Symphony posts first-ever profit as focus shifts overseas

In 2008 figures published yesterday (8 April), the Hertfordshire-based company posted a post-tax profit of £370,000, up from a loss of £1.91m in 2007, on turnover of £5.36m, up from £3.78m a year earlier.

The group, whose key product is the d2w additive that makes plastics oxo-degradable, also posted a huge cut in its pre-tax loss, from £1.95m in 2007 to just £400,000 in 2008.

Symphony commercial director Michael Stephens told Packaging News that the company was winning business in markets such as the Middle East, Latin America and, increasingly, eastern Europe, where major supermarkets are now starting to use the product in carrier bags and other flexible packaging.

During 2008, the company’s distributor network also expanded during the year from 15 resellers to 45 across the globe. “We are now covering 60 countries on all continents and we are getting a lot of publicity from our customers,” he said.

However, Stephens said that the company was not expecting growth in the UK, where many buyers are sceptical about d2w’s benefits. “We are tired of trying to persuade people in the UK [to use d2w] so we will leave them to get on with it,” he said.

SYMPHONY 2008 RESULTS

Turnover £5.36m (2007: £3.78m)
Gross profit £2.37m (2007: £0.82m)
Pre-tax loss £0.40m (2007: £1.95m)
Profit after tax £0.37m (2007: £1.91m loss)

Figures are for year ending 31 December 2008

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