AGM Statement

RNS Number : 5533S

Symphony Environmental Tech. PLC

20 May 2009

 



20 May 2009

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

('Symphony' or 'the Group')

AGM STATEMENT

At the Annual General Meeting ('AGM') being held this morning, Nirj Deva, Chairman of Symphony, will make the following statement to shareholders:

Since our last AGM, I am pleased to report that the Group has performed even more strongly, highlighted by the addition of Grupo Bimbo, one of the world's most important bakeries, to our list of customers.

Our 2008 results showed a 42% growth in revenue to £5.36 million, gross profit margins doubling to 44%, and a significant decrease in operating loss to just £150,000. In fact, the second half of the year showed an operating profit of £50,000. These figures show how much we have benefitted from strategic changes made during the last two years. We are now a high-margin, operationally-geared company with a proven distributor sales model.

We have recently announced a major technical advance in the field of metallised packaging, along with the development of new business in Mexico. We have also, in the last few days, launched Symphony's d2w® products at a major conference in Lebanon. These innovations show that d2w® is fast becoming a global brand, in demand by major players. Our distribution network continues to grow and now covers 76 countries.

The Group's commitment is to increase the value of the brand; for ourselves, our distributors and the end-user. This will be achieved by ensuring that we continue to improve our current product range and service while challenging ourselves to create new products for new applications. 

Symphony Energy and its consortium partners are continuing their work on the part Government-funded Rupert project. As already advised, we aim to commercialise this when the time is right. 

Current trading continues ahead of our expectations, and as previously stated, we aim to further reduce the interest-bearing debt during 2009.

Lastly, I am pleased to report that the Board has been strengthened since the last AGM, and I, along with my new non-executive team, will endeavour to continually upgrade the Group's  Corporate Governance in line with best practice.

For further information, please contact:

Symphony
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, FD
HB Corporate
Rod Venables / James Reeve	Tel: [phone]
Threadneedle Communications
Graham Herring / Alex White	Tel: [phone]

Further information on Symphony Group of Companies:

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradable eco-compatible plastic technology. The technology is recognised by the d2w® droplet logo on many thousands of tonnes of plastic products.  

Symphony has a diverse and growing customer base and has established itself successfully as an international business. Products made with d2w® plastic technology can be found in more than 70 countries around the world and in many different product applications. Symphony is a member of the Oxo-biodegradable Plastics Association (www.biodeg.org), the Society for the Chemical Industry (UK), and the American Standards Organisation (ASTM). Symphony continues to participate in the work of the British Standards Institute (BSI), and the European Standards Organisation (CEN).

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 www.degradable.net.

 

END

 

 

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