TIDMSYM
RNS Number : 0574O
Symphony Environmental Tech. PLC
29 September 2023
29 September 2023
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 2023 ("H1-2023").
Financial highlights
-- Group revenue increased to GBP3.6 million (H1-2022: GBP3.0 million)
-- Gross profit margin increased to 42% contributing to
increased gross profit of GBP1.50 million (H1-2022: 36% and GBP1.08
million)
-- Distribution costs reduced to 3% of revenues (H1-2022: 8%)
-- Resultant contribution margin after distribution costs
increased 10 percentage points from 29% of revenues to 39% of
revenues with the financial contribution up 62% to GBP1.4 million
(H1-2022: GBP0.9 million)
-- Operating loss before exceptional costs reduced by 57% to
GBP0.6 million (H1-2022: GBP1.4 million)
-- Exceptional legal costs of GBP169,000 (H1-2022: GBPnil)
-- Net loss before tax GBP0.8 million (H1-2022: GBP1.4 million)
-- GBP1.0 million convertible loan note agreement with Sea Pearl Ventures LLC (March 2023)
Post period-end
-- Yemen - enforces the regulation making the use of oxo-biodegradable plastics mandatory
-- India - Test report received from accredited laboratory and
application for certification of d2w biodegradable plastic is being
submitted
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 / Kieran Russell (Investment Tel: +44 (0) 161
Banking) 831 1512
Dominic King / Victoria Ayton (Sales) Tel: +44 (0) 203
829 5000
Chairman's statement
This set of results shows an improved financial performance in
all the main indicators compared with H1-2022. The main drivers for
increasing sales and profitability are positive, with timing still
expected to be in the near term.
As advised within my FY-2022 results statement, some key trials
were extended into H2-2023 and this still affects the timing of
forecast revenue. In addition, we need certain regulatory approvals
for both d2w and d2p in key markets, over which we have little
control in terms of timescale. These are all taking longer than
expected with some moving into H1-2024 but I am pleased to advise
that they continue to progress positively.
For our d2w biodegradable plastic technology, we have over many
years invested substantial time and resource in several markets to
ensure that law makers and corporates understand the benefits of
our type of biodegradable technology, being a low cost, immediate
and non-disruptive solution which upgrades ordinary plastic
products. It removes plastic litter and microplastics from the
environment. We are seeing positive results from this long-term
initiative as demonstrated by the announcement made earlier this
week in Yemen, a sizeable producer and user of plastic.
We have continued to invest in strengthening our IP portfolio
with a large range of d2p formulations which are being used and
commercially trialled in many different applications. Good progress
is being made on these trials and we expect that further news will
be communicated in the near term. Commercially, sales of our d2p
Anti-insect ("AI") technology were consistent during the period,
while applying for regulatory approvals in new markets.
After the strong investment made over the last few years in
products and markets, we have been able to reduce costs while at
the same time seeing revenues and operating margins increase albeit
that these remain below historic levels, and that there is much to
do to deliver revenue and profits in the short to medium that
justify the capital we have now invested. Importantly, our
opportunities remain significant, and whilst these have taken
considerably longer to convert than we had anticipated, a
combination of more progressive conversations, trials and other
factors give the Board confidence that these can and will be
converted in the short to medium term .
The Company is also actively progressing its search for new
non-executive directors with at least one appointment expected to
be made before the end of the year.
Nicolas Clavel, Chairman
Chief Executive's review
I am pleased to report a positive turnaround in revenues and
improved operating margins for the Group compared to 2022.
We still need to see effective enforcement of positive
biodegradable legislation in some markets, and the completion of
major trials and regulatory consents in others. We have put our
glove strategy on hold due to a mismatch between technical
feasibility and regulatory requirements.
The investments made over the years have enabled us to move
forward on a lower cost base. Opportunities remain strong and most
of our sales effort is being led by our distributor network around
the world.
Financial
Revenue for the 6 months ended 30 June 2023 was GBP3.6 million
(H1-2022: GBP3.0 million). The H1-2023 revenue performance improved
primarily due to increased d2w masterbatch revenues in the Middle
East. d2p masterbatch revenues were consistent with H1-2023 being
primarily d2p AI.
Gross margins materially improved during the period (from 36%
H1-2022 to 42% H1-2023) due to reduced raw material costs and
managed efficiencies in the supply chain. The reduction in
distribution costs was due to lower shipping costs and efficiencies
arising from the new Middle East production facility (commissioned
by Symphony's partners in the region), which commenced operation at
the end of H2-2022. The resultant contribution for H1-2023 after
distribution costs increased by 62% to GBP1.4 million (H1-2022:
GBP0.9 million) - see table below:
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------ ---------- ---------- ------------
d2w masterbatch revenues 2,778 2,296 4,768
d2p masterbatch revenues 357 347 793
Other revenues including
finished products 439 330 593
------------------------------------ ---------- ---------- ------------
Total revenues 3,574 2,973 6,154
Gross profit 1,503 1,082 2,280
* Gross profit margin 42% 36% 37%
Distribution costs (114) (225) (408)
* Percentage of revenues 3% 8% 7%
Contribution after distribution
costs 1,389 857 1,872
* Percentage of revenues 39% 29% 30%
------------------------------------ ---------- ---------- ------------
Administrative expenses reduced 11% against the same period last
year from GBP2.2 million H1-2022 to GBP2.0 million H1-2023 and
should be up to 25% lower for the full year. The main savings are
in staff and consultancy costs, with much of the product and market
investment completed.
The Group's share of Symphony India's joint venture loss for the
period was GBP15,000 (H1-2022: loss GBP23,000). The Group's 46.5%
interest in the Indian company is recognised as a joint venture
investment in our financial statements using the equity method.
The Group's operating loss before exceptional legal costs for
the period was GBP0.6 million, a 57% reduction compared to the loss
in H1-2022 of GBP1.4 million.
Exceptional legal costs of GBP169,000 (H1-2022: GBPnil) were for
the EU Court hearing in March 2023 as detailed below in EU legal
action.
The Group therefore reports a net loss before tax of GBP0.8
million (H1-2022: GBP1.4 million).
An R&D tax credit of GBP98,000 was received during the
period (H1-2022: GBP119,000). The Group reports a loss after tax of
GBP0.8 million (H1-2022: GBP1.3 million).
The loss per share for the period was 0.41 pence (H1-2022: 0.73
pence).
d2p "designed-to-protect"
Sales of d2p AI were consistent with H1-2022, with growth held
back by regulatory clearances for two new major markets. We
anticipate completing the approval processes during H1-2024.
Sales of d2p AM for bread applications are growing slowly, with
the technology currently being used in specialised brands in Mexico
and Peru. We expect these markets to steadily expand in the coming
months into more mainstream brands, as well as into other parts of
Latin America as well as in India. In these new markets we are
seeing positive performance and customer satisfaction with current
positive trials which supports our view of the value proposition
for using d2p technology in all plastic bread packaging.
Our d2p vapour corrosion inhibitor ("VCI") technology recently
passed the highest level of an EU test standard. Having proven the
performance, the sales process has recently started in India and we
will expand this to our other main markets over the coming
months.
We continue with a number of other projects within the d2p
pipeline including the technologies mentioned above as well as for
flame-retardant, and ethylene and odour adsorbant technologies.
d2w biodegradable technology
Manufacturing at the Ecobatch Plastic Factory in the UAE is on
track, resulting in improved sales and supply efficiencies, as well
as improved Group cashflow and operating margins.
As announced earlier this week, Yemen is the most recent country
to enforce mandatory oxo-biodegradable plastic technology and sales
have already started, albeit small.
We are expecting positive regulatory moves in some of our Latin
American and Caribbean markets in the coming months.
There are a number of opportunities in addition to regulatory
applications. We announced in March Better Earth's agreement with
TricorBraun, a global packaging company, for biodegradable
nutritional-supplement bottles where revenues started during the
period. We anticipate significant growth later this year and into
2024.
Symphony India
Symphony India is a joint venture company established in 2022
between Symphony UK and Indorama India Pvt. Limited, a wholly owned
subsidiary of Indorama Corporation. Symphony India is owned 46.5%
by Symphony UK, 46.5% by Indorama and 7% by Mr. Arjun Aggarwal, an
Indian citizen, who is its Managing Director.
As reported in September 2022, the Indian Plastic Waste
Management Rules 2016 (as amended on 6.7.2022) permit
government-approved biodegradable plastic products to be exempted
from restrictions that would ban most plastic film products unless
they are above 50-microns thickness, and 120 microns for carrier
bags, (which generally means an increase in cost by more than two
to three times). Producers and brand owners using certified
biodegradable plastic materials would be exempt from this
obligation.
Symphony has recently received an interim test report from an
accredited laboratory in India, as required by Indian Standard
17899T-2022, on a sample of polyethylene film made with its d2w
masterbatch. An application is therefore being made for a
Certificate that products made with this type of film are
biodegradable, and therefore exempt from the minimum-thickness
requirements of the Plastic Waste Management Rules. This
application is not expected to be a long process, but until the
certificate is issued d2w sales for biodegradable plastic packaging
are limited. Sales of other Symphony products in India are
progressing to a positive commercial conclusion.
EU legal action
As previously advised, the case brought by Symphony against the
Commission, Parliament, and Council of the European Union was heard
on 20 March 2023 before five judges of the General Court of the EU
in Luxembourg. Symphony's case is that part of Art. 5 of the
Single-use plastics Directive 2019/904 is unlawful, and is claiming
for losses and reputational damage.
Symphony was represented by Josh Holmes KC and Jack Williams,
Barristers from Monckton Chambers, leading specialists in EU
law.
We do not accept that Article 5 applies to Symphony's
technology, but the confusion caused worldwide by the wording of
the legislation is delaying the adoption of the technology.
We are waiting a written judgment, which the Company's legal
advisers estimated could be delivered 12 to 15 months after the
hearing, and without prior notice.
Balance sheet and cashflow
The Group had net borrowings of GBP0.6 million at the end of the
period (30 June 2022: net borrowings of GBP0.7 million). Net cash
of GBP0.5 million was used in operations (H1-2022: net cash used in
operations GBP0.8 million).
With the new manufacturing facility in the Middle East, the
working capital cycle was positive for stock and receivables, both
showing cash generation during the period of GBP0.21 million and
GBP0.17 million respectively. Payables were low at the end of the
period accounting for GBP0.26 million of cash utilised. We
anticipate continued positive cash generation from stock and
receivables movements, as well as less cash expended on payables
during the second half of this year.
The Group has an invoice-discounting facility of GBP1.5 million
to assist in funding outstanding receivables. Also, on 13 March
2023 the Group secured a GBP1.0 million convertible loan from Sea
Pearl on the following terms:
-- Loan principal: GBP1 million (unsecured)
-- If not repaid before expiration, conversion at 1 year and 30 days (no earlier)
-- Conversion price: 80% of the volume-weighted average share
price for the 3 months prior to conversion at 1 year and 30
days
-- Interest: 7% per annum, payable as accrued on repayment and/or conversion
-- Symphony is entitled to repay the loan in full or in part at
its discretion.at any time before conversion.
With the improving trading performance and use of working
capital, the Board believes that the Group has sufficient working
capital to support the business and its current opportunities going
forward.
Outlook
As indicated earlier in this report we are advancing well with
some of the macro drivers, such as seeing positive developments
with the adoption of our type of d2w biodegradable plastic
technology in Saudi Arabia, The UAE, Jordan, Bahrain and parts of
Latin America and the Caribbean - with Yemen now added this
month.
Our d2p AM formulations for food, including bread, insecticidal,
VCI and flame-retardant technologies are all expected to advance
commercially in the near term.
Revenue generation has been delayed while waiting for the
completion of d2p trials and d2w regulatory approvals in markets
where we anticipate significant revenue growth, but the outlook
continues to be positive, and we look forward with confidence to
delivering sustainable and increasing profitability.
Michael Laurier, Chief Executive
Condensed consolidated interim statement of comprehensive
income
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
---------------------------- ------------ ---------- ------------
Revenue 3,574 2,973 6,154
Cost of sales (2,071) (1,891) (3,874)
---------------------------- ------------ ---------- ------------
Gross profit 1,503 1,082 2,280
Distribution costs (114) (225) (408)
Administrative expenses (1,985) (2,228) (4,802)
---------------------------- ------------ ---------- ------------
Operating loss (596) (1,371) (2,930)
Exceptional legal costs (169) - -
Finance costs (83) (28) (77)
Share of results of joint
ventures (15) (22) -
---------------------------- ------------ ---------- ------------
Loss for the period before
tax (863) (1,421) (3,007)
Tax credit 98 119 120
---------------------------- ------------ ---------- ------------
Loss for the period (765) (1,302) (2,887)
---------------------------- ------------ ---------- ------------
Total comprehensive income
for the period (765) (1,302) (2,887)
---------------------------- ------------ ---------- ------------
Earnings per share:
Basic (0.41)p (0.73)p (0.81)p
Diluted (0.41)p (0.73)p (0.81)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 30 June 31 December
2023 2022 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- ------------
ASSETS
Non-current
Property, plant and equipment 172 158 138
Right-of-use assets 296 459 379
Intangible assets 573 263 439
Interest in joint ventures 86 43 101
Investments 130 123 130
1,257 1,046 1,187
Current
Inventories 966 1,422 1,175
Trade and other receivables 2,175 2,648 2,349
Cash and cash equivalents 1,162 505 1,152
-------------------------------------- ---------- ---------- ------------
4,303 4,575 4,676
-------------------------------------- ---------- ---------- ------------
Total assets 5,560 5,621 5,863
-------------------------------------- ---------- ---------- ------------
EQUITY AND LIABILITIES
Equity
Equity attributable to owners
of
Symphony Environmental Technologies
plc
Share capital 1,848 1,793 1,848
Share premium account 4,854 3,910 4,854
Retained earnings (5,741) (3,503) (4,999)
-------------------------------------- ---------- ---------- ------------
Total equity 961 2,200 1,703
-------------------------------------- ---------- ---------- ------------
Liabilities
Non-current
Lease liabilities 98 296 181
-------------------------------------- ---------- ---------- ------------
Current
Borrowings 1,773 1,210 1,991
Convertible loan 1,000 - -
Lease liabilities 165 125 167
Trade and other payables 1,563 1,790 1,821
-------------------------------------- ---------- ---------- ------------
4,501 3,125 3,979
-------------------------------------- ---------- ---------- ------------
Total liabilities 4,599 3,421 4,160
-------------------------------------- ---------- ---------- ------------
Total equity and liabilities 5,560 5,621 5,863
-------------------------------------- ---------- ---------- ------------
Condensed consolidated interim statement of changes in
equity
Equity attributable to the owners of Symphony Environmental
Technologies plc:
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- --------- ---------- ---------
For the six months to
30 June 2023
Balance at 1 January 2023 1,848 4,854 (4,999) 1,703
Share-based payments - - 23 23
Transactions with
owners - - 23 23
------------------------ ------------------ --------- ---------- ---------
Total comprehensive income
for the period - - (765) (765)
--------------------------------- --------- --------- ---------- ---------
Balance at 30 June 2023 1,848 4,854 (5,741) 961
--------------------------------- --------- --------- ---------- ---------
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- --------- ---------- ----------
For the six months to
30 June 2022
Balance at 1 January 2022 1,793 3,910 (2,231) 3,472
Share-based payments - - 30 30
Transactions with
owners - - 30 30
------------------------ ------------------ --------- ---------- ----------
Total comprehensive income
for the period - - (1,302) (1,302)
--------------------------------- --------- --------- ---------- ----------
Balance at 30 June 2022 1,793 3,910 (3,503) 2,200
--------------------------------- --------- --------- ---------- ----------
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- --------- ---------- ----------
For the year to 31 December
2022
Balance at 1 January 2022 1,793 3,910 (2,231) 3,472
Issue of share capital 55 944 - 999
Share-based payments - - 119 119
Transactions with
owners 55 944 119 1,118
------------------------- ----------------- --------- ---------- ----------
Total comprehensive income
for the period - - (2,887) (2.887)
--------------------------------- --------- --------- ---------- ----------
Balance at 31 December
2021 1,848 4,854 (4,999) 1,703
--------------------------------- --------- --------- ---------- ----------
Condensed consolidated interim cash flow statement
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------- ----------- ----------- -------------
Operating activities:
Loss for the period after
tax (780) (1,302) (2,887)
Depreciation 106 114 229
Amortisation 9 15 114
Share-based payments 23 30 119
Loss on disposal of fixed
assets 2 - 14
Foreign exchange (profit)/loss - (2) -
Share of loss of joint venture 30 23 -
Tax credit (98) (119) (120)
Interest paid 83 28 77
Change in inventories 209 (106) 141
Change in trade and other
receivables 174 494 797
Change in trade and other
payables (258) 2 30
-------------------------------- ----------- ----------- -------------
Net cash used in operations (500) (823) (1,586)
Tax received 98 119 120
-------------------------------- ----------- ----------- -------------
Net cash used in operating
activities (402) (704) (1,466)
-------------------------------- ----------- ----------- -------------
Investing activities:
Additions to property, plant
and equipment (59) (13) (18)
Additions to right of use
assets - - (22)
Additions to intangible assets (142) (17) (194)
Purchase of joint venture - (65) (101)
Additions to investments - - (7)
Net cash used in investing
activities (201) (95) (342)
-------------------------------- ----------- ----------- -------------
Financing activities:
Movement in finance lease
liability (91) (83) 857
Proceeds from share issue - - 999
Proceeds from convertible
loan 1,000 - -
Repayment of lease liability (86) (179)
New lease - 22
Lease interest paid (8) (10) (22)
Bank and invoice finance
interest paid (75) (17) (55)
-------------------------------- ----------- ----------- -------------
Net cash generated/(used)
in financing activities 740 (110) 1,622
-------------------------------- ----------- ----------- -------------
Net change in cash and cash
equivalents 137 (909) (186)
Cash and cash equivalents,
beginning of period 18 204 204
Cash and cash equivalents,
end of period 155 (705) 18
-------------------------------- ----------- ----------- -------------
Represented by:
Cash and cash equivalents 1,162 505 1,152
Bank overdraft (1,007) (1,210) (1,134)
-------------------------------- ----------- ----------- -------------
155 (705) 18
-------------------------------- ----------- ----------- -------------
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 2023. 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 2022.
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 2022 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 (GBP), 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 2022.
These interim financial statements were approved by the board on
28 September 2022.
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 2022
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:
6 months to 6 months Year to
30 June to 31 December
Shares issued 2023 30 June 2022
and fully paid 2022
------------------- -------------- -------------- --------------
- beginning of
period 184,806,833 179,251,277 179,251,277
- issued during
the period - - 5,555,556
-------------------- -------------- -------------- --------------
Total equity
shares issued
and fully paid
at end of period 184,806,833 179,251,277 184,806,833
-------------------- -------------- -------------- --------------
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 and warrants 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 6 months Year to
30 June to 31 December
2023 30 June 2022
2022
-------------------------------- --------------- --------------- ---------------
Loss attributable to owners GBP(765,000) GBP(1,302,000) GBP(2,887,000)
of the Company
Weighted average number
of ordinary shares in
issue 184,806,833 172,851,825 175,226,254
-------------------------------- --------------- --------------- ---------------
Basic earnings per share (0.41) pence (0.73) (1.65)
pence pence
-------------------------------- --------------- --------------- ---------------
Dilutive effect of weighted
average options and warrants 4,323,621 4,671,785 7,498,557
Total of weighted average
shares together with dilutive
effect of weighted options
and warrants - see below 184,806,833 172,851,825 175,226,254
-------------------------------- --------------- --------------- ---------------
Diluted earnings per (0.41) pence (0.73) (1.65)
share pence pence
-------------------------------- --------------- --------------- ---------------
No dividends were paid for the year ended 31 December 2022.
The Group has been loss-making in all periods presented. The
effect of options and warrants for the six months to 30 June 2023
and 30 June 2022, and year to 31 December 2022 are therefore
anti-dilutive. Accordingly, the dilutive effect of share options
and warrants has not been taken into account of diluted earnings
per share, since this would decrease the loss per share for each of
the period 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
www.symphonyenvironmental.com . 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 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 Yemen, 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 founder-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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