Symphony Plastic Technologies PLC
24 June 2005
For Immediate Release 24th June 2005
Symphony Plastic Technologies plc
Annual General Meeting Statement
Symphony Plastic Technologies plc ('Symphony'), the degradable plastics company,
is pleased to announce that at its Annual General Meeting ('AGM') held today,
all resolutions were unanimously passed.
At the AGM, Nirj Deva, Chairman of Symphony, made the following statement to
shareholders:
'2004 was a challenging year for the Group so I am pleased to be able to report
meaningful increases in sales and in gross profits. Symphony has continued to
expand its international distribution network for both its finished polythene
products and additives over the last twelve months, with new agreements having
been signed for North America, Saudi Arabia, Qatar and Colombia. We now have
nine overseas distributors and our d2w(R) products are marketed in over 20
countries.
My executive team is actively engaged on expanding both the domestic and
international distribution networks. Product development and innovation is
continuing as we meet the many new challenges for products and applications. As
previously reported, environmental concerns together with legislative pressure
are creating a good level of interest for our environmentally responsible d2w(R)
products and additive.
The year also saw success for Symphony in the High Court where the Court found
in favour of Symphony on the significant claims brought against us by EPI. This
litigation was a particular hindrance to Symphony's progress during the year,
taking up much management time. The appeal is expected to be heard by the end of
this calendar year and we remain confident that the original judgment will be
upheld.
A total of £870,000 has been paid into court by EPI as security for our costs in
the case. Also since the year end, Symphony has successfully raised £1.8 million
to cover the case costs, strengthen the balance sheet and provide additional
working capital.
Marketing spend has increased over the last year as we believe that building a
wider awareness of Symphony and our products will be key to the Group's success
going forward.
We look forward to an exciting and challenging year.'
For more information, please contact:
For further information:
Symphony Plastic Technologies Plc
Michael Laurier, CEO +44 (0)20 8207 5900
Citigate Dewe Rogerson
Patrick Toyne Sewell / Ged Brumby +44 (0) 20 7638 9571
Further information on Symphony Plastic Technologies plc
Symphony develops and supplies environmentally responsible plastic packaging
products, which are distributed primarily to the retail, local authority and
health related sectors. The Group's main technology, d2w(R), allows plastic to
degrade, leaving only water, a minimal amount of carbon dioxide and trace
amounts of non-toxic biomass over a short time period. The d2w(R) product range
now includes additives, carrier bags, refuse sacks, mailing wrap, stretch film,
aprons, and packaging films.
Symphony has a strong blue-chip customer base in the UK and has successfully
established itself as an international business after signing distribution
agreements with companies in Brazil, Canada & USA, New Zealand, South Africa,
the Caribbean, Saudi Arabia, Colombia and Qatar. Further information on
Symphony can be found at www.symphonyplastics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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