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17 Jul 2008 09:07
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17 July 2008 |
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
TRADING UPDATE
HALF-YEAR RESULTS
Symphony Environmental Technologies plc ("Symphony" or "Group") is pleased to announce that the 2008 trading year has started very well. Key Performance Indicators are showing substantial improvements.
High value d2w® revenues increased by 73% to £2.1m for the half year to 30 June 2008 and Total Group revenues for the half year were £2.3m - an increase of 37% on the same period last year. Gross profit margins accelerated to 40% for the first half of 2008 compared with 26% in the first half of 2007. This is in line with our strategy of moving away from commodity plastics to value-added business opportunities such as d2w® additive technologies and associated products.
The Group has continued to strengthen the d2w® brand and the distribution network - with further sales now being made in new products and new territories. New high-profile customers have changed to d2w®.
This includes the Inditex Group - owners of the "Zara" international retail chain, who have devoted a page (163) to d2w® in their 2008 Annual Report. (http://www.inditex.com/en/). Inditex say "The sustainable store is one of the most important projects that Inditex has initiated. It is not only important that the store is a key element in the Inditex business model but also that it involves the customer by including their participation in the company's commitment to the environment."
Sales relating to recent contracts wins, including those announced for South Africa and the Middle East, were initiated in the first half of this year, and volumes are expected to increase in the second half of 2008.
Over the period 2nd-4th July 2008, Symphony held its second Distributor Conference that included product training and development of marketing opportunities. Twenty-four Distributors and potential Distributors attended, from the Americas, Western and Eastern Europe, Scandinavia, North Africa, China, Taiwan and the Indian sub continent.
The number of d2w® distributors has now increased to 38 compared with only 7 in the first half of 2007.
The Group also announces that its interim results for 2008 will be released on 16 September 2008.
For further information, please contact:
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Symphony |
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Michael Laurier, CEO |
Tel: 020 8207 5900 |
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Ian Bristow, FD |
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HB Corporate |
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Rod Venables |
Tel: 020 7510 8600 |
Further information on the Symphony Environmental Technologies Group of companies:
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradable plastic technology. The technology is recognised by the d2w® droplet logo on thousands of tonnes of oxo-biodegradable plastic products. In the last 12 months enough d2w® pro-degradant additive has been supplied to make more than 5 billion plastic products
Symphony has a diverse and growing customer base and has successfully established itself as an international business. Its d2w® products can already be found in more than 50 countries around the world. Symphony is proud to be a member of the Oxo-biodegradable Plastics Association (www.biodeg.org).
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
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