LONDON (ShareCast) - (Sharecast News) - Smart plastics specialist Symphony Environmental Technologies provided shareholders with a positive trading and operations update on Monday.
Symphony revealed that group revenues had grown 11% to £4.1m across the six months to 30 June as revenues from its d2w oxo-biodegradable technologies had remained stable at £3.6m.

However, Symphony noted that had it not been for US dollar depreciation throughout the half, d2w revenues on a constant currency basis would have been approximately 11% higher.

Ramadan and Eid also "significantly reduced" June sales from Symphony's main Middle East market with orders being deferred to July.

Symphony ended the half with a healthy balance sheet of £600,000 in net cash, a marked turn around from the net debt of £600,000 reported at 30 June 2017.

The AIM-listed group said the second half of the year has "started well" and its board remained confident Symphony will meet its full-year market expectations.

Looking forward, chief executive Michael Laurier, said, "The board is of the view that this is a pivotal period, with growing demand for our suite of technologies."

"We expect to sell record volumes of both our d2w and d2p products this year and look forward to the second half of the year with optimism," added Laurier.

As of 1240 BST, Symphony shares had dipped 1.69% to 14.50p.

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