AGM Statement

RNS Number : 1587A

Symphony Environmental Tech. PLC

30 July 2008

 



30 July 2008

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

AGM STATEMENT

At the Annual General Meeting (“AGM”) being held this morning, Michael Stephen, Deputy Chairman of Symphony, will make the following statement to shareholders:

Since the Company's last AGM I am pleased to report that the business has performed well.

Following the board changes and the shift in strategy announced in April and May 2007, the second half of 2007 saw Group revenues increase by 23.5% compared to the first half of the year.  Gross profit margins increased from 26.1% to 33.2%.  The Group operating loss for this period was £300,000, a significant reduction from the £1.0million operating loss of the first half.

The first half of 2008 saw revenues continue to increase.  Group revenues were 37% up on the first half of 2007 and more importantly, d2w® revenues were up by 73%. Gross profit margins accelerated to 40%.

Symphony Energy now leads a consortium whose partners, as previously announced, have received a £1.2million UK Government Grant to develop and commercialise its rubber enhanced recovery project. 

Our distributor base continues to grow.  The current number of d2w® distributors now stands at 38, covering 58 countries.  This builds on the 15 distributors we had by the end of 2007.  

Within our global markets we have been particularly active in the United Arab Emirates with our new distributor, Eco-Polymers of Dubai. There was a successful promotion of d2w® in Dubai in June this year, which was attended by the Environment Minister of the UAE. He made a speech endorsing oxo-biodegradable plastics.

Our Distributor in the UAE continues to make excellent progress in changing many non degradable plastic users to the more eco-friendly plastic products with d2w® additive technology. 

INDIA 

India has always been considered to be a major market opportunity for the sale of d2w® additives and to this end, we are very pleased to announce that a major 15 year Distribution Agreement has been signed with Luibeg International representing a Syndicate of prominent plastic manufacturers and investors in India. The Agreement provides for the distribution and sales of the d2w® range of additives within a number of Indian States on an exclusive basis, with the first consignment of d2w® having already been supplied this month. 

The Syndicate represented by Luibeg International have been working on the development and introduction of the additives through direct promotion and the support of Government Agencies and the State Pollution Control Boards at the highest level.  Extensive trials and tests have also been completed covering a wide range of products.  

We are very pleased with the progress being made since the last AGM.  We are cautiously optimistic for the year ahead.

For further information, please contact:

Symphony
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, FD
HB Corporate
Rod Venables	Tel: [phone]

Further information on the Symphony Environmental Technologies Group of companies:

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradable plastic technology. The technology is recognised by the d2w® droplet logo on thousands of tonnes of oxo-biodegradable plastic products. In the last 12 months enough d2w® pro-degradant additive has been supplied to make more than 5 billion plastic products 

Symphony has a diverse and growing customer base and has successfully established itself as an international business. Its d2w® products can already be found in more than 50 countries around the world. Symphony is proud to be a member of the Oxo-biodegradable Plastics Association (www.biodeg.org).

Symphony is also developing innovative waste-to-energy technology and cost-effective processes to convert plastics, tyres and other waste-streams into valuable products.  

Further information on the Symphony Group can be found at 

 

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