Symphony Env. Regulatory News (SYM)

20 Jan 2005 11:57

Symphony Plastic Technologies PLC20 January 2005 For Immediate Release 20 January 2005 Symphony Plastic Technologies plc Pre-Close Trading Statement Symphony Plastic Technologies plc ("Symphony" or the "Group"), the degradableplastics company, will be announcing its preliminary results for the year ended31 December 2004 on 23rd March 2005. Sales for the year were approximately £8.9million (2003: £7.6 million) up by 17% on the previous year. As indicated at the interims, the results for the second half of the year willshow reduced gross profits and losses exceeding current analyst expectations dueto the recent exceptional worldwide raw material price rises against the Group'sfixed price contracts. The management of Symphony has re-negotiated many of itscontracts and has, where possible, mitigated this for the future. As announced on the 21st December 2004, the High Court dismissed the main claimsmade by EPI. This positive judgement has left Symphony free to continue toexploit its own technology worldwide and is allowing discussions to open up morefreely with potential customers at the start of 2005. Current Trading Gross margins have been restored as a result of the above actions. Investmenthas been made in supply chain and corporate marketing activities but with theintention of keeping overhead costs substantively in line with last year. International market opportunities are continuing to increase primarily due tothe growing demand for eco-friendly degradable plastics and also to Governmentalpressure. The Group has recently completed significant distribution agreementsfor Saudi Arabia and Columbia which further extends the territorial reach of thed2w(R) range of products. The increasing number of product sectors and marketsin which the Group operates will both increase its overall potential and avoiddependence on any one market. Board Changes Michael Stephens has today stepped down from the Board, though remaining anoperational director of Group subsidiary Companies and continuing to lead theGroup's technical support and development. For further information: Symphony Plastic Technologies Plc Michael Laurier CEO Ian Bristow, Finance Director +44 (0) 20 8207 5900 Durlacher Limited Matthew Robinson / Marcus Jackson +44 (0) 20 7459 3600 Citigate Dewe Rogerson Patrick Toyne-Sewell / Ged Brumby +44 (0) 20 7638 9571 Further information on Symphony Plastic Technologies plc Symphony develops and supplies environmentally responsible plastic packagingproducts, which are distributed primarily to the retail, local authority andhealth related sectors. The Group's main technology, d2w(R), allows plastic todegrade, leaving only water, a minimal amount of carbon dioxide and traceamounts of non-toxic biomass over a controlled time period. The current d2w(R)product range now includes additives, carrier bags, refuse and waste sacks,mailing wrap, stretch film, aprons, and packaging films. Symphony has a strong blue-chip customer base in the UK and has successfullyestablished itself as an international business with agreements in Brazil,Canada & USA, New Zealand, South Africa, the Caribbean and the Middle East.Further information on Symphony can be found at www.degradable.net.Ends. This information is provided by RNS The company news service from the London Stock Exchange