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Symphony reveals reduced operating lossliz.wells@haymarket.com, 3 June 2008Be the first to comment on this article Symphony Environmental Technologies, the producer of degradable plastics, reduced its operating loss by 17% to 1.9m in the year to 31 December 2007, showing a “much better” performance in the second half. The Hertfordshire-based company also reported a 9.5% drop in sales to £3.8m. However, sales of the firm’s d2w oxo-degradable additive, which can make plastic degrade completely within six months, increased by 36% to £3m. Since the year end, the firm said it had doubled the number of international d2w distributors to 30. Last month Symphony signed a 15-year agreement with Fujairah Plastics Group in the United Arab Emirates, the carrier bag producer, and with Albany Bakeries in South Africa for its d2w oxo-degradable technology. Symphony said in the past 12 months more than five billion plastic products had been made with d2w additives. The company’s share price rose by 2.3% to 4.63p following today’s announcement. Speak Your Mind |
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