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RNS Number : 0574O Symphony Environmental Tech. PLC 29 September 2023
29 September 2023
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Interim Results
Symphony Environmental Technologies Plc (AIM: SYM), the global specialist that
makes plastic products smarter, safer and sustainable, is pleased to announce
its interim financial results for the six-month period ended 30 June 2023
("H1-2023").
Financial highlights
· Group revenue increased to £3.6 million (H1-2022: £3.0 million)
· Gross profit margin increased to 42% contributing to increased
gross profit of £1.50 million (H1-2022: 36% and £1.08 million)
· Distribution costs reduced to 3% of revenues (H1-2022: 8%)
· Resultant contribution margin after distribution costs increased
10 percentage points from 29% of revenues to 39% of revenues with the
financial contribution up 62% to £1.4 million (H1-2022: £0.9 million)
· Operating loss before exceptional costs reduced by 57% to £0.6
million (H1-2022: £1.4 million)
· Exceptional legal costs of £169,000 (H1-2022: £nil)
· Net loss before tax £0.8 million (H1-2022: £1.4 million)
· £1.0 million convertible loan note agreement with Sea Pearl
Ventures LLC (March 2023)
Post period-end
· Yemen - enforces the regulation making the use of
oxo-biodegradable plastics mandatory
· India - Test report received from accredited laboratory and
application for certification of d2w biodegradable plastic is being submitted
Enquiries:
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207 5900
Ian Bristow, CFO
www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)
Zeus (Nominated Adviser and Broker)
David Foreman / Kieran Russell (Investment Banking) Tel: +44 (0) 161 831 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203 829 5000
Chairman's statement
This set of results shows an improved financial performance in all the main
indicators compared with H1-2022. The main drivers for increasing sales and
profitability are positive, with timing still expected to be in the near term.
As advised within my FY-2022 results statement, some key trials were extended
into H2-2023 and this still affects the timing of forecast revenue. In
addition, we need certain regulatory approvals for both d2w and d2p in key
markets, over which we have little control in terms of timescale. These are
all taking longer than expected with some moving into H1-2024 but I am pleased
to advise that they continue to progress positively.
For our d2w biodegradable plastic technology, we have over many years invested
substantial time and resource in several markets to ensure that law makers and
corporates understand the benefits of our type of biodegradable technology,
being a low cost, immediate and non-disruptive solution which upgrades
ordinary plastic products. It removes plastic litter and microplastics from
the environment. We are seeing positive results from this long-term initiative
as demonstrated by the announcement made earlier this week in Yemen, a
sizeable producer and user of plastic.
We have continued to invest in strengthening our IP portfolio with a large
range of d2p formulations which are being used and commercially trialled in
many different applications. Good progress is being made on these trials and
we expect that further news will be communicated in the near term.
Commercially, sales of our d2p Anti-insect ("AI") technology were consistent
during the period, while applying for regulatory approvals in new markets.
After the strong investment made over the last few years in products and
markets, we have been able to reduce costs while at the same time seeing
revenues and operating margins increase albeit that these remain below
historic levels, and that there is much to do to deliver revenue and profits
in the short to medium that justify the capital we have now invested.
Importantly, our opportunities remain significant, and whilst these have taken
considerably longer to convert than we had anticipated, a combination of more
progressive conversations, trials and other factors give the Board confidence
that these can and will be converted in the short to medium term.
The Company is also actively progressing its search for new non-executive
directors with at least one appointment expected to be made before the end of
the year.
Nicolas Clavel, Chairman
Chief Executive's review
I am pleased to report a positive turnaround in revenues and improved
operating margins for the Group compared to 2022.
We still need to see effective enforcement of positive biodegradable
legislation in some markets, and the completion of major trials and regulatory
consents in others. We have put our glove strategy on hold due to a mismatch
between technical feasibility and regulatory requirements.
The investments made over the years have enabled us to move forward on a lower
cost base. Opportunities remain strong and most of our sales effort is being
led by our distributor network around the world.
Financial
Revenue for the 6 months ended 30 June 2023 was £3.6 million (H1-2022: £3.0
million). The H1-2023 revenue performance improved primarily due to increased
d2w masterbatch revenues in the Middle East. d2p masterbatch revenues were
consistent with H1-2023 being primarily d2p AI.
Gross margins materially improved during the period (from 36% H1-2022 to 42%
H1-2023) due to reduced raw material costs and managed efficiencies in the
supply chain. The reduction in distribution costs was due to lower shipping
costs and efficiencies arising from the new Middle East production facility
(commissioned by Symphony's partners in the region), which commenced operation
at the end of H2-2022. The resultant contribution for H1-2023 after
distribution costs increased by 62% to £1.4 million (H1-2022: £0.9 million)
- see table below:
6 months to 6 months to 12 months to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
2,778 2,296 4,768
d2w masterbatch revenues
d2p masterbatch revenues 357 347 793
Other revenues including finished products 439 330 593
Total revenues 3,574 2,973 6,154
Gross profit 1,503 1,082 2,280
- Gross profit margin 42% 36% 37%
Distribution costs (114) (225) (408)
- Percentage of revenues 3% 8% 7%
Contribution after distribution costs 1,389 857 1,872
- Percentage of revenues 39% 29% 30%
Administrative expenses reduced 11% against the same period last year from
£2.2 million H1-2022 to £2.0 million H1-2023 and should be up to 25% lower
for the full year. The main savings are in staff and consultancy costs, with
much of the product and market investment completed.
The Group's share of Symphony India's joint venture loss for the period was
£15,000 (H1-2022: loss £23,000). The Group's 46.5% interest in the Indian
company is recognised as a joint venture investment in our financial
statements using the equity method.
The Group's operating loss before exceptional legal costs for the period was
£0.6 million, a 57% reduction compared to the loss in H1-2022 of £1.4
million.
Exceptional legal costs of £169,000 (H1-2022: £nil) were for the EU Court
hearing in March 2023 as detailed below in EU legal action.
The Group therefore reports a net loss before tax of £0.8 million (H1-2022:
£1.4 million).
An R&D tax credit of £98,000 was received during the period (H1-2022:
£119,000). The Group reports a loss after tax of £0.8 million (H1-2022:
£1.3 million).
The loss per share for the period was 0.41 pence (H1-2022: 0.73 pence).
d2p "designed-to-protect"
Sales of d2p AI were consistent with H1-2022, with growth held back by
regulatory clearances for two new major markets. We anticipate completing the
approval processes during H1-2024.
Sales of d2p AM for bread applications are growing slowly, with the technology
currently being used in specialised brands in Mexico and Peru. We expect these
markets to steadily expand in the coming months into more mainstream brands,
as well as into other parts of Latin America as well as in India. In these new
markets we are seeing positive performance and customer satisfaction with
current positive trials which supports our view of the value proposition for
using d2p technology in all plastic bread packaging.
Our d2p vapour corrosion inhibitor ("VCI") technology recently passed the
highest level of an EU test standard. Having proven the performance, the sales
process has recently started in India and we will expand this to our other
main markets over the coming months.
We continue with a number of other projects within the d2p pipeline including
the technologies mentioned above as well as for flame-retardant, and ethylene
and odour adsorbant technologies.
d2w biodegradable technology
Manufacturing at the Ecobatch Plastic Factory in the UAE is on track,
resulting in improved sales and supply efficiencies, as well as improved Group
cashflow and operating margins.
As announced earlier this week, Yemen is the most recent country to enforce
mandatory oxo-biodegradable plastic technology and sales have already started,
albeit small.
We are expecting positive regulatory moves in some of our Latin American and
Caribbean markets in the coming months.
There are a number of opportunities in addition to regulatory applications. We
announced in March Better Earth's agreement with TricorBraun, a global
packaging company, for biodegradable nutritional-supplement bottles where
revenues started during the period. We anticipate significant growth later
this year and into 2024.
Symphony India
Symphony India is a joint venture company established in 2022 between Symphony
UK and Indorama India Pvt. Limited, a wholly owned subsidiary of Indorama
Corporation. Symphony India is owned 46.5% by Symphony UK, 46.5% by Indorama
and 7% by Mr. Arjun Aggarwal, an Indian citizen, who is its Managing Director.
As reported in September 2022, the Indian Plastic Waste Management Rules 2016
(as amended on 6.7.2022) permit government-approved biodegradable plastic
products to be exempted from restrictions that would ban most plastic film
products unless they are above 50-microns thickness, and 120 microns for
carrier bags, (which generally means an increase in cost by more than two to
three times). Producers and brand owners using certified biodegradable plastic
materials would be exempt from this obligation.
Symphony has recently received an interim test report from an accredited
laboratory in India, as required by Indian Standard 17899T-2022, on a sample
of polyethylene film made with its d2w masterbatch. An application is
therefore being made for a Certificate that products made with this type of
film are biodegradable, and therefore exempt from the minimum-thickness
requirements of the Plastic Waste Management Rules. This application is not
expected to be a long process, but until the certificate is issued d2w sales
for biodegradable plastic packaging are limited. Sales of other Symphony
products in India are progressing to a positive commercial conclusion.
EU legal action
As previously advised, the case brought by Symphony against the Commission,
Parliament, and Council of the European Union was heard on 20 March 2023
before five judges of the General Court of the EU in Luxembourg. Symphony's
case is that part of Art. 5 of the Single-use plastics Directive 2019/904 is
unlawful, and is claiming for losses and reputational damage.
Symphony was represented by Josh Holmes KC and Jack Williams, Barristers from
Monckton Chambers, leading specialists in EU law.
We do not accept that Article 5 applies to Symphony's technology, but the
confusion caused worldwide by the wording of the legislation is delaying the
adoption of the technology.
We are waiting a written judgment, which the Company's legal advisers
estimated could be delivered 12 to 15 months after the hearing, and without
prior notice.
Balance sheet and cashflow
The Group had net borrowings of £0.6 million at the end of the period (30
June 2022: net borrowings of £0.7 million). Net cash of £0.5 million was
used in operations (H1-2022: net cash used in operations £0.8 million).
With the new manufacturing facility in the Middle East, the working capital
cycle was positive for stock and receivables, both showing cash generation
during the period of £0.21 million and £0.17 million respectively. Payables
were low at the end of the period accounting for £0.26 million of cash
utilised. We anticipate continued positive cash generation from stock and
receivables movements, as well as less cash expended on payables during the
second half of this year.
The Group has an invoice-discounting facility of £1.5 million to assist in
funding outstanding receivables. Also, on 13 March 2023 the Group secured a
£1.0 million convertible loan from Sea Pearl on the following terms:
· Loan principal: £1 million (unsecured)
· If not repaid before expiration, conversion at 1 year and 30 days
(no earlier)
· Conversion price: 80% of the volume-weighted average share price
for the 3 months prior to conversion at 1 year and 30 days
· Interest: 7% per annum, payable as accrued on repayment and/or
conversion
· Symphony is entitled to repay the loan in full or in part at its
discretion.at any time before conversion.
With the improving trading performance and use of working capital, the Board
believes that the Group has sufficient working capital to support the business
and its current opportunities going forward.
Outlook
As indicated earlier in this report we are advancing well with some of the
macro drivers, such as seeing positive developments with the adoption of our
type of d2w biodegradable plastic technology in Saudi Arabia, The UAE, Jordan,
Bahrain and parts of Latin America and the Caribbean - with Yemen now added
this month.
Our d2p AM formulations for food, including bread, insecticidal, VCI and
flame-retardant technologies are all expected to advance commercially in the
near term.
Revenue generation has been delayed while waiting for the completion of d2p
trials and d2w regulatory approvals in markets where we anticipate significant
revenue growth, but the outlook continues to be positive, and we look forward
with confidence to delivering sustainable and increasing profitability.
Michael Laurier, Chief Executive
Condensed consolidated interim statement of comprehensive income
6 months to 6 months to 12 months to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue 3,574 2,973 6,154
(2,071) (1,891) (3,874)
Cost of sales
Gross profit 1,503 1,082 2,280
Distribution costs (114) (225) (408)
Administrative expenses (1,985) (2,228) (4,802)
Operating loss (596) (1,371) (2,930)
Exceptional legal costs (169) - -
Finance costs (83) (28) (77)
Share of results of joint ventures (15) (22) -
Loss for the period before tax (863) (1,421) (3,007)
Tax credit 98 119 120
Loss for the period (765) (1,302) (2,887)
Total comprehensive income for the period (765) (1,302) (2,887)
Earnings per share:
Basic (0.41)p (0.73)p (0.81)p
Diluted (0.41)p (0.73)p (0.81)p
All results are attributable to the owners of the parent.
There were no discontinuing operations for any of the above periods.
Condensed consolidated interim statement of financial position
At At At
30 June 30 June 31 December
2023 2022 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
ASSETS
Non-current
Property, plant and equipment 172 158 138
Right-of-use assets 296 459 379
Intangible assets 573 263 439
Interest in joint ventures 86 43 101
Investments 130 123 130
1,257 1,046 1,187
Current
Inventories 966 1,422 1,175
Trade and other receivables 2,175 2,648 2,349
Cash and cash equivalents 1,162 505 1,152
4,303 4,575 4,676
Total assets 5,560 5,621 5,863
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of
Symphony Environmental Technologies plc
Share capital 1,848 1,793 1,848
Share premium account 4,854 3,910 4,854
Retained earnings (5,741) (3,503) (4,999)
Total equity 961 2,200 1,703
Liabilities
Non-current
Lease liabilities 98 296 181
Current
Borrowings 1,773 1,210 1,991
Convertible loan 1,000 - -
Lease liabilities 165 125 167
Trade and other payables 1,563 1,790 1,821
4,501 3,125 3,979
Total liabilities 4,599 3,421 4,160
Total equity and liabilities 5,560 5,621 5,863
Condensed consolidated interim statement of changes in equity
Equity attributable to the owners of Symphony Environmental Technologies plc:
Share Share premium Retained earnings Total
capital equity
£'000 £'000 £'000 £'000
For the six months to 30 June 2023
Balance at 1 January 2023 1,848 4,854 (4,999) 1,703
Share-based payments - - 23 23
Transactions with owners - - 23 23
Total comprehensive income for the period - - (765) (765)
Balance at 30 June 2023 1,848 4,854 (5,741) 961
Share Share premium Retained earnings Total
capital equity
£'000 £'000 £'000 £'000
For the six months to 30 June 2022
Balance at 1 January 2022 1,793 3,910 (2,231) 3,472
Share-based payments - - 30 30
Transactions with owners - - 30 30
Total comprehensive income for the period - - (1,302) (1,302)
Balance at 30 June 2022 1,793 3,910 (3,503) 2,200
Share Share premium Retained earnings Total
capital equity
£'000 £'000 £'000 £'000
For the year to 31 December 2022
Balance at 1 January 2022 1,793 3,910 (2,231) 3,472
Issue of share capital 55 944 - 999
Share-based payments - - 119 119
Transactions with owners 55 944 119 1,118
Total comprehensive income for the period - - (2,887) (2.887)
Balance at 31 December 2021 1,848 4,854 (4,999) 1,703
Condensed consolidated interim cash flow statement
6 months to 6 months to 12 months to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities:
Loss for the period after tax (780) (1,302) (2,887)
Depreciation 106 114 229
Amortisation 9 15 114
Share-based payments 23 30 119
Loss on disposal of fixed assets 2 - 14
Foreign exchange (profit)/loss - (2) -
Share of loss of joint venture 30 23 -
Tax credit (98) (119) (120)
Interest paid 83 28 77
Change in inventories 209 (106) 141
Change in trade and other receivables 174 494 797
Change in trade and other payables (258) 2 30
Net cash used in operations (500) (823) (1,586)
Tax received 98 119 120
Net cash used in operating activities (402) (704) (1,466)
Investing activities:
Additions to property, plant and equipment (59) (13) (18)
Additions to right of use assets - - (22)
Additions to intangible assets (142) (17) (194)
Purchase of joint venture - (65) (101)
Additions to investments - - (7)
Net cash used in investing activities (201) (95) (342)
Financing activities:
Movement in finance lease liability (91) (83) 857
Proceeds from share issue - - 999
Proceeds from convertible loan 1,000 - -
Repayment of lease liability (86) (179)
New lease - 22
Lease interest paid (8) (10) (22)
Bank and invoice finance interest paid (75) (17) (55)
Net cash generated/(used) in financing activities 740 (110) 1,622
Net change in cash and cash equivalents 137 (909) (186)
Cash and cash equivalents, beginning of period 18 204 204
Cash and cash equivalents, end of period 155 (705) 18
Represented by:
Cash and cash equivalents 1,162 505 1,152
Bank overdraft (1,007) (1,210) (1,134)
155 (705) 18
Notes to the interim financial statements
1 Nature of operations and general information
Principal activities of Symphony Environmental Technologies plc (the
"Company") and subsidiaries' (together the "Group") include the development
and supply of environmental plastic masterbatches and other innovative
products.
Symphony Environmental Technologies plc, a public limited company, is the
Group's ultimate parent company. It is incorporated and domiciled in England
(company number 03676824). The address of its registered office is 6 Elstree
Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, England. The Company's
shares are listed on the AIM market of the London Stock Exchange.
These condensed interim consolidated financial statements ("interim financial
statements" or "interim report") are for the six months ended 30 June 2023.
They do not include all the information required for full annual financial
statements and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2022.
The financial information set out in this interim report does not constitute
statutory accounts. The Group's statutory financial statements for the year
ended 31 December 2022 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.
These interim condensed consolidated financial statements have not been
audited.
These interim financial statements have been prepared in accordance with the
requirements of International Accounting Standard ("IAS") 34 "Interim
Financial Reporting", and are presented in Pounds Sterling (£), which is the
functional currency of the parent company. They have been prepared under the
historical cost convention. They have also been prepared on the basis of the
recognition and measurement requirements of International Standards as adopted
by the UK, and the policies and measurements are consistent with those stated
in the financial statements for the year ended 31 December 2022.
These interim financial statements were approved by the board on 28 September
2022.
2 Significant accounting policies
These interim financial statements have been prepared in accordance with the
accounting policies adopted in the last annual financial statements for the
year ended 31 December 2022
3 Seasonal fluctuations
The Group operates in many countries and in many different markets. There are
therefore no formal or considered seasonal fluctuations affecting the
operations of the Group.
4 Segmental analysis
The Board considers that the Group does not have separate operating segments
as defined under IFRS 8.
5 Shares issued
Shares issued are summarised as follows:
6 months to 6 months to Year to
30 June 30 June 31 December 2022
Shares issued and fully paid 2023 2022
- beginning of period 184,806,833 179,251,277 179,251,277
- issued during the period - - 5,555,556
Total equity shares issued and fully paid at end of period
184,806,833 179,251,277 184,806,833
6 Earnings per share and dividends
The calculation of earnings per share is based on the result attributable to
ordinary shareholders divided by the weighted average number of shares in
issue during the period.
The calculation of diluted earnings per share is based on the basic earnings
per share, adjusted to allow for the issue of shares on the assumed conversion
of dilutive options and warrants which were exercisable during the period.
Reconciliations of the results and weighted average numbers of shares used in
the calculations are set out below:
Basic and diluted 6 months to 6 months to Year to
30 June 30 June 31 December 2022
2023 2022
Loss attributable to owners of the Company £(765,000) £(1,302,000) £(2,887,000)
Weighted average number of ordinary shares in issue
184,806,833 172,851,825 175,226,254
Basic earnings per share (0.41) pence (0.73) pence (1.65) pence
Dilutive effect of weighted average options and warrants 4,323,621 4,671,785 7,498,557
Total of weighted average shares together with dilutive effect of weighted 184,806,833 172,851,825 175,226,254
options and warrants - see below
Diluted earnings per share (0.41) pence (0.73) pence (1.65) pence
No dividends were paid for the year ended 31 December 2022.
The Group has been loss-making in all periods presented. The effect of options
and warrants for the six months to 30 June 2023 and 30 June 2022, and year to
31 December 2022 are therefore anti-dilutive. Accordingly, the dilutive
effect of share options and warrants has not been taken into account of
diluted earnings per share, since this would decrease the loss per share for
each of the period reported.
7 Availability of Interim Financial Statements
Paper copies of the Interim Financial Statements will be sent to shareholders
upon request. Shareholders will be able to download a copy of the Interim
Financial Statements from the Group's website www.symphonyenvironmental.com
(http://www.symphonyenvironmental.com) . Further copies of the Interim
Financial Statements will be available from the Company's Registered Office at
6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com (http://www.symphonyenvironmental.com/)
Symphony has developed a range of additives, concentrates and master-batches
marketed under its d(2)p® ("designed to protect") trademark, which can be
incorporated in a wide variety of plastic and non-plastic products so as to
provide protection against many different types of bacteria, viruses, fungi,
algae, moulds, and insects, and against fire. d(2)p products also include
odour, moisture and ethylene adsorbers as well as other types of
food-preserving technologies. For an overview see www.d2p.net
(http://www.d2p.net) Symphony has launched d(2)p anti-microbial household
gloves and toothbrushes and "Symfresh" food-packaging and is developing a
range of other d(2)p finished-products for retail sale.
Symphony has also developed a biodegradable plastic technology which addresses
the problem of persistent microplastics, by turning ordinary plastic at the
end of its service-life into a waxy substance which is biodegradable. It is
then no longer a plastic and can be bioassimilated in the open environment in
a similar way to a leaf without leaving microplastics behind. The technology
is branded d(2)w® and appears as a droplet logo on many thousands of tonnes
of plastic packaging and other plastic products around the world, much of
which has been recycled. In some countries, most recently Yemen,
oxo-biodegradable plastic is mandatory for short-life plastic products.
d(2)w technology was studied for three years in the Oxomar project, sponsored
by the French government, which concluded that plastic made with Symphony's
d(2)w oxo-biodegradable technology will biodegrade in seawater significantly
more efficiently than conventional plastic. See
https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/
(https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/)
Following this report, the scientists allowed bacteria commonly found in the
open environment access to d(2)w oxo-biodegradable plastic containing Carbon
13. They found Carbon 13 in the carbon dioxide exhaled by the bacteria,
proving beyond doubt that the plastic had been bioassimilated by the bacteria.
Symphony has complemented its d(2)w and d(2)p product ranges with d(2)c
"compostable resins and products" that have been tested to US and EU
composting standards and has invested in Eranova - a French company extracting
starch for making plastics out of algae.
Symphony has also developed the d(2)Detector®, a portable device which
analyses plastics and detects counterfeit products. This is useful for
government officials tasked with enforcing legislation, and Symphony's d(2)t
tagging and tracer technology is available for further security.
Symphony has a diverse and growing customer-base and has established itself as
an international business with over 70 distributors around the world. Products
made with Symphony's plastic technologies are now available in nearly 100
countries and in many different product applications. Symphony itself is
accredited to ISO9001 and ISO14001.
Symphony is a founder-member of The BPA (www.biodeg.org) and actively
participates in the Committee work of the British Standards Institute (BSI),
the American Standards Organisation (ASTM), the European Standards
Organisation (CEN), and the International Standards Organisation (ISO).
Further information on the Group can be found at www.symphonyenvironmental.com
and twitter @SymphonyEnv See also Symphony on Instagram. A Symphony App is
available for downloading to smartphones.
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