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Symphony Environmental 'optimistic' on trading, ups marketing budget
Smart plastics producer Symphony Environmental Technologies has poured a whole lot more cash into its marketing budget ahead of an expected increase in orders this year.
In a trading update covering the four months leading to 30 April, Symphony revealed that revenues had grown 17% year-on-year to £2.67m and with the group keen to capitalise on the growth, it has opted to increase its marketing expenditure by approximately £375,000.
Symphony's management said it was "optimistic" that post-Ramadan, a further increase in orders of its d2w oxo-biodegradable plastic products, and its growing range of d2p options, would be placed, particularly in Saudi Arabia and Pakistan, compared with the prior year
During the first four months of the year, Symphony signed a memorandum of understanding to acquire its French distributor, which supplies d2w additives into French-speaking markets, stating the potential transaction would be earnings enhancing and financed from existing resources.
Symphony noted that as the acquisition remained subject to satisfactory completion of due diligence, there was "no guarantee" as to the timing of the acquisition or indeed, whether the acquisition would even take place.
Nirj Deva, Symphony's chairman, said, "I am very pleased to report that the year has started well on two fronts, financial, with revenues 17% up on the previous year, and the commercial environment, which is showing significantly more demand, interest and opportunities than ever before."
As of 1200 BST, Symphony shares had tumbled 16% to 28.35p.