Symphony Environmental FY losses set to widen

Plastic technology group Symphony Environmental warned on Friday that full-year losses looked set to widen year-on-year as multiple issues weighed on revenues throughout the period.

Symphony Environmental said full-year losses were pegged to have widened to £2.5m from £1.4m, with group revenue expected to be approximately £6.5m, down from £9.2m a year earlier, following a "soft first half of the year".

The AIM-listed group stated results had been affected by short-term logistics and resource woes, temporary destocking issues, and a change to its glove strategy.

"Whilst the second half of the year has been stronger, the Middle East destocking issue has still not been resolved mainly due to delays in receiving the requisite government certifications for our partner's new factory in the UAE, which finally became fully operational in December. It is anticipated that this will be fully resolved during Q1 2023," said Symphony.

Looking ahead, Symphony remains confident it will achieve a £14.0m annualised run-rate revenues during the second half of 2023.

As of 0855 GMT, Symphony shares were down 8.78% at 9.35p.

Reporting by Iain Gilbert at Sharecast.com