Symphony Env. Regulatory News (SYM)

27 Jul 2007 09:00

Symphony Environmental Tech. PLC27 July 2007 Annual General Meeting Statement At the Annual General Meeting ("AGM") being held this morning, Nirj Deva,Chairman of Symphony, will make the following statement to shareholders: "As I reported on 27th June, the business has been going through difficult andchanging times, but decisive action has been taken as from 3 April 2007. I wouldlike to report on sales for the first six months of the year. Sales for the half year to 30 June 2007 were £1.70 million versus £2.35 millionfor the same period last year. This is because (as already indicated to themarket) the company has moved from high-turnover/low margin sales of plasticproducts to higher margin sales of d2w additives, with volumes now increasing. Non-degradable sales fell from £1.18 million to £0.47 million, but importantlythe sales of d2w degradable additive grew by 16% compared with the first half of2006. Within the half year period of 2007, overall sales in quarter two were £0.97million versus £0.73 million in quarter one, - an increase of 33%. In thesecond quarter, d2w additive sales grew by no less than 45% from £0.17 millionin quarter one to £0.25 million. The Waste-to-energy business, though small as yet, continues to make encouragingprogress. Costs have been substantially reduced without adversely affecting theperformance of the business or its investment for the future. We are working hard to establish a firm financial and business footing duringthe second half of the year together with developing and driving our d2w salesand waste-to-energy technologies forward. We are encouraged by current activitywithin the business and with our global distributorships. We have built anexpanding network of distributors around the world in five continents, who areintroducing many millions of people to a diverse range of d2w degradableproducts. We still have a lot of work to do, but I am encouraged by progress so far." Symphony Environmental TechnologiesMichael Laurier, Group Chief Executive Tel: 020 8207 5900Ian Bristow, Finance Director Citigate Dewe RogersonFreida Moore Tel: 020 7638 9571Ged Brumby Further information on the Symphony Environmental Technologies Group ofcompanies: SYMPHONY ENVIRONMENTAL LTD is a world leader in oxo-biodegradable plastics. Itdevelops and supplies environmentally-responsible pro-degradant additives aswell as oxo-biodegradable plastic film, and rigid packaging products. SYMPHONY ENERGY RESOURCES LTD. is developing innovative waste-to-energytechnology processing plants and is exploring many opportunities where there isa demand to convert plastics, tyres and other waste streams into valuableproducts by cost effective processes. SYMPHONY PLASTICS LTD has for many years supplied a very popular range ofconventional plastic bags and other plastic packaging products. THE SYMPHONY GROUP has a diverse and growing customer base in the UK and hassuccessfully established itself as an international business after signingagreements with companies in Argentina, Brazil, Canada & USA, Chile, Colombia,France, India, Mexico, New Zealand, Peru, Portugal, South Africa, the Caribbean,Saudi Arabia, and Qatar. Its d2w(R) products can already be found in more than50 countries. Further information on the Symphony Group can be found atwww.symphonyplastics.com and www.degradable.net. This information is provided by RNS The company news service from the London Stock Exchange