30 sep 25   symphony environment - interim results for 6 months ended 30 june 2025 symphony environmental technologies plc | sym | 7.0 0 0.0% | mkt cap: 16.5m    rns number : 2745b symphony environmental tech. plc 30 september 2025                   30 september 2025 symphony environmental technologies plc ("symphony", the "company" or the "group")   interim results   symphony environmental technologies plc (aim: sym), the global specialist that makes plastic products smarter, safer and sustainable, is pleased to announce its interim financial results for the six-month period ended 30 june 2025 ("h1-2025" or the "period").   financial highlights    ·      group revenue of £2.93 million (h1-2024: £3.44 million) ·      gross margin increased to 51% (h1-2024: 46%) ·      gross profit £1.50 million (h1-2024: £1.57 million) ·      operating loss £0.37 million (h1-2024: £0.42 million) ·      equity subscription raising £2.25 million at 20p per ordinary share   non-financial highlights   ·      study shows d2w significantly reduces and in effect eliminates microplastics ·      jalisco state in mexico legislation permits d2w type oxo-biodegradable technology ·      brazilian, canadian, mexican and usa scientific endorsements of  "no microplastics" position paper on d2w https://www.biodeg.org/subjects-of-interest/microplastics/ ·      new d2p ai natural insecticide technology trials nearing completion and showing good efficacy ·      nbr (natural biodegradable resin) sales commence with orders in canada, the uae and saudi arabia   since period end   ·      irish epa issues apology over lack of legal authority to approve or reject d2w in the irish market ·      patent application filed for agricultural film incorporating d2w, nbr and d2p technologies ·      sales growth for d2p fragrance ·      initial semi-commercial sale of d2p flame retardant ahead of final certification - expected in october ·      nbr trials underway in canada, peru and the uae     enquiries: symphony environmental technologies plc  michael laurier, ceo tel: +44 (0) 20 8207 5900 ian bristow, cfo  www.symphonyenvironmental.com    zeus (nominated adviser and broker)  david foreman / emma burn (investment banking) tel: +44 (0) 203 829 5000 dominic king (corporate broking)     chairman's statement   the h1-2025 results demonstrate solid progress in our strategic transformation, with continued implementation of our cost reduction program leading to further improvements in operating margins. while revenue performance during the period was affected by order timing in key markets, this does not reflect the underlying strength of our trading conditions.   we are particularly encouraged by the momentum building across several areas of the business. as highlighted in our 23 july 2025 update, we have a strong pipeline of sales opportunities nearing completion, with several expected to close in the second half of the year or shortly thereafter.   our core market remains the middle east, where we have significantly increased our investment in both time and capital, as outlined in the 8 may 2025 equity capital raise announcement. following this, we conducted a comprehensive market analysis involving a broad cohort of existing and potential customers. the findings revealed that with targeted structural changes, the business could upscale materially within a short timeframe. in response, we are actively upgrading our sales and distribution systems, expanding manufacturing capacity, and continuing to drive cost efficiencies.   we are very pleased to report new sales in our d2p fragrance and d2p flame retardant technologies, reflecting growing market interest and adoption. additionally, trials for our natural biodegradable resin (nbr) are progressing well in canada, peru, and the uae, reinforcing our confidence in its commercial potential and environmental impact.   it is disappointing to note that the environmental protection agency (epa) in ireland was recently compelled to issue an apology for a legal error, having acted outside its authority to approve or disapprove products for sale in the irish republic. we continue to engage in dialogue with the agency.   this review does not reflect the potential upside from short-term legislative changes or pending regulatory approvals (including in india), which may further enhance our performance.   we remain confident in the strength and value of our products, the resilience of our markets, and the strategic direction of the business.   equity fundraising & valuation   during the period, the company raised £2.25 million via an equity subscription at 20p per share, well above the market price of 3p-demonstrating strong investor confidence. we welcome quantum leap 1.1.1. fund lp to our shareholder register, whose investment sets a new benchmark for valuing larger share blocks. this strategic placement reflects our belief that the aim market price undervalues the company and reinforces our commitment to aligning equity valuation with long-term potential. discussions with quantum regarding further collaboration are ongoing.   nicolas clavel, chairman     chief executive's review   financial   revenue for the six months ended 30 june 2025 was £2.93 million (h1-2024: £3.44 million). the reduction was primarily attributable to the timing of orders for d2w and d2p masterbatch products. gross margins improved during the period (from 46% in h1-2024 to 51% in h1-2025) due to further efficiencies in the supply chain. the resultant contribution after distribution costs increased from 42% to 48% of revenues.   6 months to 6 months to 12 months to  30 june 30 june 31 december  2025 2024 2024  unaudited unaudited audited  £'000 £'000 £'000   d2w masterbatch revenues 2,518 2,781 5,464 d2p masterbatch revenues 238 402 719 other revenues including finished products 169 254 408 total revenues 2,925 3,437 6,591 gross profit 1,500 1,569 3,057 -       gross profit margin 51% 46% 46% distribution costs (101) (125) (241) -       percentage of revenues 4% 4% 4%         contribution after distribution costs 1,399 1,444 2,816 -       percentage of revenues 48% 42% 43%   administrative expenses reduced against the same period last year from £1.86 million in h1-2024 to £1.77 million in h1-2025 due to lower staff costs and professional fees. this reduction was also achieved despite incurring higher costs related to operations in the middle east, as mentioned above.   the group recorded an operating loss of £0.37 million, an improvement from the £0.42 million loss reported in h1-2024. the group's share of the loss from symphony india's joint venture was £15,000, compared to £28,000 in 2024. the group reports a reduced loss before tax of £0.50 million (h1-2024: £0.54 million) and a reduced loss after tax of £0.50 million (h1-2024: £0.54 million). the loss per share for the period was 0.22 pence, an improvement from 0.27 pence in h1-2024.   the group's working capital position strengthened during the period with net cash (excluding convertible loans and lease liabilities) of £0.29 million at the end of the period (31 december 2024: net borrowings (excluding convertible loans and lease liabilities) of £1.02 million). this £1.31 million improvement was driven by the successful equity raise of £2.25 million at 20p per share (£2.10 million after costs). on the operational side, net cash used in operations totalled £0.66 million, up from £0.33 million in h1-2024.   the group maintains an invoice-discounting facility of £1.75 million to support funding of outstanding receivables. with the continued improvement in trading performance and effective utilisation of working capital, the board is confident that the group has sufficient resources to support its operations and pursue current growth opportunities.    the group renewed its office lease during the period resulting in additions of £0.50 million to right of use assets (h1-2024: £nil). the lease is for just under half of the space leased previously and so will result in large cost- savings going forward.   d2p ("designed-to-protect") - progress and opportunities   -       d2p anti insecticide   a large proportion of d2p revenues is generated from sales of d2p anti-insect technology ("d2p ai"), the majority being supplied to rivulis and used in irrigation pipes sold under their "defend" trade name. application for us environmental protection agency registration continues and we expect to be able to provide further updates soon. we are also applying for permission to use within mexico. additionally, we are pleased to report that a lengthy european trial is nearing completion with indications that it will be entering the commercial phase in the short term.   for food packaging, the d2p ai natural insecticide technology trials continue and are showing good efficacy.   -       d2p and fda approval for bread packaging and other applications   marketing of our fda-approved technology continues in at least eight territories with ongoing commercial trials, the results of which continue to show excellent performance by lengthening the life of bread products by reducing the natural contamination by fungi.   -       d2p flame retardant ("d2p fr") development   two major trials have been underway for more than two years, focused on refining our flame-retardant formulations and processing techniques to meet the stringent requirements of international building codes. these trials have enabled us to progressively enhance product performance and compliance. we currently have two product developments in progress: -       the first product has reached a key milestone, with its first small commercial order placed ahead of final certification, which is expected in october.   -       the second product is now entering the final stage of trialling, with completion anticipated in the coming weeks. certification will follow and is expected to take no longer than two months.   in parallel, trials continue for applications in the middle eastern construction market, which, if successful, could unlock significant sales opportunities in a region with substantial demand.   additionally, a pipe application using our flame-retardant technology has entered commercial sales since the period end, with volumes expected to grow steadily over time.   we are currently working with a major canadian user of flame-retardants who is actively exploring a transition to our d2p fr technology. this interest has been driven in part by ongoing challenges in importing flame retardant products from the us market, due to the impact of trump-era tariffs.   although trials in canada have been delayed, we expect them to commence shortly. this collaboration represents a significant opportunity to expand our footprint in the north american market, particularly with a partner that is motivated to find a reliable and compliant alternative to their current supply chain.   -       other d2p technologies the group has developed other masterbatch technologies designed to protect and extend the shelf-life of packaged content. these include corrosion-inhibitors for sensitive items such as semiconductor chips and metal components; ethylene and moisture adsorbers for food packaging aimed at reducing food waste; and antimicrobials for pipes and tanks to help minimise water contamination.   a new d2p scent technology has recently entered commercial use with a white-goods manufacturer in the far east. following an initial modest order, we are now seeing a steady increase in repeat orders.   we are also expanding the application of our technologies into broader agricultural markets, particularly in plastic mulch films and other crop-growing films. while plastic mulch films are widely used to retain soil moisture and improve crop yields, they pose a serious environmental challenge: the resulting plastic fragments are extremely difficult, if not impossible, to collect for recycling after the harvest. even when collection is feasible, the fragments are often too contaminated with soil to be recycled effectively. by incorporating our d2w or nbr biodegradable technologies into these films, we eliminate this problem. the plastic degrades and organically reintegrates into the environment, helping to improve soil quality rather than degrade it.   to support this innovation, we have applied for a patent covering the use of our d2w and nbr biodegradable formulations, as well as our d2p antimicrobial and insecticide technologies, in mulch films and other crop-growing applications.   d2w biodegradable technology - progress and opportunities   as recently advised, the group's core communications strategy focuses on delivering consistent updates that highlight the benefits of d2w as an effective, low-cost, non-disruptive, and scientifically validated solution to the environmental challenges posed by plastic waste-particularly the formation and persistence of microplastics. our scientific position paper on microplastics continues to evolve, greatly assisted by the intertek report, showing d2w significantly reduces, and in effect, eliminates microplastics and is supported by endorsements from several independent scientists. for further details, please refer to: https://www.biodeg.org/subjects-of-interest/microplastics/   saudi arabia is actively enforcing phase 1 of their legislation which requires the use of certified biodegradable technology such as d2w in a range of plastic products, and we expect the final two phases, (which will cover virtually all flexible plastic products) to become effective later this year.  bahrain, jordan and yemen also have legislation, making it compulsory to use plastics with a government approved oxo-biodegradable technology, but their enforcement remains erratic due mainly to political unrest.   the epa of ireland issued an apology to symphony regarding previous communications, but it did not change its finding that d2w products had been scientifically demonstrated to undergo full biodegradation without leaving persistent microplastics or toxic residues. however, as outlined in our latest update on this subject, some officials now consider that the eu commission guidelines should be followed, which in their view would bring d2w products within the scope of the single-use plastics directive (eu) 2019/904. symphony maintains, as set out in its recent clarification, that these guidelines are not legally binding, were drafted without the benefit of subsequent scientific evidence, and are in conflict with recital 15 of the directive.  we therefore consider that d2w technology remains outside the scope of the directive.   other countries in the middle east and latin america continue to develop legislation. as previously advised, colombia, costa rica, ecuador and peru now have legislation that would be favourable if they adopt the correct industry standard, based on astm d 6954.   nbr ("natural biodegradable resin")   as advised, three trial orders have been secured in the middle east and one in canada. once the trials complete, we anticipate sales momentum to follow, driven by the compelling value-proposition of our product, priced below the cost of conventional plastic resin. this pricing advantage, combined with the opportunity to enhance esg credentials by reducing the fossil-derived proportion of the plastic product, at reduced cost, is likely to prove highly attractive to companies seeking sustainable yet economically viable solutions.   joint venture in india with indorama corporation - symphony environmental india pvt ltd ("symphony india")   the d2w product offered by symphony india, is covered by the indian standard is 17899 t:2022 "assessment of biodegradability of plastics in varied conditions." the approval process under this standard continues with the final part of the mandatory test and certification process targeted to complete during 2025. commercial sales are expected to commence after completion of the process. equity fundraising & valuation during the period, the company successfully raised £2.25 million through an equity subscription priced at 20p per share-representing a substantial premium on the prevailing market price of 3p at the time. we are pleased to welcome quantum leap 1.1.1. fund lp ("quantum") to symphony's shareholder register. their investment not only reflects confidence in our technology suite and potential growth trajectory but also establishes a benchmark that the board will use to value larger blocks of shares.   this equity fundraising underscores the board's belief that the current share price does not reflect the intrinsic value of the company.   our corporate strategy is to maximise the value at which symphony's equity is issued to ensure it is consistent with our commercial potential and strategic direction and ambitions. to that end, we continue discussions with quantum regarding potential commercial collaborations.   outlook   as the world's leading biodegradable plastic technology supplier, we believe that the adoption of our d2w technology enables both current and prospective customers to respond more effectively to increasing demands from consumers, governments, and corporations for stronger esg policies-particularly in relation to single-use plastics.   our d2p range continues to advance as we work through rigorous testing, trials, and regulatory requirements in collaboration with our global partners. while the time required for these processes has been considerable, we remain confident that the opportunities are substantial. once key trials and legislative milestones are achieved, we anticipate a significant commercial impact.   importantly, the financial results in this review do not reflect the potential upside from short-term legislative changes and pending regulatory approvals, which may further enhance our performance.   we remain confident in the strength of our products, the resilience of our markets, and the strategic direction of the business.   michael laurier, chief executive    condensed consolidated interim statement of comprehensive income   6 months to 6 months to 12 months to  30 june 30 june 31 december  2025 2024 2024  unaudited unaudited audited  £'000 £'000 £'000     revenue 2,925 3,437 6,591   cost of sales (1,425)   (1,868) (3,534)     gross profit 1,500 1,569 3,057     distribution costs (101) (125) (241)     administrative expenses (1,767) (1,861) (3,903)     operating loss (368) (417) (1,087)     finance costs (120) (97) (214)     share of results of joint ventures (15) (28) (43)     loss for the period before tax (503) (542) (1,344)     taxation - - -     loss for the period (503) (542) (1,344)     total comprehensive income for the period (503)   (542) (1,344)     earnings per share:    basic (0.22)p (0.27)p (0.63)p diluted (0.22)p (0.27)p (0.63)p   all results are attributable to the owners of the parent. there were no discontinuing operations for any of the above periods.        condensed consolidated interim statement of financial position   at at at  30 june 2025 30 june 2024 31 december 2024  unaudited unaudited audited  £'000 £'000 £'000 assets    non-current    property, plant and equipment 100 144 124 right-of-use assets 513 181 93 intangible assets 554 648 589 interest in joint ventures 14 - 29 investments 130 130 130       1,311 1,103 965 current    inventories 599 474 703 trade and other receivables 2,442 1,980 2,414 cash and cash equivalents 861 754 718       3,902 3,208 3,835     total assets 5,213 4,311 4,800     equity and liabilities    equity    equity attributable to owners of symphony environmental technologies plc    share capital 2,364 2,251 2,251 share premium account 7,750 5,767 5,767 retained earnings (8,919) (7,630) (8,416)     total equity 1,195 388 (398)     liabilities    non-current    borrowings - 1,500 - lease liabilities 370 35 22   370 1,535 22 current    borrowings 2,291 546 3,410 lease liabilities 122 106 25 trade and other payables 1,235 1,736 1,741       3,648 2,388 5,176     total liabilities 4,018 3,923 5,198     total equity and liabilities 5,213 4,311 4,800        condensed consolidated interim statement of changes in equity   equity attributable to the owners of symphony environmental technologies plc:   share capital share premium retained earnings total equity  £'000 £'000 £'000 £'000   for the six months to 30 june 2025       balance at 1 january 2025 2,251 5,767 (8,416) (398)      shares issued 113 1,983 - 2,096   transactions with owners   113   1,983   -   2,096   total comprehensive income for the period   -   -   (503)   (503)        balance at 30 june 2025 2,364 7,750 (8,919) 1,195         share capital share premium retained earnings total equity  £'000 £'000 £'000 £'000   for the six months to 30 june 2024       balance at 1 january 2024 1,848 4,854 (7,102) (400)      shares issued 403 913 - 1,316 share-based payments - - 14 14   transactions with owners   403   913   14   1,330   total comprehensive income for the period   -   -   (542)   (542)        balance at 30 june 2024 2,251 5,767 (7,630) 388         share capital share premium retained earnings total equity  £'000 £'000 £'000 £'000   for the year to 31 december 2024       balance at 1 january 2024 1,848 4,854 (7,102) (400)      issue of share capital 403 913 - 1,316 share-based payments - - 30 30   transactions with owners   403   913   30   1,346   total comprehensive income for the period   -   -   (1,344)   (1,344)        balance at 31 december 2024 2,251 5,767 (8,416) (398)                  condensed consolidated interim cash flow statement   6 months to 30 june 2025 unaudited 6 months to 30 june 2024 unaudited 12 months to 31 december 2024 audited  £'000 £'000 £'000     operating activities:    loss for the period after tax (503) (542) (1,344) depreciation 97 114 224 amortisation 35 5 69 share-based payments - 14 30 loss on disposal of fixed assets 10 - 2 foreign exchange (profit)/loss - - 5 share of loss of joint venture 15 28 43 interest paid 120 100 214 change in inventories 104 171 (58) change in trade and other receivables (28) (168) (602) change in trade and other payables (506) (52) 16       net cash used in operations (656) (330) (1,401) tax received - - -      net cash used in operating activities (656) (330) (1,401)     investing activities:    additions to property, plant and equipment (5) (1) (5) additions to right of use assets (29) - - additions to intangible assets - - (5) equity participation in joint ventures - - (44)     net cash used in investing activities (34) (1) (54)     financing activities:    drawdown cash received from invoice finance facility 2,263 1,972 4,713 customer receipts repayment of invoice finance facility (2,784) (2,587) (4,395) proceeds from share issues 2,096 1,316 1,316 repayment of lease liability (24) (94) (187) lease interest paid (10) (7) (14) bank and invoice finance interest paid (58) (93) (95)     net cash generated/(used) in financing activities 1,483 507 1,338     net change in cash and cash equivalents 793 176 (117) cash and cash equivalents, beginning of period (90) 32 32 effect of exchange rate on cash - - (5)     cash and cash equivalents, end of period 703 208 (90)       represented by:     cash and cash equivalents 861 754 718 bank overdraft (158) (546) (808)         703 208 (90)      notes to the interim financial statements   1          nature of operations and general information   principal activities of symphony environmental technologies plc (the "company") and subsidiaries' (together the "group") include the development and supply of environmental plastic masterbatches and other innovative products.   symphony environmental technologies plc, a public limited company, is the group's ultimate parent company. it is incorporated and domiciled in england (company number 03676824). the address of its registered office is 6 elstree gate, elstree way, borehamwood, hertfordshire, wd6 1jd, england. the company's shares are listed on the aim market of the london stock exchange.   these condensed interim consolidated financial statements ("interim financial statements" or "interim report") are for the six months ended 30 june 2025. they do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the group for the year ended 31 december 2024.   the financial information set out in this interim report does not constitute statutory accounts. the group's statutory financial statements for the year ended 31 december 2024 have been filed with the registrar of companies. the auditor's report on those financial statements was unqualified and did not contain a statement under section 498(2) or 498(3) of the companies act 2006. these interim condensed consolidated financial statements have not been audited.   these interim financial statements have been prepared in accordance with the requirements of international accounting standard ("ias") 34 "interim financial reporting", and are presented in pounds sterling (£), which is the functional currency of the parent company. they have been prepared under the historical cost convention. they have also been prepared on the basis of the recognition and measurement requirements of international standards as adopted by the uk, and the policies and measurements are consistent with those stated in the financial statements for the year ended 31 december 2024.   these interim financial statements were approved by the board on 29 september 2025.   2              significant accounting policies   these interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 december 2024   3              seasonal fluctuations   the group operates in many countries and in many different markets. there are therefore no formal or considered seasonal fluctuations affecting the operations of the group.   4              segmental analysis   the board considers that the group does not have separate operating segments as defined under ifrs 8.   5              shares issued    shares issued are summarised as follows:     shares issued and fully paid   6 months to 30 june  2025 6 months to 30 june  2024 year to 31 december 2024      - beginning of the period  225,099,120 184,806,833 184,806,833 - issued during the period  11,264,875 40,292,287 40,292,287      total equity shares issued and fully paid at end of the period     236,363,995   225,099,120   225,099,120     6              earnings per share and dividends   the calculation of earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.   the calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of dilutive options which were exercisable during the period.   reconciliations of the results and weighted average numbers of shares used in the calculations are set out below:   basic and diluted   6 months to 30 june 2025   6 months to 30 june 2024   year to 31 december 2024     loss attributable to owners of the company £(503,000) £(542,000) £(1,164,000)   weighted average number of ordinary shares in issue     226,559,106     203,738,715     214,448,178   basic earnings per share   (0.22) pence   (0.27) pence   (0.63) pence         dilutive effect of weighted average options -   -   -     total of weighted average shares together with dilutive effect of weighted options - see below 226,559,106 203,738,715 214,448,178     diluted earnings per share   (0.22) pence   (0.27) pence   (0.63) pence   no dividends were paid for the year ended 31 december 2024.   the group has been loss-making in all periods presented. the effect of options for the six months to 30 june 2025 and 30 june 2024, and year to 31 december 2024 are therefore anti-dilutive.  accordingly, the dilutive effect of share options has not been taken into account of in calculating diluted earnings per share, since this would decrease the loss per share for each of the periods reported.   7              availability of interim financial statements   paper copies of the interim financial statements will be sent to shareholders upon request.  shareholders will be able to download a copy of the interim financial statements from the group's website.  further copies of the interim financial statements will be available from the company's registered office at 6 elstree gate, elstree way, borehamwood, hertfordshire wd6 1jd.       notes to editors   about symphony environmental   symphony's d2w masterbatch technology is added to polyethylene (pe) and polypropylene (pp) products at the manufacturing stage at little or no extra cost and ensures that if they get into the environment at the end of their useful life they will not create microplastics and lie or float around for decades. instead, they will safely biodegrade, leaving no microplastics or toxicity. if they get collected during their useful life they can be recycled with ordinary pe and pp without separation see  https://www.biodeg.org/subjects-of-interest/recycling-2/   symphony also supplies a range of plastic technologies under its d2p (designed to protect) brand www.d2p.net to provide protection against insects, viruses, bacteria, fungi, rodents, odours, and fire.  it has also introduced a new product under its nbr brand https://www.symphonyenvironmental.com/natural-biodegradable-resin/ to reduce the amount of fossil-derived material in plastic products.   symphony has a diverse and growing customer-base and has established itself as an international business with over 70 distributors around the world. products made with symphony's plastic technologies are now available in nearly 100 countries and in many different product applications. symphony itself is certified according to iso9001 and iso14001.   symphony participates in the committee work of the british standards institute (bsi), the american standards organisation (astm), the european standards organisation (cen), and the international standards organisation (iso).   further information on the group can be found at www.symphonyenvironmental.com  and twitter @symphonyenv     see also symphony on instagram and linkedin.         this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir ppuccbupagab return to news summary

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