Pre Close Statement

RNS Number : 2889V

Symphony Environmental Tech. PLC

08 July 2009

 



8 July 2009

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

('Symphony' 'Company' or 'the Group')

Pre-close statement

Symphony Environmental Technologies plc, the degradable plastics and waste-to-energy company, is pleased to announce that the Company's results for the six month period to 30 June 2009 have finished ahead of management expectations.

Revenue for the period was £3.65 million versus £2.30 million for the first half of 2008, an increase of 59%. Gross profit margins were 53% versus 42% for the prior year, resulting in a gross profit of £1.93 million in comparison with £0.98 million for the first half of 2008.

The level of interest bearing debt has also reduced by more than £0.40 million since the start of the year.

The number of distributors has increased to 48, representing 76 countries. Within the last month Symphony held its third annual distributor conference. For the three day event there were 60 attendees representing 38 of our distributors.

Interim results for the first half of 2009 will be announced on Thursday 10 September 2009.

For further information, please contact:

Symphony
Michael Laurier, CEO	Tel: [phone]
Ian Bristow, FD
HB Corporate
Rod Venables / James Reeve	Tel: [phone]
Threadneedle Communications
Graham Herring / Alex White	Tel: [phone]

Further information on Symphony Group of Companies:

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradable eco-compatible plastic technology. The technology is recognised by the d2w® droplet logo on many thousands of tonnes of plastic products.  

Symphony has a diverse and growing customer base and has established itself successfully as an international business. Products made with d2w® plastic technology can be found in more than 70 countries around the world and in many different product applications. Symphony is a member of the Oxo-biodegradable Plastics Association (www.biodeg.org), the Society for the Chemical Industry (UK), and the American Standards Organisation (ASTM). Symphony continues to participate in the work of the British Standards Institute (BSI), and the European Standards Organisation (CEN).

Symphony is also developing innovative waste-to-energy technology and cost-effective processes to convert plastics, tyres and other waste-streams into valuable products.

Further information on the Symphony Group can be found at www.degradable.net.

 

END

 

 

TSTEASXXESNNEFE