TIDMSYM
RNS Number : 8698N
Symphony Environmental Tech. PLC
27 September 2019
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain
27 September 2019
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Interim Results
Symphony Environmental Technologies Plc (AIM: SYM), a global
specialist in additive, masterbatch and concentrates technologies
that enhance the properties of plastic and complementary
non-plastic products by making them either biodegradable or
resistant to bacteria, fungi, algai, moulds, insects, fouling and
fire, is pleased to announce its interim financial results for the
six-month period ended 30 June 2019.
Financial highlights
-- Revenues stable at GBP4.1 million (H1-2018: GBP4.1 million)
-- Gross profit also stable at GBP2.0 million (H1-2018: GBP2.0 million)
-- Adjusted EBITDA, before R&D and planned marketing,
communications and brand costs of GBP519,000 (H1-2018:
GBP587,000)
-- Reported loss before tax of GBP86,000 (H1-2018: profit GBP7,000)
-- Basic loss per share of 0.05 pence (H1-2018: earnings per share of 0.01 pence)
Post period-end
-- Subscription for new shares raising GBP1.9 million (gross)
-- Grupo Bimbo announces expansion of its biodegradable
packaging programme and new packaging with Symphony's d2w brand
-- New and first significant order for d2w agricultural grade
-- New and first significant order for d2c "designed-to-compost" technology
-- New legislation passed in Bahrain for oxo-biodegradable plastics
-- Major launch of d2p Protector product in Bahrain.
Commenting on the results Nirj Deva, Chairman of Symphony,
said:
I am pleased to report that further progress has been achieved
in 2019 in a number of areas such as product development,
government lobbying, branding, technical and the strengthening of
our direct front-line sales force. As previously reported, the
world is rethinking the way plastic is produced, used and disposed
of, and is in many cases adopting technologies that are low cost
and non-disruptive to manufacture, and that can be reused and
recycled at the end of their useful life, without increasing CO2
emissions. The trend for change from ordinary plastics to materials
less harmful to the environment is clearly evolving and we are
seeing a sharp increase in activity from our global network of
distributors, customers and potential customers, for many of our
"making plastic smarter" technologies.
Users of plastics are being forced to make changes, either as a
result of consumer pressure, or increasing legislative
restrictions. We have seen companies having to adopt technology
such as d2w to be able to continue exporting their plastic products
to the Middle East. In Latin America, we are now seeing a rapid
change in the market where users of ordinary plastics are having to
switch to alternatives such as compostable or biodegradable
materials. The product choice is mostly dependent on national or
local legislation, with some requiring a compostable type product,
whilst others require a d2w type biodegradable product. To meet
this opportunity, we have complemented our d2w biodegradable
product range with d2c compostable resins and products that have
been tested and certified to US and EU composting standards. We
believe that the lowest cost and least disruptive option is
d2w.
In the Middle East, Saudi Arabia continues to evolve its
regulatory requirement for oxo-biodegradable technologies for
certain products, and further progress is expected as the second
and third phases of their enforcement program takes effect from
April 2020. These phases were delayed from September of this year
due to the significant task of registration and other formalities
required from a large number of plastics manufacturers around the
world. In the meantime, we have increased our resources in the
region, and are seeing companies from outside of the region
registering to sell products containing SASO approved
oxo-biodegradable packaging where they export into Saudi Arabia. It
is also encouraging to see that post period end, Bahrain followed
Saudi Arabia by passing new legislation to make most types of
plastic oxo-biodegradable in July of this year.
As recently announced, Grupo Bimbo, the world's largest bread
manufacture, has chosen to expand its use of biodegradable
technology across a myriad of products and into many of the regions
they operate in. Moreover, some of our Latin American distributors
have seen a substantial increase in sales activity in recent weeks
as a result of the market changes detailed above.
Having successfully completed d2p product evaluation trials, and
with others nearing completion, we believe that we are entering
into a new commercial phase for products such as anti-microbials,
flame retardant and insecticides in the Middle Eastern, Asian, and
Latin American markets.
Post period-end, our d2p technology was launched in Bahrain in a
newly developed "Protector" brand range of finished products
through Health & Hygiene Ltd. The product range is mainly
designed for the medical and clinical markets and applications, and
includes the world's first d2p anti-bacterial toothbrush,
examination glove, surgical gown, facemask, overshoe and
hairnet.
Revenues were GBP4.1 million during the period which was
slightly lower than the second half of 2018, principally due to
inventory adjustments by some of our customers as a result of
legislative clarification in several of our markets, together with
delays in d2p glove listings in Italy. We are uncertain as to the
exact timing of when orders will increase, but we believe we will
see this in the short rather than longer-term. This is because of
the continued traction from legislation and regulation forcing
change, and the commencement of the second and third phases of
Saudi Arabia's enforcement programme which had temporarily delayed
orders during the period. Revenue expectations in the market for
the full year 2019 may therefore be affected but the Board consider
this would be a temporary timing issue rather than anything more
fundamental.
In conclusion, our sales pipeline is advancing well across a
wide range of technologies which, with an increase in direct
front-line sales, mean we remain confident of an improving
performance over the coming months and into 2020.
Enquiries
Symphony Environmental Technologies Plc
Michael Laurier, CEO Tel: +44 (0) 20 8207
5900
Ian Bristow, CFO
www.symphonyenvironmental.com
Cantor Fitzgerald Europe (Nominated Adviser
and Joint Broker)
David Foreman, Michael Boot (Corporate Tel: +44 (0) 20 7894
Finance) 7000
Caspar Shand Kydd, Maisie Atkinson (Sales)
Hybridan LLP (Joint Broker)
Claire Louise Noyce Tel: +44 (0) 203
764 2341
The person responsible for arranging the release of this
information is Michael Laurier, CEO of the Company.
Chief Executive's review
I reported in our 2018 Annual Report and Accounts that the Board
were of the opinion that Symphony was reaching a pivotal period in
its development. We maintain this view albeit the increase in
orders, particularly in the Middle East, has currently been slower
than anticipated due to delays in phases two and three of Saudi
Arabia's oxo-biodegradable enforcement programme. Our strategy
continues to be that of investment into new and complementary
technologies, together with strengthening our sales activities
within the Group's existing operational framework.
For our d2w technology, legislation is changing globally in
respect to short-life or single use packaging. Accordingly,
increasing numbers of businesses are viewing oxo-biodegradable as a
valuable technology. For example, Grupo Bimbo's d2w progress event
on 20 August 2019 was significant as they are expanding their
program of adopting more environmentally friendly packaging and for
the first time are using the d2w brand alongside a suite of
technologies. Part of this suite of products includes compostable
packaging.
We expect further progression of enforcement within Saudi Arabia
in early 2020 as the delayed enforcement program comes into effect
which will capture many additional and high-volume products.
Companies globally are getting ready to comply where they export
into the Saudi Arabian market a wide range of packaging materials
and products packed in packaging materials. We have also increased
our sales resources in the region which we anticipate will have a
positive effect in the short-term and thereafter.
We have also continued to develop our d2w technology, with an
agricultural grade finalised during the period and with commercial
sales starting after the period end.
During the first half of this year, Symphony's d2w business
inside the EU accounted for only 7.7% of revenues (H1-2018: 8.6%),
and we believe that the EU Directive on "The reduction of the
impact of certain plastics on the environment" and in particular, a
restriction on oxo-degradable plastic, will have a limited effect
on Symphony's business going forward. The Directive aims to ban
plastic products that do not properly bio-degrade and are not
recyclable, which is not the case for our d2w bio-degradable
products, as confirmed by a former UK judge after reviewing the
scientific evidence. It is notable that no scientific dossier has
been published by the EU's own scientists in the European Chemicals
Agency (ECHA) for any action relating to oxo-degradable or
oxo-biodegradable plastics, and any such action could therefore be
subject to legal challenge. The ECHA investigation was terminated
during the period.
As noted in the Chairman's statement, users of plastics are
being forced to make changes, either as a result of consumer
pressure, or increasing legislative restrictions. We are now seeing
a rapid change in the market where users of ordinary plastics are
having to switch to alternatives such as compostable or
biodegradable technologies. The product choice is mostly dependent
on national or local legislation, with some requiring a compostable
type product, whilst others require a d2w type biodegradable
product. We have therefore complemented our d2w biodegradable
product range with d2c compostable resins and products. Since the
period-end, the Group received an initial $95,000 d2c order for the
Latin American market.
For our d2p commercial products, further listings for
anti-microbial gloves in some of the major Italian retailers was
delayed resulting in d2p revenues being minimal for the period.
However, we have now received orders post period-end together with
a new listing in Turkey with a major retail group. We have also had
successful customer trials for flame retardant and fruit
preservation technologies for which we are now in commercial
negotiations.
Our current and developing d2p product technologies now
include:
-- Anti-microbial/anti-bacterial/anti-algae
-- Flame retardant
-- Anti-insect/slug/rodent/fouling
-- Odour adsorber/ethylene adsorber/oxygen scavenger
-- Vapour corrosion inhibitor
Financial results
Group revenue and gross profit for the first six months of 2019
were unchanged from last year at GBP4.1 million and GBP2.0 million
respectively. The gross margin during the period was 49.4%
(H1-2018: 47.4%). As detailed above, revenue in the period was
impacted due to expected increases in orders from the Middle East
being delayed, inventory adjustments by end customers as a result
of legislative clarification in many of our markets meaning orders
were deferred, and delays incurred for d2p glove listings in
Italy.
We continued our investment strategy into product development,
government lobbying, brand and technical support, and commenced
strengthening our direct front-line sales force during the period.
Distribution costs increased during the period due to the pattern
of sales, and interest increased primarily due to a higher level of
business under termed letters of credit which were discounted for
cash on presentation. Administrative expenses increased slightly to
GBP1.9 million (H1-2018: GBP1.8 million).
The Group has adopted IFRS 16 which requires lessees to account
for leases 'on-balance sheet' by recognising a 'right-of-use' asset
together with its respective lease liability. The date of initial
application by the Group was 1 January 2019. The Group used the
modified retrospective method and has therefore only recognised
leases on the balance sheet as at 1 January 2019. In addition, the
measurement of right-of-use assets has been calculated by reference
to the lease liability as at 1 January 2019 which ensured that
there was no material impact to net assets as at that date. The
value of recognised 'right-of-use asset' as at 1 January 2019 was
GBP748,000 which related primarily to the Group's head office.
The nature of the expenses related to those leases have also now
changed from 1 January 2019 as IFRS 16 replaces the straight-line
operating expense with a depreciation charge for right-of-use
assets and interest expense on lease liabilities. During the period
ended 30 June 2019, IFRS 16 resulted in a GBP14,000 increase in
overall expenditure.
The Board has reviewed the underlying position of the business
using the following Adjusted EBITDA calculation which takes account
of significant R&D, communication, marketing and brand
protection expenditure which has not yet had a significant effect
on the current revenue performance of the Group:
GBP'000 H1 2019 H1 2018
Operating (loss)/profit (39) 18
-------- --------
Depreciation and amortisation 45 46
-------- --------
R&D costs 324 305
-------- --------
Communication, marketing and brand protection
costs 189 218
-------- --------
Adjusted EBITDA 519 587
-------- --------
The effect of additional direct sales costs, distribution costs
and interest charges as detailed above meant the Group made an
operating loss for the period of GBP39,000 (H1-2018: profit
GBP18,000), and a loss before tax of GBP86,000 (H1-2018: profit
GBP7,000). The loss after tax was GBP86,000 (H1-2018: profit
GBP13,000).
The loss per share for the period was 0.05 pence (H1-2018:
earnings per share of 0.01 pence).
Balance sheet and cashflow
The Group had net borrowings of GBP0.38 million at the end of
the period (31 December 2018: net borrowings of GBP0.08
million).
Net cash of GBP0.23 million was used in operations during the
period (H1-2018: GBP0.35 million) due to the operating loss
together with marginal increases in receivables and reductions in
payables. The net cash used was funded by the Group's invoice
discounting facility with HSBC Bank plc.
The Group has an invoice discounting facility of GBP1.5 million
to assist in funding outstanding receivables when required. In July
2019 the Group raised GBP1.9 million equity (gross) by way of
subscription for new ordinary shares. The Board believes that the
Group has sufficient working capital to support the business and
its current opportunities going forward.
Eranova
The Board continues to evaluate investing in the Eranova
project, which enables plastic to be made from algae. The key
benefits of the Eranova technology are:
-- using a natural renewable waste product which pollutes beaches;
-- a non-food-based resource (compared to corn or potatoes); and
-- higher yields per hectare due to the fast growing-rate of algae compared to food-crops.
This technology would complement Symphony's growing range of
environmental packaging solutions.
Brexit
The Board has considered the possible effects of Brexit on the
business, and at the current time believes that Brexit will not
have a material impact on the operations, financial performance or
future prospects of the Group. The principal reasons for this are
the Group's global operations, and the fact that during the period
92.2% of the Group's revenues were generated outside the EU
mainland (H1-2018: 86.5%). However, the Board continues to monitor
the Group's operations in the UK and Europe in light of potential
challenges arising from Brexit and the current political and
economic uncertainties.
Outlook
We continue to believe that there is a strong global outlook for
d2w technology underpinned by regulatory, legislative and market
forces in our key markets of Latin America and the Middle East. We
are seeing increased activity with large organisations who operate
in or export to these regions.
Our expectations are for further d2p products to be
commercialised in the short term and that new business will
continue to evolve for our d2c bio-based and compostable product
range.
The Board continues to believe that Symphony is at or nearing a
pivotal point in its progression from mainly an R&D phase to a
commercial phase and we very much look forward to updating the
market on our progress for d2w, d2p and d2c technologies in due
course.
Michael Laurier, Chief Executive
Condensed consolidated interim statement of comprehensive
income
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------ ----------- ---------- ------------
Revenue 4,090 4,117 8,802
Cost of sales (2,069) (2,167) (4,676)
------------------------------ ----------- ---------- ------------
Gross profit 2,021 1,950 4,126
Distribution costs (146) (108) (210)
Administrative expenses (1,914) (1,824) (3,852)
------------------------------ ----------- ---------- ------------
Operating (loss)/profit (39) 18 64
Finance costs (47) (11) (26)
------------------------------ ----------- ---------- ------------
(Loss)/profit for the period
before tax (86) 7 38
Tax credit - 6 10
------------------------------ ----------- ---------- ------------
(Loss)/profit for the period (86) 13 48
------------------------------ ----------- ---------- ------------
Total comprehensive income
for the period (86) 13 48
------------------------------ ----------- ---------- ------------
Earnings per share:
Basic (0.05) 0.01p 0.03p
Diluted (0.05) 0.01p 0.03p
------------------------------ ----------- ---------- ------------
All results are attributable to the owners of the parent.
There were no discontinuing operations for any of the above
periods.
Condensed consolidated interim statement of financial
position
At At At
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- ------------
ASSETS
Non-current
Property, plant and equipment 247 261 254
Right-of-use assets 695 - -
Intangible assets 43 42 34
985 303 288
Current
Inventories 580 525 623
Trade and other receivables 2,394 1,479 2,228
Cash and cash equivalents 252 629 374
-------------------------------------- ---------- ---------- ------------
3,226 2,633 3,225
-------------------------------------- ---------- ---------- ------------
Total assets 4,211 2,936 3,513
-------------------------------------- ---------- ---------- ------------
EQUITY AND LIABILITIES
Equity
Equity attributable to owners
of
Symphony Environmental Technologies
plc
Share capital 1,546 1,543 1,543
Share premium account 336 333 333
Retained earnings 37 82 123
-------------------------------------- ---------- ---------- ------------
Total equity 1,919 1,958 1,999
-------------------------------------- ---------- ---------- ------------
Liabilities
Non-current
Lease liabilities 570 - -
-------------------------------------- ---------- ---------- ------------
Current
Borrowings 620 - 454
Lease liabilities 119 - -
Trade and other payables 983 978 1,060
-------------------------------------- ---------- ---------- ------------
1,722 978 1,514
-------------------------------------- ---------- ---------- ------------
Total liabilities 2,292 978 1,514
-------------------------------------- ---------- ---------- ------------
Total equity and liabilities 4,211 2,936 3,513
-------------------------------------- ---------- ---------- ------------
Condensed consolidated interim statement of changes in
equity
Equity attributable to the owners of Symphony Environmental
Technologies plc:
Share Share Retained Total
capital premium earnings equity
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- --------- ---------- ---------
For the six months to 30
June 2019
Balance at 1 January 2019 1,543 333 123 1,999
Issue of share capital 3 3 - 6
Transactions with owners 3 3 - 6
Total comprehensive income
for the period - - (86) (86)
------------------------------ --------- --------- ---------- ---------
Balance at 30 June 2019 1,546 336 37 1,919
------------------------------ --------- --------- ---------- ---------
For the six months to 30
June 2018
Balance at 1 January 2018 1,516 - 67 1,583
Issue of share capital 27 333 - 360
Share-based options - - 2 2
------------------------------ --------- --------- ---------- ---------
Transactions with owners 27 333 2 362
Total comprehensive income
for the period - - 13 13
------------------------------ --------- --------- ---------- ---------
Balance at 30 June 2018 1,543 333 82 1,958
------------------------------ --------- --------- ---------- ---------
For the year to 31 December
2018
Balance at 1 January 2018 1,516 - 67 1,583
Issue of share capital 27 333 - 360
Share-based payments - - 8 8
------------------------------ --------- --------- ---------- ---------
Transactions with owners 27 333 8 368
Total comprehensive income
for the period - - 48 48
------------------------------ --------- --------- ---------- ---------
Balance at 31 December
2018 1,543 333 123 1,999
------------------------------ --------- --------- ---------- ---------
Condensed consolidated interim cash flow statement
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------- ----------- ----------- -------------
Operating activities:
(Loss)/profit for the period
after tax (86) 13 48
Depreciation 37 38 81
Amortisation 8 8 16
(Profit)/loss on disposal
of tangible assets (17) - 1
Foreign exchange 3 40 (8)
Share-based payments - 2 8
Tax credit - (6) (10)
Interest paid 31 11 26
Change in inventories 43 42 (55)
Change in trade and other
receivables (166) (497) (1,223)
Change in trade and other
payables (85) 4 111
--------------------------------- ----------- ----------- -------------
Net cash used in operations (232) (345) (1,005)
Tax received - 6 10
--------------------------------- ----------- ----------- -------------
Net cash used in operating
activities (232) (339) (995)
--------------------------------- ----------- ----------- -------------
Investing activities:
Additions to property, plant
and equipment (39) (9) (45)
Proceeds from sale of property,
plant and equipment 26 - -
Additions to intangible assets (17) (2) (3)
Net cash used in investing
activities (30) (11) (48)
--------------------------------- ----------- ----------- -------------
Financing activities:
Movement in working capital
facility 152 - 454
Discharge of finance lease
liability - (1) (2)
Proceeds from share issue 5 360 360
Interest paid (31) (11) (26)
--------------------------------- ----------- ----------- -------------
Net cash generated in financing
activities 126 348 786
--------------------------------- ----------- ----------- -------------
Net change in cash and cash
equivalents (136) (2) (257)
Cash and cash equivalents,
beginning of period 374 631 631
Cash and cash equivalents,
end of period 238 629 374
--------------------------------- ----------- ----------- -------------
Bank overdraft of GBP14,000 (30 June 2018: GBPnil) (31
December 2018: GBPnil) is included in cash and cash equivalents.
Notes to the interim financial statements
1 Nature of operations and general information
Symphony Environmental Technologies plc (the "Company") and
subsidiaries' (together the "Group") principal activities include
the development and supply of environmental plastic additives and
products.
Symphony Environmental Technologies plc, a public limited
company, is the Group's ultimate parent company. It is incorporated
and domiciled in England (company number 03676824). The address of
its registered office is 6 Elstree Gate, Elstree Way, Borehamwood,
Hertfordshire, WD6 1JD, England. The Company's shares are listed on
the AIM market of the London Stock Exchange.
These condensed interim consolidated financial statements
("interim financial statements" or "interim report") are for the
six months ended 30 June 2019. They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 December 2018.
The financial information set out in this interim report does
not constitute statutory accounts. The Group's statutory financial
statements for the year ended 31 December 2018 have been filed with
the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
Section 498(2) or 498(3) of the Companies Act 2006. These interim
condensed consolidated financial statements have not been
audited.
These interim financial statements have been prepared in
accordance with the requirements of International Accounting
Standard ("IAS") 34 "Interim Financial Reporting", and are
presented in Pounds Sterling (GBP), which is the functional
currency of the parent company. They have been prepared under the
historical cost convention. They have also been prepared on the
basis of the recognition and measurement requirements of
International Financial Reporting Standards that are adopted by the
European Union, and the policies and measurements are consistent
with those stated in the financial statements for the year ended 31
December 2018, other than detailed in note 2 below.
These interim financial statements were approved by the board on
26 September 2019.
2 Significant accounting policies
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year ended 31 December 2018 except for
the adoption of IFRS 16 'Leases' from 1 January 2019.
IFRS 16 requires lessees to account for leases 'on-balance
sheet' by recognising a 'right-of-use' asset together with its
respective lease liability. The date of initial application by the
Group was 1 January 2019. The Group used the modified retrospective
method and has therefore only recognised leases on the balance
sheet as at 1 January 2019. In addition, the measurement of
right-of-use assets has been calculated by reference to the lease
liability as at 1 January 2019 which ensured that there was no
material impact to net assets as at that date.
The value of recognised 'right-of-use asset' as at 1 January
2019 was GBP748,000 which related primarily to the Group's head
office.
The nature of the expenses related to those leases have also now
changed from 1 January 2019 as IFRS 16 replaces the straight-line
operating expense with a depreciation charge for right-of-use
assets and interest expense on lease liabilities. During the period
ended 30 June 2019, IFRS 16 resulted in a GBP14,000 increase in
overall expenditure.
3 Seasonal fluctuations
The Group operates in many countries and in many different
markets. There are therefore no formal or considered seasonal
fluctuations affecting the operations of the Group.
4 Segmental analysis
The Board considers that the Group does not have separate
operating segments as defined under IFRS 8.
5 Shares issued
Shares issued are summarised as follows:
6 months 6 months Year to
to to 31 December
Shares issued and 30 June 30 June 2018
fully paid 2019 2018
------------------------ -------------- -------------- --------------
- beginning of period 154,344,377 151,614,377 151,614,377
- issued during the
period 225,000 2,730,000 2,730,000
------------------------- -------------- -------------- --------------
Total equity shares
issued and fully paid
at end of period 154,569,377 154,344,377 154,344,377
------------------------- -------------- -------------- --------------
6 Earnings per share and dividends
The calculation of earnings per share is based on the result
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
The calculation of diluted earnings per share is based on the
basic earnings per share, adjusted to allow for the issue of shares
on the assumed conversion of dilutive options and warrants which
were exercisable during the period.
Reconciliations of the results and weighted average numbers of
shares used in the calculations are set out below:
Basic and diluted 6 months 6 months Year to
to 30 June to 30 June 31 December
2019 2018 2018
-------------------------------- --------------- -------------- --------------
(Loss)/profit attributable GBP(86,000) GBP13,000 GBP48,000
to owners of the Company
Weighted average number of
ordinary shares in issue 154,522,528 151,920,953 152,877,898
-------------------------------- --------------- -------------- --------------
Basic earnings per share (0.05) pence 0.01 pence 0.03 pence
-------------------------------- --------------- -------------- --------------
Dilutive effect of weighted
average options and warrants - 9,278,488 9,585,716
Total of weighted average
shares together with dilutive
effect of weighted options
and warrants 154,522,528 161,199,441 162,463,614
-------------------------------- --------------- -------------- --------------
Diluted earnings per share (0.05) pence 0.01 pence 0.03 pence
-------------------------------- --------------- -------------- --------------
No dividends were paid for the year ended 31 December 2018.
The effect of options and warrants for the six months to 30 June
2019 are anti-dilutive.
7 Availability of Interim Financial Statements
Paper copies of the Interim Financial Statements will be sent to
shareholders upon request. Shareholders will be able to download a
copy of the Interim Financial Statements from the Group's website
www.symphonyenvironmental.com. Further copies of the Interim
Financial Statements will be available from the Company's
Registered Office at 6 Elstree Gate, Elstree Way, Borehamwood,
Hertfordshire WD6 1JD.
NOTES TO EDITORS:
Symphony Environmental Technologies plc
https://www.symphonyenvironmental.com
Symphony has developed and continues to develop, a biodegradable
plastic technology which helps tackle the problem of microplastics
by turning ordinary plastic at the end of its service-life into
biodegradable materials. It is then no longer a plastic and can be
bioassimilated in the open environment in a similar way to a leaf.
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. In some countries, most recently Saudi
Arabia, oxo-biodegradable plastic is mandatory.
The Group has complemented its d2w biodegradable product range
with d2c "compostable resins and products" that have been tested to
US and EU composted standards.
In addition, Symphony has developed a range of additives,
concentrates and master-batches marketed under its d2p(R)
("designed to protect") brand, which can be incorporated in a wide
variety of plastic and non-plastic products so as to give them
protection against many different types of bacteria, 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. Symphony has also launched d2p
anti-microbial household gloves and toothbrushes (most recently in
Bahrain), and is developing a range of other d2p finished products
for retail sale.
Symphony has also developed the d2Detector(R), a portable device
which analyses plastics and detects counterfeit products. This is
useful to 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 74
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 member of The OPA (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 Symphony 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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END
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(END) Dow Jones Newswires
September 27, 2019 02:00 ET (06:00 GMT)
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