StockMarketWire.com - Biodegradable plastics company Symphony Environmental Technologies has announced group revenue rose 17% to £4.8m in the first half of 2020 but said that severe COVID lockdowns experienced by some of its distributors had delayed growth during the last three months.

The company reported that based on unaudited draft management information, it has returned to profitability, generating positive EBITDA during the first half which was driven by the increase in revenue.

In a trading update for the six months to 30 June 2020, Symphony Environmental said its cash position at the end of the period 'remained healthy', with approximately £1.3m available in cash and existing bank facilities.

The group confirmed that since the US Food and Drug Administration approved one of its d2p technologies for use in bread packaging in February, it has been working on evaluation trials with customers as well as independently, with the results expected over the coming months.

The company also reported it had received new orders in excess of £950,000 for PPE finished products for delivery in the second half of this year into its export markets, including the previously announced £500,000 of orders received in May.

In its update, Symphony Environmental said it was 'pleased to see growing orders, and indications of a much stronger order book going forward'.


At 9:34am: [LON:SYM] Symphony Environmental Technologies PLC share price was +0.75p at 12.5p



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