The reduced costs are now more appropriate to the current needs of the business and are targeted at completion of our d2p "designed to protect" range of products and masterbatches within the short-term. This has not taken away potential from our d2w controlled life technology, which continues to see positive studies undertaken and legislative and sales momentum in certain parts of the world.
We are encouraged by positive developments within the d2p anti-microbial range. An initial order and letter of credit for $160,000 has been received for a new application. In addition, a d2p consumer finished product has been granted a listing by a major UK retailer for delivery in early 2017. We are also finalising the development of 10 more consumer products. A number of other projects are moving closer to the commercial phase. Whilst we cannot guarantee that this will lead to significant orders, the Board are optimistic of the Group's outlook in the short term.
The weakening of Sterling since the "Brexit" referendum has so far been favourable to Symphony, but with over three months until the financial year end, it is too early to advise whether there will be an overall material effect on the annual results. The Board are confident, however, that the second half of this year will be at least similar to the first half.
I would like to thank Symphony's management, staff and distributors for their continued dedication and hard work. We look forward to the future with increased confidence.
For further information, contact:
Contacts
Hot Features
Premium
Symphony Environmental Technologies
Plc
Michael Laurier, CEO Tel: +44 (0)
20 8207 5900
Ian Bristow, FD
Cantor Fitzgerald Europe
David Foreman / Michael Reynolds Tel: +44 (0)
(Corporate Finance) 20 7894 7000
David Banks (Sales)
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
Symphony has developed a range of additives, concentrates and master-batches marketed as d(2) p, which can be incorporated in a wide variety of plastic and non-plastic products and applications, so as to give them protection against many different types of bacteria, fungi, algae, mould, insects and fire.
In addition, Symphony had already developed and continues to develop, controlled-life plastic technology which turns ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf. The technology is branded d(2) w(R) and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries oxo-biodegradable plastic is mandatory. For a video of d(2) w(R) plastic degrading see http://degradable.net/play-videos/4.
Symphony has developed the d(2) Detector(R), a portable device which analyses plastics and detects counterfeit products. Symphony's d(2) t tagging and tracer technology is also available for further security. See www.d2t.net
Symphony has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in 97countries and in many different product applications. Symphony is certified to ISO9001 and ISO14001.
Symphony is a member of The Oxo-biodegradable Plastics Association (www.biodeg.org) (OPA), the Society for the Chemical Industry (UK), and the Pacific Basin Environmental Council. Symphony actively participates in the Committee work of the British Standards Institute (BSI), the American Standards Organisation (ASTM), the European Standards Organisation (CEN), and the International Standards Organisation (ISO).
Further information on the Symphony Group can be found at www.symphonyenvironmental.com.
Chief Executive's review
The business has performed much better in the first half of 2016, both in terms of the bottom line result, and the acceleration of product developments, compared with 2015.
With the costs more targeted to shorter term d2p developments we have now successfully completed the commercial development process for two projects. Firstly, a new order, confirmed by letter of credit, has been received for $160,000 for the commercial supply of a new d2p antimicrobial product. In addition, a major UK retail store has listed a newly developed d2p consumer product for supply into a large number of stores in early 2017.
We also expect to shortly complete the development of a further 10 retail products for sale throughout our global distribution network.
Further developments continue with a range of products including antimicrobial, antibacterial, flame retardant, ethylene and odour adsorbers and insecticides. This d2p product range will become available as masterbatches or additives for the plastic manufacturing industry, and also as consumer finished products mainly for retailers.
d2w oxo-biodegradable technology continues to see positive studies and endorsements. Two of the most recent include a Mexican university seminar in April 2016 confirming that oxo-biodegradable additives promoted the biodegradation of ordinary plastic, and that there were no toxic effects, as well as a prominent European test house confirming that recyclate made from d2w oxo-biodegradable plastic can safely be used in the manufacture of thick cross-section plastic products intended for long term outdoor use as well as of plastic film products. We are also seeing further legislative momentum in new territories and hope to advise further on this in due course.
The USA has been one of our smallest markets representing less than 2% of our business. We have therefore restructured the business from a distributor model to a direct sales approach. This is being supported by dedicated resources both in the USA and UK. The distribution agreement with the US distributor was therefore terminated.
Trading results
The top line results for the first half of the year were similar to 2015, with revenues of GBP3.23 million (2015 H1: GBP3.42 million) and with gross profits of GBP1.63 million (2015 H1: GBP1.76 million). The gross profit margin was 50.4 per cent (2015 H1: 51.6 per cent).
Recurring administration costs decreased by 19 per cent to GBP1.47 million during the period (2015 H1: GBP1.81 million). The decrease is due to the successful implementation of the cost reduction policy following a strategic review earlier in the year. There was GBP28,000 of exceptional expenditure relating to re-organisation costs.
The Group's operating profit for the period after non-recurring costs was GBP29,000 (2015 H1: loss of GBP169,000) and net profit before tax was GBP19,000 (2015 H1: loss of GBP181,000). The Group has received an R&D tax credit of GBP45,000 relating to the full year 2015 (2015 H1 relating to 2014: GBP110,000). The resulting profit after tax was GBP64,000 (2015 H1: loss GBP71,000).
Earnings per share for the period were 0.04 pence (2015 H1: loss per share of 0.05 pence).
Balance sheet and cash-flow
Cash of GBP0.28 million was consumed by operations during the period (2015 H1: GBP0.38 million) mainly due to an increase in receivables, which fluctuate depending on sales-mix and production allocations. This was mainly funded by an increase in the invoice-discounting facility.
The Group has an invoice-discounting facility of GBP1 million to assist in funding outstanding receivables when required, and has no other debt. The Group also has good credit facilities with its major suppliers. Accordingly, the Board believes that the Group has sufficient working capital to support further growth of the business.
Segmental
Plastics sales, which generate revenues from plastic additives, masterbatches and finished products, recorded an EBITDA profit of GBP0.33 million for the first half of 2016 (2015 H1 GBP0.22 million).
Plastics research and development costs, which include all new product development and research expenditure on d2w and d2p, amounted to GBP0.25 million (2015 H1 GBP0.31 million).
Outlook
I am pleased with the progress that we are making this year, especially with our tighter cost base, and product developments.
The majority of the group's sales are derived from the established d2w controlled-life plastic range of additives and finished products. Although d2w sales have not materially increased for some time, we are working to improve this situation as legislative and sales momentum increases in several of our overseas markets.
In respect of our d2p product range, as with any new product range, we cannot predict with any degree of certainty the timing or volume of sales in the short term. However, given the pipeline of opportunities and discussions to date, the Board are increasingly confident of further commercial developments going forward.
Michael Laurier
Chief Executive
Condensed consolidated interim statement of comprehensive income
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited
Audited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------- -------- -------- -------- -------- --------
Revenue 3,228 3,420 6,365
Cost of sales (1,600) (1,656) (3,437)
Gross profit 1,628 1,764 2,928
Distribution
costs (104) (124) (221)
Administrative
expenses:
* recurring (1,467) (1,809) (3,679)
* non-recurring (28) - (1,313)
-------- -------- --------
Administrative
expenses (1,495) (1,809) (4,992)
Operating
profit/(loss):
* recurring 57 (169) (972)
* non-recurring (28) - (1,313)
--------------------------- -------- -------- -------- -------- -------- --------
Operating
profit/(loss) 29 (169) (2,285)
Finance costs (10) (12) (16)
--------------------------- -------- -------- -------- -------- -------- --------
Profit/(loss)
for the period
before tax 19 (181) (2,301)
Tax credit 45 110 (1,031)
--------------------------- -------- -------- -------- -------- -------- --------
Profit/(loss)
for the period 64 (71) (3,332)
--------------------------- -------- -------- -------- -------- -------- --------
Total comprehensive
income for
the period 64 (71) (3,332)
--------------------------- -------- -------- -------- -------- -------- --------
Earnings/(loss)
per share:
Basic 0.04p (0.05p) (2.26p)
Diluted 0.04p (0.05p) (2.26p)
--------------------------- -------- -------- -------- -------- -------- --------
All results are attributable to the owners of the parent.
There were no discontinuing operations for any of the above periods.
Condensed consolidated interim statement of financial position (balance sheet)
At At At
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ------------
Assets
Non-current
Property, plant and
equipment 334 378 397
Intangible assets 65 1,183 73
Deferred income tax
assets - 1,142 -
399 2,703 470
Current
Inventories 388 686 477
Trade and other receivables 1,296 1,535 852
Cash at bank and in
hand 45 353 122
------------------------------ ---------- ---------- ------------
1,729 2,574 1,451
------------------------------ ---------- ---------- ------------
Total assets 2,128 5,277 1,921
------------------------------ ---------- ---------- ------------
Equity
Equity attributable
to owners of
Symphony Environmental
Technologies plc
Share capital 1,499 1,499 1,499
Share premium account 3,533 3,533 3,533
Retained earnings (4,075) (878) (4,139)
------------------------------ ---------- ---------- ------------
Total equity 957 4,154 893
------------------------------ ---------- ---------- ------------
Liabilities
Non-current
Interest bearing loans
and borrowings 4 8 6
------------------------------ ---------- ---------- ------------
4 8 6
Current
Interest bearing loans
and borrowings 388 500 170
Trade and other payables 779 615 852
------------------------------ ---------- ---------- ------------
1,167 1,115 1,022
------------------------------ ---------- ---------- ------------
Total liabilities 1,171 1,123 1,028
------------------------------ ---------- ---------- ------------
Total equity and liabilities 2,128 5,277 1,921
------------------------------ ---------- ---------- ------------
Condensed consolidated interim statement of changes in equity
Equity attributable to the owners of Symphony Environmental Technologies plc:
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
----------------------- --------- --------- ---------- ----------
For the six
months to 30
June 2016
Balance at 1
January 2016 1,499 3,533 (4,139) 893
Total comprehensive
income for the
period - - 64 64
Balance at 30
June 2016 1,499 3,533 (4,075) 957
----------------------- --------- --------- ---------- ----------
For the six
months to 30
June 2015
Balance at 1
January 2015 1,446 3,077 (807) 3,716
Issue of share
capital 53 456 - 509
----------------------- --------- --------- ---------- ----------
Transactions
with owners 53 456 - 509
Total comprehensive
income for the
period - - (71) (71)
Balance at 30
June 2015 1,499 3,533 (878) 4,154
----------------------- --------- --------- ---------- ----------
For the year
to 31 December
2015
Balance at 1
January 2015 1,446 3,077 (807) 3,716
Issue of share
capital 53 456 - 509
Transactions
with owners 53 456 - 509
----------------------- --------- --------- ---------- ----------
Total comprehensive
income for the
year - - (3,332) (3,332)
Balance at 31
December 2015 1,499 3,533 (4,139) 893
----------------------- --------- --------- ---------- ----------
Condensed consolidated interim statement of cash flows
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------- ----------- ----------- -------------
Operating activities:
Results for the period
after tax 64 (71) (3,332)
Depreciation 44 44 101
Amortisation 8 15 29
Impairment of intangible
assets - - 1,279
Loss on disposal 18 14 14
Tax credit (45) (110) (111)
Impairment of deferred
tax asset - - 1,142
Interest expense 10 12 16
Change in inventories 89 (110) 99
Change in trade and
other receivables (444) (147) 584
Change in trade and
other payables (73) (138) 99
----------------------------- ----------- ----------- -------------
Cash consumed in operations (329) (491) (80)
Tax received 45 110 111
----------------------------- ----------- ----------- -------------
Net cash consumed in
operations (284) (381) 31
----------------------------- ----------- ----------- -------------
Investing activities:
Additions to property,
plant and equipment (4) (64) (141)
Proceeds from disposals
of property, plant
and equipment 5 - -
Additions of intangible
assets - (29) (212)
Cash generated/(consumed)
in investing activities 1 (93) (353)
----------------------------- ----------- ----------- -------------
Financing activities:
Repayment of loans - (650) (650)
Movement in working
capital facility 201 287 15
New finance leases - 12 12
Discharge of finance
lease liability (2) (3) (5)
Proceeds from share
issue - 509 509
Interest paid (10) (12) (16)
----------------------------- ----------- ----------- -------------
Cash generated/(consumed)
in financing activities 189 143 (135)
----------------------------- ----------- ----------- -------------
Net change in cash
and cash equivalents (94) (331) (457)
Cash and cash equivalents,
beginning of period 117 585 585
Exchange gain/(loss) - 37 (11)
Cash and cash equivalents,
end of period 23 291 117
----------------------------- ----------- ----------- -------------
Bank overdraft of GBP22,000 (30 June 2015:
GBP62,000) (31 December 2015: GBP5,000) is
included in cash and cash equivalents.
Notes to the interim financial statements
1 Nature of operations and general information
Symphony Environmental Technologies plc (the "Company") and subsidiaries' (together the "Group") principal activities include the development and supply of plastic additives and products, and the development of waste to value systems.
Symphony Environmental Technologies plc, a public limited company, is the Group's parent company. It is incorporated and domiciled in England. The address of its registered office is 6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, England. The Company's shares are listed on the AIM market of the London Stock Exchange and as a level 1 American Depositary Receipt.
These condensed interim consolidated financial statements ("interim financial statements" or "interim report") are for the six months ended 30 June 2016. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2015.
The financial information set out in this interim report does not constitute statutory accounts. The Group's statutory financial statements for the year ended 31 December 2015 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006. These interim condensed consolidated financial statements have not been audited.
These interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", and are presented in Sterling (GBP), which is the functional currency of the parent company. They have been prepared under the historical cost convention. They have also been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards that are adopted by the European Union, and the policies and measurements are consistent with those stated in the financial statements for the year ended 31 December 2015.
These interim financial statements were approved by the board on 27 September 2016.
2 Significant accounting policies
These interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2015. There have been no changes in the period.
3 Seasonal fluctuations
The Group operates in many countries and in many different markets. There are therefore no formal or considered seasonal fluctuations affecting the operations of the Group.
4 Segmental analysis
The chief operating decision maker of the Group is the Board of Directors and they currently review the business in two main segments, the supply of plastic additives, masterbatches and finished-products and the development of these products. The Group does not currently invest in the development of waste-to-value technologies.
Business segments Plastics Plastics Recycling Group
Sales R&D tech.
6 months to 30 GBP'000 GBP'000 GBP'000 GBP'000
June 2016
------------------- --------- --------- ---------- --------
Segment revenues 3,228 - - 3,228
Apportioned costs (2,897) (250) - (3,147)
-------------------- --------- --------- ---------- --------
EBITDA 331 (250) - 81
Depreciation
and amortisation (44) (8) - (52)
Interest (10) - - (10)
Taxation - 45 - 45
-------------------- --------- --------- ---------- --------
Profit/(loss)
for the period 277 (213) - 64
-------------------- --------- --------- ---------- --------
Business segments Plastics Plastics Recycling Group
Sales R&D tech.
6 months to GBP'000 GBP'000 GBP'000 GBP'000
30 June 2015
------------------- --------- --------- ---------- --------
Segment revenues 3,420 - - 3,420
Apportioned
costs (3,202) (313) (15) (3,530)
-------------------- --------- --------- ---------- --------
EBITDA 218 (313) (15) (110)
Depreciation
and amortisation (50) (9) - (59)
Interest (12) - - (12)
Taxation - 110 - 110
-------------------- --------- --------- ---------- --------
Profit/(loss)
for the period 156 (212) (15) (71)
-------------------- --------- --------- ---------- --------
Business segments Plastics Plastics Recycling Group
R&D tech.
12 months to GBP'000 GBP'000 GBP'000 GBP'000
31 December 2015
--------------------- --------- --------- ---------- --------
Segment revenues 6,365 - - 6,365
Apportioned costs (6,715) (521) (5) (7,241)
------------------------- --------- --------- ---------- --------
EBITDA (350) (521) (5) (876)
Depreciation
and amortisation (86) (44) - (130)
Impairment of
intangible assets - (1,234) (45) (1,279)
Interest (16) - - (16)
Taxation (1,142) 111 - (1,031)
------------------------- --------- --------- ---------- --------
Loss for the
year (1,594) (1,688) (50) (3,332)
------------------------- --------- --------- ---------- --------
Revenues stated are from external customers with no inter-segment revenues for the above periods.
There has been no change in total assets other than in the ordinary course of business.
5 Shares issued
Shares issued are summarised as follows:
6 months 6 months Year to
to to 31 December
Shares issued 30 June 30 June 2015
and fully paid 2016 2015
--------------------- -------------- -------------- --------------
- beginning of
period 149,939,377 144,569,377 144,569,377
- issued during
the period - 5,370,000 5,370,000
---------------------- -------------- -------------- --------------
Total equity shares
issued and fully
paid at end of
period 149,939,377 149,939,377 149,939,377
---------------------- -------------- -------------- --------------
6 Earnings per share and dividends
The calculation of earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of dilutive options and warrants which were exercisable during the period.
Reconciliations of the results and weighted average numbers of shares used in the calculations are set out below:
Basic and diluted 6 months 6 months Year to
to 30 to 30 31 December
June June 2015
2016 2015
------------------------------ --------------- -------------- ---------------
Profit/(loss) attributable GBP64,000 GBP(71,000) GBP(3,332,000)
to owners of the Company
Weighted average number
of ordinary shares in
issue 149,939,377 130,595,678 147,616,172
------------------------------- --------------- -------------- ---------------
Basic earnings/(loss) 0.04 (0.05) (2.26)
per share pence pence pence
------------------------------ --------------- -------------- ---------------
Dilutive effect of weighted 24,456,500 - -
average options and
warrants (*)
Total of weighted average
shares together with
dilutive effect of weighted
options and warrants 174,395,877 130,595,678 147,616,172
------------------------------- --------------- -------------- ---------------
Diluted earnings/(loss) 0.04 (0.05) (2.26)
per share pence pence pence
------------------------------- --------------- -------------- ---------------
No dividends were paid for the year ended 31 December 2015.
(*) The effect of options and warrants for both periods ending 31 December 2015 and 30 June 2015 are anti-dilutive.
7 Availability of Interim Financial Statements
Paper copies of the Interim Financial Statements will be sent to shareholders upon request. Shareholders will be able to download a copy of the Interim Financial Statements from the Group's website www.d2w.net. Further copies of the Interim Financial Statements will be available from the Company's Registered Office at 6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BUGDCCBDBGLR
(END) Dow Jones Newswires
September 28, 2016 02:00 ET (06:00 GMT)
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