Shares of Symphony Environmental Technologies plc (LON: SYM) climbed 6.6% after the company reported higher revenues for the year ended 31 December 2020 across all product categories.
The company generated total revenues of £9.8 million, a 19% increase to 2019’s £8.2 million in gross sales. Its finished products segment recorded the biggest rise by booking sales worth £1.8 million, a 200% jump to the £0.6 million recorded in 2019.
Symphony’s d2p antibacterial technology recorded an 88% surge in the value of masterbatch orders to £0.5 million driven by the US Food & Drug Administration (FDA) approving its use for bread packaging purposes.
The company noted that revenues worth £0.7 million were not recognised during the accounting period due to a delay in shipping scheduled in the Far East.
The higher revenues from finished products were generated mostly from PPE gloves sales after the company decided to focus on such products due to the high demand created by the coronavirus global pandemic.
Symphony’s reported that its salary costs rose during the period as the company hired more sales staff to market its products.
However, the company is set to report an operating loss of £0.4 million for 2020, which is much less than the £0.6 million recorded in 2019. The company is looking to expand its presence within Latin America, which accounted for most of its sales by hiring more specialists.
Symphony shares had given up all their gains at the time of writing and were trading 0.4% lower.
Symphony Environmental share price.
Symphony Environmental shares surged 6.64% to trade at 19.5p having risen from a low of 18.3p.
