Symphony Environmental Technologies plc (LON:SYM) is benefitting first hand from the recent decision by the Saudi Arabian government to make oxo-biodegradable plastic compulsory for a wide range of plastic products.
It’s very much ‘right time, right place’ for Symphony which has just received a quality mark for its oxo-biodegradable plastic additive, d2W, in the country.
WATCH: Symphony Environment seeing 'very positive' Saudi interest in plastic additive
READ: Symphony hails Saudi directive...
Plastics manufacturers are having to change and adapt their processes to meet the new requirements, which has seen orders at Symphony soar.
“As a result of this initiative within Saudi Arabia, we have started to receive new orders through our regional distribution network, and a marked growth in activity has been reported,” chairman Nirj Deva will tell investors at Friday’s AGM.
“The company is monitoring orders placed and activity generally, and once a higher level of revenue is proven to be sustained, will update the market as appropriate.”
Current trading ‘in line with expectations’
Deva will also say that current trading is in line and that the company is demonstrating “important technical and commercial progress”.
Symphony sells its antimicrobial household gloves in Wilko stores in the UK but it has just secured a new distribution in Italy, with the first order having been placed already.
Shares gained almost 4% in early deals on Friday to trade at 15.45p.