Symphony doubles half-year profit

Gross profit of £1.93m, up 96% from £980,000 last year, was ahead of management expectations, Symphony said, while interest-bearing debt has also reduced by £400,000 since January.

Symphony produces oxo-biodegradable additives for plastics and has 48 distributors in 76 countries. Products that use them carry the d2w droplet logo.

The North London-based firm was last month embroiled in a heated debate with European Plastics Recyclers about the recyclability of the additives, but the firm maintains they can treated as normal plastics.

Director Michael Stephen commented on packagingnews.co.uk that the only issue that could arise would be if recyclate of unknown provenance was used to make high-quality long-life products.

“In such a case stabilisers should be added, whether the recyclate contains d2w additive or not. These will also neutralise any residual effect of the additive which may exist,” he said.

Symphony posted its first ever profit in April, on the back of a 40% increase in sales. Its interim results will be published on 10 September.

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