Symphony Environmental Technologies hits wrong note
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AIM-listed plastic and rubber disposal specialist Symphony Environmental Technologies (LON:SYM) saw shares fall by 21.03% to 7.70p (as of 12:20 BST) after the company said that gross margins would be ca. 160 basis points lower than last year due to a shift in the product mix.
Management said that sales for the year ending 31st December would be around 6% higher than the prior twelve months, but warned that the level of orders in the firm’s key Middle Eastern markets is fluctuating on a monthly basis and are expected to be below expectations. The company says its market intelligence suggests that this will stabilise in the relatively near future as government enforcement actions are stepped up.
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