viewSymphony Environmental Technologies PLC

Symphony Environmental ups marketing budget in expectation of increased orders in 2018

The AIM-listed plastics manufacturer reported in a trading update that revenues had increased 17% in the first four months of the year

Plastic recycling
Symphony has increased marketing expenditure for 2018 by around £375,000

Symphony Environmental Technologies plc (LON:SYM) has upped its marketing expenditure ahead of an expected increase in orders for 2018.

The AIM-listed plastics manufacturer reported in a trading update that revenues had increased 17% in the first four months of the year when compared to the same period a year ago.

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The group added that following the Ramadan period, orders for its technologies which include oxo-biodegradable plastic products, were expected to increase when compared to the prior year, particularly in Saudi Arabia and Pakistan.

Following a recent information campaign, enforcement actions and new importation restrictions by the Saudi Arabian government, Symphony said it expected volumes of its d2w range of oxo-biodegradable plastics to increase in the country after the Ramadan and Eid periods from July 2018.

Meanwhile, in Pakistan, a recent order of the supreme court in Sindh province resulted in sales nearly doubling in the last two months, with the company’s distributor expecting sales to continue increasing after Ramadan.

In light of various media, political and commercial opportunities, including reviews on single-use plastics in the UK and EU and policy action in the Middle East, the company said it had increased marketing expenditure for 2018 by around £375,000, with £225,000 of this expected in the first half of the year.

The group will also be wanting to raise the profile of its new range of d2p medical products, which contain an anti-microbial technology designed to actively protect against bacteria and other contaminants, in addition to its d2w oxo-biodegradable plastics range.

Quick facts: Symphony Environmental Technologies PLC

Price: 12.25 GBX

Market: AIM
Market Cap: £20.83 m

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