reports
- Robin Byde
Symphony Environmental (SYM LN) - Solid H1, outlook more positive
Symphony has reported solid H1 earnings with gross profit up and losses reduced. Momentum continued throughout the period, with a notably strong Q2 performance. The balance sheet is also in better shape helped by a recent successful £1.3m equity fundraising. Improved performance was driven primarily by recovery in demand for the d2w (biodegradable) product, and tight control of costs. The outlook is cautious but positive with a growing pipeline for both d2w and d2p (protective technology) produc...
- Andy Hanson
- Carl Smith
- Robin Byde
Industrials Round-up - 08 July 2024
The UK industrial sector continues to strengthen with June output and order books increasing for a second consecutive month, albeit at a slightly slower pace than in May. We think it is too soon to declare conclusively a turnaround, but recent industrial and economic data have been reassuring, as inflation returned to the BoE’s 2% target and sentiment remained positive.
- Andy Hanson
- Carl Smith
- Robin Byde
Zeus Industrials Round-Up - 11 June 2024
As we approach the end of H1, recent industrial and economic indicators display an encouraging picture, cautiously supporting optimism for the latter half of 2024. UK manufacturing returned to growth in May, with many countries recording higher PMI readings. Inflation data across the globe was also encouraging, prompting the Bank of Canada and ECB to cut interest rates last week. UK GDP growth for Q1 was also positive and overall business confidence appears to have improved.
- Robin Byde
- Robin Byde
Symphony Environmental (SYM LN) - Solid H1, commercialisation progress...
Trading was positive with revenue up 20% to £3.6m. Gross profit increased 38% to £1.5m with the margin at 42% from 36% in H122a. The adjusted operating loss reduced by 57% to £0.6m. H1 performance was in-line with our expectations. The improved revenue performance was mainly due to increased d2w masterbatch revenue in the Middle East. Gross margin and losses were helped by lower raw material costs and managed efficiencies in the supply chain. Pleasingly, the reduction in distribution costs (3% o...
- Sacha Morris
Hybridan Small Cap Feast 01-08-2023
Joiners: No joiners today. Leavers: Cineworld Group (CINE.L) has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a me...
- Robin Byde
Hybridan Small Cap Feast - 29 Jun 23
29th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Emily Liu
Hybridan Research plc: 30-05-2023: Symphony Environmental Technologies...
Aiming to deliver stronger result in H1-2023 Symphony Environmental Technologies today announced its audited results for the year ended 31 December 2022. Revenue for FY-22 was £6.15m (FY21: £9.16m). Operating losses were £2.93m (FY21: £1.48m losses). Net borrowings (excluding lease liabilities) were £0.84m (FY21: net cash £0.20m). In March 2023, Symphony raised £1m by issuing unsecured convertible loan notes at a coupon rate of 7% to Sea Pearl Ventures (17.4% shareholder). Outlook: Managem...
- Robin Byde
Hybridan Small Cap Feast - 21 Mar 23
21 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
Hybridan Small Cap Feast - 14 Mar 23
14 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
Hybridan Small Cap Feast - 09 Mar 23
9 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
- Robin Byde
Symphony Environmental (SYM LN) - Growing pipeline but rapid product r...
Symphony has made excellent progress with operations, product development and customer sign-ups in the past 12 months. But the trading update in December highlighted the difficulty in judging the phasing of revenue and profitability against the backdrop of global supply chain disruption and rapid ramp-up in supply of products to customers. The outlook for SYM is positive in our view but we suspend our estimates and valuation until we have better visibility on the timing of revenue generation and...
- Robin Byde
Symphony Environmental (SYM LN) - A solid platform for secular growth
SYM has made significant commercial progress in recent months, announcing two major orders for the d2p product, and a ground-breaking JV in India for d2w. Headline H1 numbers have already been flagged in a pre-close update. Revenue for the period was £3m against £4.9m in H121a – down due to previously reported logistics, resourcing and other issues which have now been resolved. Management has indicated that the near-term annualised revenue run-rate is now over £14m, with probably £40m of pipelin...
- Robin Byde
- Robin Byde
Symphony Environmental (SYM LN) - Good commercial progress, placing ra...
SYM has made significant commercial progress in recent months, announcing two major orders for the d2p product. That said, as reported today in a pre-close update, H1 revenue was £3m against £4.9m in H121a. Revenue was hit by short-term logistics disruption, reduced glove sales and some deliberate slowing of d2w order intake to accommodate a switch to local manufacturing in the key Middle East market. These issues are now largely resolved and with a strong pipeline, particularly for d2p product,...
- Robin Byde
Symphony Environmental (SYM LN) - Supply agreement with major customer
SYM has announced an exclusive supply agreement for its d2p (designed-to-protect) antimicrobial technology with a major customer. Grupo Bimbo (NASDAQ: BIMBOA) is one of the largest bread manufacturers globally. The company has conducted extensive trials of d2p for its plastic bread packaging, with the aim of extending the life of products, improving hygiene, and reducing waste. The company has asked SYM to supply d2p for its nominated bread packaging manufacturers across the American continent f...
- Robin Byde
Symphony Environmental (SYM LN) - Solid progress despite challenges
SYM has issued full year results, these were about in-line with our expectations. Raw materials and shipping costs were higher, and working capital was squeezed with increased inventories; this should unwind as customer demand improves through 2022e. In contrast to the short-term challenges, good strategic and commercial progress was made with d2p and d2w products, and with new strategic partners in China and India. Investment has continued in the sales team, and a new Head of Innovation was hir...
- Robin Byde
Symphony Environmental (SYM LN) - Strategic and commercial progress
SYM has provided a pre-close update for the full year. Results missed our estimates mainly due to one-off factors outside of the Group’s control. Hence, sales were c.£2.2m lower than we predicted. Consequently, the Group will report a small operating loss (c.£800k) vs. our previously estimated £170k profit. SYM expect to book c.£1.8m of delayed 2021a sales in 2022e. In contrast to short-term challenges, good strategic and commercial progress was made with both d2p and d2w products, and with new ...
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