Trading Statement

RNS Number : 9064G

Symphony Environmental Tech. PLC

25 November 2015

 

	25 November 2015

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

("Symphony", the "Company" or the "Group")

Trading Update

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 a trading update in respect of the year to date.

The Group's interim results for the six months ended 30 June 2015 provided revenues marginally higher than the comparable prior period and this trend remains true to date with the Board comfortable that full year revenues will be broadly in line with market expectations.

However, the Board had made the conscious decision to spend approximately £0.3 million of previously non-budgeted expenditure in respect of marketing, particularly in relation to d2w to increase awareness together with increased professional fees for third party product development costs.  Accordingly, full year losses will likely be higher, by a corresponding amount, than current market expectations.

To avoid any future working capital constraints impeding the business, the Board is reviewing the overheads of the Group to take out any non-critical costs, ideally up to £0.5 million per annum on an ongoing basis.

Michael Laurier, CEO of the Company, stated:

"The Board firmly believe this additional marketing and development expenditure will benefit the business in the longer term and it is in the interests of stakeholders that these costs were incurred.  However, in recognition of the financial position of the business, it is right that we should look to take out any non-critical costs to maintain the working capital position and prospects of the business going forward and I'm confident, with the proposed cost reduction programme being put in place, that we can achieve this with minimal disruption."

-ENDS-

Contacts

Symphony Environmental Technologies Plc
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, FD
Cantor Fitzgerald Europe
David Foreman / Michael Reynolds (Corporate Finance)	Tel: [phone]
David Banks / Tessa Sillars (Corporate Broking)
Blytheweigh
Wendy Haowei Fergus Lane	Tel: [phone]

 

END

 

 

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