What Symphony Environmental Technologies does:
Its core d2w oxo-biodegradable technology contains a mixture of salts that is added to raw plastic in the factory.
Within two years, plastic containing d2w will biodegrade so long as it is exposed to oxygen.
Symphony’s d2p technologies provide protection against bacteria, fungi, insects, corrosion, odours, and fire. Applications of d2p include anti-microbials, insecticide, flame retardant, odour and moisture adsorbers, rodent repellents and corrosion inhibitors.
The company also makes d2t tag and trace technologies that allow customers to determine the authenticity of their plastic packaging and products.
d2trace is a masterbatch technology that is invisible but can be read using portable d2Detector equipment while the d2tag is a microtag, which smaller than a grain of salt with more than 1 billion unique codes for authentication and brand protection.
How it's doing
In a trading update for the year ending 31 December 2019, Symphony reported that revenues for the second half of the year are expected to be not less than £4.1mln, which is similar to the first half of the year. Consequently, full-year revenues will be below current market expectations of £9.05mln and the company expects to make an operating loss of around £500,000.
Symphony had previously cautioned that its sales pipeline had clogged up in the first half of the year because of customers awaiting legislative clarification in certain markets and revealed today that this indecision had continued into the second half, affecting expected purchases of its d2w controlled-life plastic technology.
Net cash and cash equivalents at the end of November stood at £1.2mln, compared to net debt of around £400,000 at the end of June.
- In February, the company said it had received approval for its d2p antimicrobial food packaging from the US Food and Drug Administration (FDA)
- In October, Symphony was in the first cohort of companies to be awarded a new "Green Economy" classification by the LSE
- In August, Symphony’s partner firm, Mexican snack food giant Grupo Bimbo, presented new packaging using the company’s d2w brand of biodegradable plastic
- The company received a £1.93mln cash injection in July from Vincel Holdings, a firm owned by Indonesian billionaire Sri Prakash Lohia
- In an update ahead of its AGM in May, Symphony said it was confident of delivering results in line with expectations for 2019 as it expected “significant growth” in the second half of the year