Symphony Environment - Trading and COVID-19 update
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain
("Symphony", the "Company" or the "Group")
Trading update and COVID 19 statement
Symphony's 25th Anniversary
The new trading year has started strongly, with revenues for the first quarter ended
In the Group's trading update on
As the impact of the COVID 19 pandemic is felt across the globe, the Group has taken, and continues to take all necessary measures to ensure that our workplace, people and customers are safeguarded and that we have protocols and technology in place for business continuity by remote working.
The Group had seen limited effects in some supply-chain areas which have to date been quickly overcome and not resulted in any raw material or manufacturing delays. Some customers have reported cashflow delays within their territories. Our trade receivables are, in the main, credit insured, and our credit insurer has granted an extension of reporting deadlines in order to assist.
Enquiries for our d2p (designed to protect) anti-microbial and other protective products (see www.d2p.net) are growing at a much faster pace and we expect to see increased sales as additional protection becomes an everyday necessity.
As reported on
The current situation due to COVID-19 is unprecedented and the overall economic impact is currently unknown. While the Board is encouraged by the resilience shown by the Group and its employees to date, the impact on FY-2020 cannot as yet be fully assessed. Accordingly, the Board believes it would be inappropriate to provide forward looking financial guidance to investors and analysts at this time.
The Board remains confident that the Group is in a strong financial position and is, with its suite of highly relevant technologies, well placed in the current environment.
We anticipate announcing our 2019 preliminary results by 30 April and we will update the market further at that time.
"This week marks the 25th anniversary of the formation of the
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NOTES TO EDITORS:
Symphony has developed a range of additives, concentrates and master-batches marketed under its d2p® ("designed to protect") trademark, which can be incorporated in a wide variety of plastic and non-plastic products so as to provide protection against many different types of microbes, and insects and rodents, and against fire. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. Symphony has also launched d2p anti-microbial household gloves and toothbrushes and is developing a range of other d2p finished products for retail sale. See www.d2p.net
Symphony has developed and continues to develop, a biodegradable plastic technology which helps tackle the problem of microplastics by turning 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 a similar way to a leaf. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries, most recently
The Group has complemented its d2w biodegradable product range with d2c "compostable resins and products" that have been tested to US and EU composting standards.
Symphony has also developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products. This is useful to government officials tasked with enforcing legislation, and Symphony's d2t tagging and tracer technology is available for further security.
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 nearly 100 countries and in many different product applications. Symphony itself is accredited to ISO9001 and ISO14001.
Symphony is a member of The OPA (www.biodeg.org) and actively participates in the Committee work of the
Further information on the Group can be found at www.symphonyenvironmental.com and twitter @SymphonyEnv See also Symphony on Instagram. A Symphony App is available for downloading to smartphones.
This information is provided by RNS, the news service of the
Quick facts: Symphony Environmental Technologies PLC
Market Cap: £19.98 m
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