TIDMSYM
RNS Number : 2991E
Symphony Environmental Tech. PLC
29 June 2023
29 June 2023
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony," the "Company" or the "Group")
AGM Statement
Symphony Environmental Technologies Plc (AIM:SYM), the global
specialists in technologies that make plastic and rubber products
smarter, safer and more sustainable, is pleased to provide the
following update prior to its Annual General Meeting ("AGM") to be
held today at 10.30 am.
At the AGM Nicolas Clavel, Interim Chairman of Symphony, will
make the following statement:
Symphony's financial performance so far in 2023 has sharply
improved from 2022, and as stated in the preliminary announcement
just a month ago on 30 May 2023, the Board expect Symphony to move
back into profitability in the coming months, underpinned by the
following:
-- Middle East manufacturing and sales on plan
-- Administrative annual cost base now set 25% lower than 2022 levels
-- Distribution costs as a proportion of revenues reduced by 50%
due to generally lower shipping rates and efficiencies from the
Middle East factory
-- Gross profit margins at least 5% higher
This does not take into account the joint venture in India,
where we wait for approval that plastic producers using d2w
technology will become certified suppliers.
The near-term commercialisation of several of our key projects
and resultant sales are significant, and we are confident in
delivering positive updates throughout 2023.
As in previous years, the Company intends to provide a trading
update during July.
Enquiries
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207
5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Zeus (Nominated Adviser and Joint Broker)
David Foreman / Kieran Russell (Investment Tel: +44 (0) 161 831
Banking) 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203 829
5000
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203 764
2341
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d(2) p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to provide protection against many
different types of bacteria, viruses, fungi, algae, moulds, and
insects, and against fire. d(2) p products also include odour,
moisture and ethylene adsorbers as well as other types of
food-preserving technologies. For an overview see www.d2p.net
Symphony has launched d(2) p anti-microbial household gloves and
toothbrushes and "Symfresh" food-packaging and is developing a
range of other d(2) p finished-products for retail sale.
Symphony has also developed a biodegradable plastic technology
which addresses the problem of persistent microplastics, by turning
ordinary plastic at the end of its service-life into a waxy
substance which is biodegradable. It is then no longer a plastic
and can be bioassimilated in the open environment in a similar way
to a leaf without leaving microplastics behind. The technology is
branded d(2) w(R) and appears as a droplet logo on many thousands
of tonnes of plastic packaging and other plastic products around
the world, much of which has been recycled. In some countries, most
recently Saudi Arabia, oxo-biodegradable plastic is mandatory for
short-life plastic products.
d(2) w technology was studied for three years in the Oxomar
project, sponsored by the French government, which concluded that
plastic made with Symphony's d(2) w oxo-biodegradable technology
will biodegrade in seawater significantly more efficiently than
conventional plastic. See
https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/
Following this report, the scientists allowed bacteria commonly
found in the open environment access to d(2) w oxo-biodegradable
plastic containing Carbon 13. They found Carbon 13 in the carbon
dioxide exhaled by the bacteria, proving beyond doubt that the
plastic had been bioassimilated by the bacteria.
Symphony has complemented its d(2) w and d(2) p product ranges
with d(2) c "compostable resins and products" that have been tested
to US and EU composting standards and has invested in Eranova - a
French company extracting starch for making plastics, out of
algae.
Symphony has also developed the d(2) Detector(R), a portable
device which analyses plastics and detects counterfeit products.
This is useful for government officials tasked with enforcing
legislation, and Symphony's d(2) t tagging and tracer technology is
available for further security.
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
accredited to ISO9001 and ISO14001.
Symphony is a member of The BPA (www.biodeg.org) and actively
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. A Symphony App is available for downloading
to smartphones.
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END
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