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Symphony Environmental fields rise in enquiries about protective plastic products

By BFN News | 09:43 AM | Monday 06 April, 2020


Biodegradable plastics company Symphony Environmental Technologies said its first-quarter revenue jumped 56% and that it was seeing a rise in enquiries about its anti-microbial and other protective products due to Covid-19. Revenue in the three months through March had risen to £2.4m, up from £1.6m on-year. Symphony Environmental said it had seen 'limited' effects in supply-chain areas, which had to date been quickly overcome and not resulted in any raw material or manufacturing delays. Some customers, however, had reported cashflow delays within their territories. 'Enquiries for our d2p (designed to protect) anti-microbial and other protective products are growing at a much faster pace and we expect to see increased sales as additional protection becomes an everyday necessity,' the company said. Last month, it announced that it had initiated independent testing of its anti-microbial technology against members of the coronavirus group, with results expected before the end of June. 'We can advise, based on scientific literature and research, that the active ingredient used by Symphony does have good anti-viral properties, and the tests will ascertain performance within general plastic products with d2p included,' it added. 'Satisfactory test results would enable d2p treated products to be sold to a wider market, and we will test against COVID-19 itself as soon as independent laboratory capacity becomes available.' Still, Symphony Environmental said it was too difficult to assess the impact of Covid-19 on its business and that would be inappropriate to provide forward looking financial guidance at the current time. At 9:43am: (LON:SYM) Symphony Environmental Technologies PLC share price was +1p at 12p Story provided by StockMarketWire.com

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