REG - Symphony Environment - AGM Statement

Symphony Environmental TechnologiesAnnouncement

29/06/2023 07:00

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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 (http://www.symphonyenvironmental.com/)
 Zeus (Nominated Adviser and Joint Broker)
 David Foreman / Kieran Russell (Investment                             Tel: +44 (0) 161 831 1512

 Banking)
 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 (http://www.symphonyenvironmental.com/)

 

Symphony has developed a range of additives, concentrates and master-batches
marketed under its d(2)p® ("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
(http://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® 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/
(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®, 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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