Trading Update

RNS Number : 6289V

Symphony Environmental Tech. PLC

16 January 2013

 



16 January 2013

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

("Symphony", the "Company" or the "Group")

Trading Update

Symphony Environmental Technologies plc, the specialist in advanced plastics technologies including controlled life, anti-microbial and anti-counterfeiting products, and recycling technologies, announces a trading update for the financial year ending 31 December 2012 which is further to the announcement made on 5 December 2012.

On 5 December 2012 it was announced that a trading loss of approximately £1.1m was expected for the financial year to 31 December 2012. Revenues for the month of December were significantly less than anticipated on 5 December and as such the trading loss for the year will be materially higher than £1.1m.

Revenues for the full financial year were approximately £4.9m (2011: £8.5m), with £2.8m generated in the second half of the year (H1 2012: £2.1m).

The Directors believe that the fall in revenues and increased trading loss is principally a result of delays to a number of new large potential territories from which initial d2w® additive sales were expected. As such, they regard this as a matter of timing as initial shipments for these new territories are now expected during the first quarter of 2013.

Following the statement in December, the Group has received initial orders from three of the new territories with positive indications of interest for future sales, albeit the timing is not yet confirmed.

Additionally there was a delay in shipments to some existing territories around the year end period.  

The Group continues to work hard to establish its global distribution network and leverage changes to legislation in favour of controlled-life plastic technology.

For further information, please contact:

Symphony

Michael Laurier, CEO                                                                                                         Tel: [phone]

Ian Bristow, FD

Seymour Pierce

Stewart Dickson / Julian Erleigh (Corporate Finance)                                                 Tel: [phone]

Katie Ratner / Jacqui Briscoe (Corporate Broking)

NOTES TO EDITORS:

About Symphony Environmental Technologies plc

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a specialist in controlled-life plastic technology and products - a system that works by a process called oxo-biodegradation. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world.

Symphony's d2w® technology turns plastic at the end of its service-life into a material with a completely different molecular structure.  At that stage it is no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf.  For a video of d2w® plastic degrading see http://degradable.net/play-videos/4

Symphony also supplies d2p technology that can be used in most types of plastic products to help reduce the risk of contamination by harmful bacteria and fungi. In addition Symphony has developed d2Detector, a portable device which analyses plastics and detects counterfeit products, together with tagging and tracer technology for further security. 

Symphony has a diverse and growing customer-base and has established itself successfully as an international business with 74 distributors around the world. Products made with d2w® plastic technology can now be found in 96 countries and in many different product applications.

Symphony is a member of The British Plastics Federation (BPF), the Oxo-biodegradable Plastics Association (www.biodeg.org), and the Society for the Chemical Industry (UK). Symphony is also a member of the Pacific Basin Environmental Council, Symphony 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).

Symphony is also developing innovative and cost-effective anti-counterfeiting, and recycling systems to convert scrap tyres and other waste-streams into valuable products.

Symphony is accredited to ISO9001 and ISO14001. Further information on the Symphony Group can be found at www.d2w.net.

 

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