AGM Statement

RNS Number : 0428O

Symphony Environmental Tech. PLC

15 May 2018

 

15 May 2018

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is considered to be in the public domain

AGM Statement

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

Symphony Environmental Technologies plc (AIM: SYM) is pleased to provide the following update prior to its Annual General Meeting ("AGM") to be held today at 10.00am.

At the AGM, Nirj Deva, DL, FRSA, MEP Chairman of Symphony, will make the following statement:

We released a full update to the market this morning as we had a lot of important information to communicate, and I would now like to add the following statement:

Plastic pollution is one of the biggest and most pressing issues of today. The world is demanding change and is talking every day about banning plastic and the harm it is causing to the environment on land and in the oceans. From our global network we can see that there are differing needs and issues in differing parts of the world, and there is no single solution.

Good progress is being made and I am very pleased to report that 11 countries have legislated in favour of oxo-biodegradable plastics and we believe that more will follow. We are confident that d2w additives can be a significant part of the global solution to persistent plastic litter including microplastics. The market potential for oxo-biodegradable products is within the majority of the global flexible plastic market, which is currently over 300 million tonnes per annum.

With our new interest and potential entry into bioplastics, produced not from food crop grown on valuable arable land using freshwater resources, but from an environmental pollutant, we will be able to supply into markets that are demanding products made from sustainable resources and in particular products that use less olefinic hydrocarbon resources.

The market for bioplastics is current around 7 million tonnes per annum and growing at over 12% per annum.

Our d2p "designed to protect" technologies are also part of the solution, but a different one, as these technologies have value in health, food preservation, agricultural optimisation, pest control and flame retardants amongst other areas. 

We are able to commercialise all these synergistic technologies globally through our extensive distribution network and growing customer base.

I am very pleased to report that the year has started well on two fronts, financial, with revenues 17% up on the previous year, and the commercial environment, which is showing significantly more demand, interest and opportunities than ever before. We are excited by the developing prospects mentioned in our earlier Trading and Operations Update announcement and look forward with optimism for this year and beyond.

On behalf of my Board, I would like to thank our shareholders, staff and distributors for their hard work and dedication. We are not just looking to improve our financial performance, but also the world in helping it become a better place for everyone to live in from using one or all of our "making plastic & rubber smarter" technologies.

Enquiries

Symphony Environmental Technologies Plc
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, CFO
www.symphonyenvironmental.com
Cantor Fitzgerald Europe
David Foreman/Richard Salmond (Corporate Finance)	Tel: [phone]
Alex Pollen (Sales)

NOTES TO EDITORS:

About Symphony Environmental Technologies plc

Symphony has developed and continues to develop, controlled-life plastic technology which helps tackle the problem of microplastics by turning ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in the same way as a leaf. 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. In some countries, most recently Saudi Arabia, oxo-biodegradable plastic is mandatory. 

To view a short BBC World Service film introducing d2w oxo-biodegradable (controlled-life) plastic technology please click on one of the following links: 

From within the UK- http://www.symphonyenvironmental.com/d2w/d2w-brochure-5/

From outside of the UK - http://www.bbc.com/storyworks/the-british-bid/symphony 

In addition, Symphony has developed a range of additives, concentrates and master-batches marketed under its d2p® brand, which can be incorporated in a wide variety of plastic and non-plastic products so as to give them protection against many different types of bacteria, fungi, algae, and insects, and against fire. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. We have also launched d2p anti-microbial household gloves and are developing a range of other d2p finished products for retail sale.

Symphony has also developed the d₂Detector®, a portable device which analyses plastics and detects counterfeit products.  This is useful to government officials tasked with enforcing legislation, and Symphony's d₂t tagging and tracer technology is available for further security.

Symphony has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in nearly 100 countries and in many different product applications. Symphony itself is accredited to ISO9001 and ISO14001.

Symphony is a member of The Oxo-biodegradable Plastics Association (www.biodeg.org) (OPA), the Society for the Chemical Industry (UK), and the Pacific Basin Environmental Council. Symphony is also a strategic partner of the Commonwealth business initiative, and 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).

Further information on the Symphony Group can be found at www.symphonyenvironmental.com and twitter @SymphonyEnv  See also Symphony on Instagram   A Symphony App is available for downloading to smartphones.

 

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