Symphony Environmental confirms profit turnaround, launches new gloves

As well as launching its antimicrobial household gloves, Symphony Environmental Technologies said it had made more revenues and profits last year than was forecast.

For the calendar year AIM-listed Symphony said it generated unaudited revenues of £6.8m, up almost 7% on the prior year and exceeding market expectations.

The company, which has developed a method to make plastic biodegradable and range of additives that can be added to plastics to protect against bacteria, mould and fire, said the increase in turnover and its recent cost-cutting meant profit before tax was likely to be "slightly ahead of market expectations and a considerable improvement on the 2015 loss before tax of £2.30m".

Also, the company said the global launch of its antimicrobial household gloves had coincided with a first UK listing, in Wilko stores under the 'Protector Health & Hygiene' brand.

The gloves were made using Symphony's d2p antimicrobial technology that has been proven to kill bacteria, fungi, moulds, algae and yeasts.

The first deliveries for Protector Health & Hygiene gloves have already been made to the Wilko central distribution centre, and supply to their network of stores is ongoing throughout the UK.

"As with most retail listings of new products, initial volumes are expected to be small with future revenues dependant on consumer take-up," the company said.