Symphony in the black after improved first half results

Profit before tax, excluding non-recurring items, increased by 33% to £530,000. Basic earnings per share were at 36p compared to 35p in the same period last year.

“I am delighted to present these interim results, which show an underlying growth in profit of 33% to £0.53 million for the first six months of the year,” said Symphony chief executive Michael Laurier.

“In addition, following completion of the group’s reorganisation, the company now has a more suitable balance sheet and will gain from having a better operating structure.”

Laurier added that there has been an increase in its distribution network, which now totals 57 distributors. Symphony makes the d2w additive.

“I am also pleased to report a further increase in our distribution network, which now totals 57 distributors. We look forward to the second half of the year with confidence,” he said.

Earlier this year, Symphony reported its first full year pre-tax profits. For 2009, the company recorded pre-tax and operating profits while sales had grown to £7.04m. Symphony launched products in Mexico where it produced what was claimed to be the world’s first metallised film.

Sales £3.9m (2009: £3.6m)
Pre-tax profit £420,000 (£400,000)
Operating profit £480,000 (£480,000)
Gross profit margins 59% (53%)

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