Final Results

Symphony Plastic Technologies PLC
13 March 2003

For Immediate Release                                            13th March 2003


                       SYMPHONY PLASTIC TECHNOLOGIES PLC

                              PRELIMINARY RESULTS
                      FOR THE YEAR ENDED 31 DECEMBER 2002

Symphony Plastic Technologies plc ('Symphony' or 'the Group'), a company
specialising in fully degradable plastics and other related products, is pleased
to announce its results for the year ended 31st December 2002.

HIGHLIGHTS

•    Sales of degradable products (d2wTM) increased by 13.8% to £2.39m
     (2001: £2.10m)

•    Sales of non-degradable products decreased by 5.7% to £1.65m (2001:
     £1.75m), as the Group increased its focus on fully degradable products

•    Turnover up 4.9% to £4.04m (2001: £3.85m)

•    Gross profit, before warehousing, up 18% to £886,000 (2001: £750,000)

•    Gross margins, before warehousing, up by 13% to 22.0% (2001: 19.5%)

Commenting on the results, Christopher Littmoden, Chairman of Symphony, said:

'Major progress was made by the winning of high profile carrier bag contracts
for Co-operative Retail and Somerfield/Kwik Save, amongst others, which have
started in earnest in 2003. The results for the year therefore do not reflect
the effect of these contracts.

Symphony has now proven that d2w products offer a commercially viable
alternative to non-degradable plastics and a realistic environmental solution to
the issue of plastic waste.

Serious interest is being shown by a number of national and international blue
chip companies for a wide variety of products.

The Board is confident that 2003 will be a significant year for the Group, made
possible by the likely conversion of our investment in technology and know-how
into a successful and fast growing business.'


For further information, please contact:

Symphony                                               On the day: 020 7466 5000
Christopher Littmoden, Chairman                        Thereafter: 020 8207 5900
Michael Laurier, CEO

Buchanan Communications                                Tel: [phone]
Bobby Morse / Louise Bolton                            Mobile: [phone]


Attached: Chief Executives' review; Consolidated Profit and Loss Account;
Consolidated Balance Sheet; Consolidated Cash Flow Statement; Notes to the
Preliminary Statement.

CHIEF EXECUTIVE'S REVIEW

We had an encouraging year with over £6m of contracts awarded. These  include
the large grocery chains Co-operative Retail, Somerfield and Kwik Save.  As
outlined in the trading statement dated 4 February 2003, deliveries on these
contracts started in 2003.

Symphony's stated strategy is to ensure that d2w consolidates its position as
the UK brand leader for fully degradable plastic packaging products, an aim that
has been successfully achieved during a relatively short period.

TRADING RESULTS

Symphony achieved a 13.8% increase in sales of d2w products from £2.10m to
£2.39m. Sales of non-degradable products reduced by 5.7% to £1.65m from £1.75m.
Total group sales increased by 4.9% to £4.04m from £3.85m.  The Group continued
to allocate all of its marketing and sales efforts to the further development of
d2w product sales, whilst maintaining the higher margin non-degradable business
where possible.

The operating loss was £1.62m in 2002, which is up from the 2001 results of
£1.46m, due to increased amortisation rates applied on the carrying value of the
licence fee. The Board reviewed the economic life of the licence fee and
associated development costs and as a result the write off period has been
reduced to five years. This change in policy resulted in a further £163,000
amortisation charge in the year. Administrative expenses, excluding depreciation
and amortisation, were £1.87m in 2002, which is 6.3% up from the 2001 figure of
£1.76m, primarily as a result of costs incurred in the further development of
our products.

Group gross profits, before fixed warehousing charges in 2002, were £886,000
(2001: £750,000), which represents an increase of 18%.

The loss per share decreased to 5.32 pence from 6.56 pence.

SALES

The Group has selectively targeted viable new sectors for which d2w product is
applicable.  The sectors which the Group currently targets are as follows:

1 - Retail

Symphony is now selling a diverse range of goods for resale and goods not for
resale products into several major retailers. We are in constant discussions
with a number food and non-food retailers on not only the above products, but
also primary packaging.

2 - Governmental and Health Sectors

Sales of d2w products into the local authority sector grew by 47% in 2002. This
primarily consisted of green waste sacks, which is a significant area for growth
over the next few years as local councils are forced under an EU Directive to
divert bio-degradable waste away from landfill.

Following the commitment from a large healthcare/hospital group for degradable
refuse sacks, liners and aprons, further opportunities are being pursued within
the health sector for a range of d2w products, together with non-degradable and
soluble.

3 - Mailing, Poly Wrap and Packaging Films ( new product area)

Following successful trials, mailing houses, media groups and catalogue
companies are taking an interest in our d2w products. Though at an embryonic
stage, Symphony anticipates that this market sector will grow many fold in the
short term.

4 - Agricultural Films

We made our first delivery of tree bags to Wibdeco (part of Fyffes Plc). This
was our first consignment under our CIBA relationship. It is anticipated that
this may lead to further significant sales into the banana growing areas in the
region.

5 - Overseas

Barbados

Sales increased in Barbados by 29% in 2002 and the outlook for 2003 is positive
with deliveries  so far in 2003 substantially ahead of the same period last
year.

Symphony Environmental Caribbean Inc (SECI) has started to market its degradable
products to the wider Caribbean market. Initial responses are encouraging.

Symphony Bin Hilal Plastics Llc - Abu Dhabi

Production from Abu Dhabi represents less than 10% of our product volume. As all
of our products are multi sourced, the current uncertainty in the Middle East
will not disrupt supplies.

Sales in the Middle East region continue to show good signs of growth.

BOARD CHANGES

The Board was strengthened this year with the appointment of Allan Blacher as
Chief Operating Officer. His background with BAA, Rothmans and Zetters has
enabled him to have an instant and beneficial impact on the business. This has
also allowed Michael Stephens to focus fully on  technical developments, the
benefits of which will be seen later this year.

OUTLOOK

Symphony's ability to produce, market and distribute fully degradable products
comparable in price and quality to non-degradable products, has meant that
interest levels from prospective customers is at an all time high. The growth in
our range of products places the Group in a very strong position to gain
significant sales in traditional and new areas.

Although constrained by both its size and financial resources, the Group has won
significant contracts against competition from larger and longer established
companies.  d2w is now the UK's market leader in fully degradable plastic
products. As a result of the higher profile brought about by environmental
concerns and legislative issues, the Board believes that 2003 will be a
significant year for the Group.


Michael Laurier
Chief Executive


PROFIT AND LOSS ACCOUNT

For the year ended 31 December 2002

                                                                                     31            31
                                                                               December      December
                                                                                   2002          2001
                                                                                      £             £

Turnover                                                                      4,035,064     3,849,499

Cost of sales                                                               (3,291,816)   (3,246,094)

Gross profit                                                                    743,248       603,405

Distribution costs                                                            (178,962)     (146,953)

Administrative expenses                                                     (2,187,622)   (1,915,499)

Operating loss                                                              (1,623,336)   (1,459,047)

Net interest                                                                   (55,776)      (84,053)

Loss on ordinary activities before taxation                                 (1,679,112)   (1,543,100)

Tax on loss on ordinary activities                                                    -             -

Loss for the financial year transferred from reserves                       (1,679,112)   (1,543,100)

Basic loss per share in pence                                                    (5.32)        (6.56)


There were no recognised gains or losses other than the loss for the financial
year.



CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2002


                                                                                   2002          2001
                                                                                      £             £
Fixed assets
Intangible assets                                                             1,401,345     1,681,614
Tangible assets                                                                 186,880       184,208
Investments                                                                      15,525        15,525

                                                                              1,603,750     1,881,347

Current assets
Stocks                                                                          738,092       637,484
Debtors                                                                       1,240,703     1,142,132
Cash at bank and in hand                                                        107,488       465,943

                                                                              2,086,283     2,245,559

Creditors: amounts falling due within one year                              (1,227,864)     (809,406)

Net current assets                                                              858,419     1,436,153

Total assets less current liabilities                                         2,462,169     3,317,500

Creditors: amounts falling due after more than one year                        (13,570)      (44,605)

                                                                              2,448,599     3,272,895

Capital and reserves
Called up share capital                                                         341,718       307,343
Share premium account                                                         6,896,380     6,075,939
Other reserves                                                                  822,539       822,539
Profit and loss account                                                     (5,612,038)   (3,932,926)

Shareholders' funds                                                           2,448,599     3,272,895



CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 December 2002

                                                                                   2002          2001
                                                                                      £             £

Net cash outflow from operating activities                                  (1,343,612)   (1,383,598)

Returns on investments and servicing of finance
Interest received                                                                 2,118             9
Interest paid                                                                  (53,334)      (70,202)
Finance lease interest paid                                                     (4,560)      (13,860)

Net cash outflow from returns on investments and servicing of finance          (55,776)      (84,053)

Capital expenditure and financial investment
Purchase of intangible fixed assets                                                   -      (42,990)
Purchase of tangible fixed assets                                              (23,196)      (12,417)
Purchase of investments                                                             170             -

Net cash outflow from capital expenditure and financial investment             (23,026)      (55,407)

Financing
Issue of shares                                                               1,022,182     2,623,742
Receipts from borrowings                                                              -        51,856
Capital element of finance lease rentals                                       (51,148)      (40,845)
Expenses paid in connection with issue of shares                              (167,366)     (571,081)

Net cash inflow from financing                                                  803,668     2,063,672

(Decrease)/increase in cash                                                   (618,746)       540,614


NOTES TO THE PRELIMINARY STATEMENT

Preliminary Results for year ended 31 December 2002

1     BASIS OF PREPARATION

The preliminary announcement has been prepared on the basis of accounting
policies consistent with the audited financial statements for the year ended 31
December 2002.  FRS 19 has been adopted for the first time this year but has had
no material effect.

2     LOSS PER SHARE

The calculation of basic loss per share is based on a loss for the year of
£1,679,112 (2001: £1,543,100) divided by the weighted average number of shares
in issue during the year of 31,578,768 (2001: 23,530,676).

3     PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.

The balance sheet at 31 December 2002 and the profit and loss account for the
year then ended have been extracted from the Group's financial statements upon
which the auditors opinion is unqualified.


                      This information is provided by RNS
            The company news service from the London Stock Exchange