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(Alliance News) - Symphony Environmental Technologies PLC shares rose on Thursday, after it reported higher 2023 revenue and updated markets on its case it brought against the Commission, Parliament & Council of the European Union
Symphony is a Hertfordshire-based developer of technology to make plastic biodegradable. Its shares were up 18% to 5.00 pence each in London on Thursday.
Sympthony said revenue in 2023 edged up to GBP6.4 million from GBP6.2 million a year earlier.
However, it noted that revenue in the second half of the year fell to GBP2.8 million from GBP3.6 million. Gross margins and distribution costs are expected to be in line with the first half, though.
Looking ahead, the company said "opportunities for Symphony remain significant, and whilst these are taking considerably longer to convert than originally anticipated, a combination of more positive conversations, trials and other factors give the Board confidence that these can and will be converted in the short to medium term."
Sympthony also updated markets on a case it brought against the Commission, Parliament & Council of the European Union, which was heard back in March last year.
Symphony Environmental's case is that article 5 of the Single-use plastics Directive 2019/904 is unlawful. Because of this, the company is claiming for losses and reputational damages.
The judgement will be delivered on January 31.
"Symphony has legal advice from leading counsel that article 5 applies to oxo-degradable plastics, but not to oxo-biodegradable plastics such as those made with Symphony's d2w technology, but the global confusion caused by the wording of the legislation has been obstructing and delaying the adoption of the technology. For every day it remains in force Symphony suffers loss, but more important, ordinary plastic continues to be used, with thousands of tons getting into the open environment every week, where it will persist for 50 years or more," the company said.
By Sophie Rose, Alliance News senior reporter
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