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The price of shares in AIM-listed Symphony Environmental Technologies (LON:SYM) jumped 18.26% to 6.80p (as of 14:00 GMT) after revenues for the year ended 31st December rose by 6.5%. Reported pre-tax profits fell by roughly 90% due to increased R&D, marketing and legal costs, but management said they had high expectations for the coming year.
Chief executive Michael Laurier commented: “This is a pleasing set of results as it demonstrates positive momentum on many different fronts. Our d2w technologies have been designed to help eliminate the harmful effects of plastic pollution in the oceans and on land. Quite differently, and for other markets, our d2p “designed-to-protect” technologies adds special benefits to ordinary plastic and rubber products such as anti-microbial, insecticidal and flame retardant etc., and we are encouraged by the growth of our d2p “designed-to-protect” technologies in a number of different applications.
We believe the Group is reaching a pivotal point in its development. In particular, our Middle East market is increasing the number of products which must be made with our d2w type of oxo-biodegradable plastic technology, whilst at the same time substantially improving their enforcement process“.