AGM Statement

RNS Number : 1690G

Symphony Environmental Tech. PLC

02 May 2014

 



2 May 2014

Symphony Environmental Technologies Plc

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

AGM Statement

At the Annual General Meeting of the Company, held today, Nirj Deva DL, FRSA, MEP, Chairman of the Company, made the following statement:

On the 25 March 2014 we announced that in 2013 the Group saw a significant increase in revenues of 46% compared to 2012, resulting in a small EBITDA loss on recurring business of £10,000 for 2013. This compared extremely well with a £2 million EBITDA loss in 2012. The key factor is that the plastics division of the Company achieved an EBITDA profit of £220,000 in 2013 compared with a loss of £1.75 million the year before.

We also announced that with improved performance we continued to invest into broadening the product range for the three main sectors of our business, environmental (d2w), health and hygiene (d2p), and anti-counterfeiting (d2t). With our distribution network covering over 90 countries we are well placed to exploit the opportunities which we have created.

There were legislation changes that should positively impact on d2w revenues and we are also winning business on the basis of CSR values. Trials and negotiations continue to grow with our d2w d2p and d2t ranges, some of them with very large companies.

We also announced the commercialisation strategy for the tyre recycling division which continues to develop, with further announcements expected in the months to come.

We await regulatory approval for d2p in food packaging applications and we already have approvals  for non food-packaging and  other non food applications.

I am also pleased to advise that the management team and the technical team are  developing exciting new formulations and IP with a focus on expanding the product range into agricultural, retail and chemical sectors.

In the 25th March announcement we advised of a new contract award from a major supermarket group for d2w, and that sales volumes were expected to be significant, but not verified, and with deliveries expected to commence in April. I am pleased to confirm that deliveries have started with the expectation of a full roll-out in the second half.

Since my last announcement, I am pleased to confirm that we have signed a product development agreement with a world leading brand, and are in negotiations with others for d2w and d2p. In addition,  we have completed successful trials on new applications for the d2w and d2p technologies.

We look forward to a successful year ahead.

- Ends -

Contacts

Symphony Environmental Technologies Plc
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, FD
Cantor Fitzgerald Europe
Mark Percy (Corporate Finance)	Tel: [phone]
David Banks / Paul Jewell (Corporate Broking)

 

END

 

 

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