TIDMSYM
RNS Number : 0570A
Symphony Environmental Tech. PLC
18 January 2024
18 January 2024
Symphony Environmental Technologies plc
("Symphony" or the "Company")
(1) Trading update
(2) EU Case - date of judgment
Symphony Environmental Technologies plc (AIM: SYM), global
specialists in technologies that make plastic and rubber products
smarter, safer and more sustainable, announces the following
updates.
Trading update
Revenue for the year ended 31 December 2023 was marginally
higher than prior year at GBP6.35 million (2022: GBP6.15 million)
with revenue for the second half of the year at GBP2.78m (2023 H1:
GBP3.56 million). Gross margins and distribution costs are expected
to be in line with H1 2023.
We advised in our 2023 interim statement that "some key trials
were extended into H2-2023" and this continues to be an ongoing
theme which is delaying the crystallisation of certain pipeline
revenues. Also as previously advised, we continue into 2024 waiting
for regulatory approvals for both d2w and d2p products in some
important markets, over which we have no control on timescale.
In line with previous statements, 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.
EU Case
After two years of written proceedings, the case brought by
Symphony against the Commission, Parliament, and Council of the
European Union was heard on 20 March 2023 in the General Court of
the EU in Luxembourg. Symphony's case is that Art. 5 of the
Single-use plastics Directive 2019/904 if and to the extent that it
relates to oxo-biodegradable plastics, is unlawful and the Company
is claiming substantial financial compensation.
We can now advise that Judgment will be delivered in open court
at 9.30am (CET) on 31 January 2024.
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. There is an urgent need for the adoption of
d2w technology, which is already compulsory in the Middle East, so
that it will quickly biodegrade leaving no microplastics or harmful
residues.
Enquiries
+44 (0) 20 8207
Symphony Environmental Technologies Plc 5900
Michael Laurier, CEO
Ian Bristow, CFO
www.symphonyenvironmental.com
+44 (0) 203
Zeus (Nominated Adviser and Joint Broker) 829 5000
David Foreman / Kieran Russell (Investment Banking)
Dominic King (Corporate Broking)
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com
Symphony has developed a range of additives, concentrates and
master-batches marketed under its d2p(R) ("designed to protect")
trademark, which can be incorporated in a wide variety of plastic
and non-plastic products so as to provide protection against many
different types of bacteria, viruses, fungi, algae, moulds, and
insects, and against fire. d2p products also include odour,
moisture and ethylene adsorbers as well as other types of
food-preserving technologies. For an overview see www.d2p.net
Symphony has launched d2p anti-microbial household gloves and
toothbrushes and "Symfresh" food-packaging and is developing a
range of other d2p finished-products for retail sale.
Symphony has also developed a biodegradable plastic technology
which addresses the problem of persistent microplastics, by turning
ordinary plastic at the end of its service-life into a waxy
substance which is biodegradable. It is then no longer a plastic
and can be bioassimilated in the open environment in a similar way
to a leaf without leaving microplastics behind. The technology is
branded d2w(R) and appears as a droplet logo on many thousands of
tonnes of plastic packaging and other plastic products around the
world, much of which has been recycled. In some countries, most
recently Yemen, oxo-biodegradable plastic is mandatory for
short-life plastic products.
d2w technology was studied for three years in the Oxomar
project, sponsored by the French government, which concluded that
plastic made with Symphony's d2w oxo-biodegradable technology will
biodegrade in seawater significantly more efficiently than
conventional plastic. See
https://www.biodeg.org/subjects-of-interest/agriculture-and-horticulture/the-marine-environment/
Following this report, the scientists allowed bacteria commonly
found in the open environment access to d2w oxo-biodegradable
plastic containing Carbon 13. They found Carbon 13 in the carbon
dioxide exhaled by the bacteria, proving beyond doubt that the
plastic had been bioassimilated by the bacteria.
Symphony has complemented its d2w and d2p product ranges with
d2c "compostable resins and products" that have been tested to US
and EU composting standards and has invested in Eranova - a French
company extracting starch for making plastics out of algae.
Symphony has also developed the d2Detector(R), a portable device
which analyses plastics and detects counterfeit products. This is
useful for government officials tasked with enforcing legislation,
and Symphony's d2t tagging and tracer technology is available for
further security.
Symphony has a diverse and growing customer-base and has
established itself as an international business with over 70
distributors around the world. Products made with Symphony's
plastic technologies are now available in nearly 100 countries and
in many different product applications. Symphony itself is
accredited to ISO9001 and ISO14001.
Symphony is a founder-member of The BPA (www.biodeg.org) and
actively participates in the Committee work of the British
Standards Institute (BSI), the American Standards Organisation
(ASTM), the European Standards Organisation (CEN), and the
International Standards Organisation (ISO).
Further information on the Group can be found at
www.symphonyenvironmental.com and twitter @SymphonyEnv See also
Symphony on Instagram. A Symphony App is available for downloading
to smartphones.
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