Symphony Environmental Technologies said it has made an “encouraging start” to the year
In a recently published AGM Statement, he oxo-degradable additive firm said it had successfully developed from a UK commodity type finished product reseller of items such as carrier and refuse sacks, to a niche innovative global technology supply and service company.
Chairman Nirj Deva said: “The start of 2013 has been very encouraging, and I am pleased to report that revenues for the first four months of this year have already exceeded revenues reported for the first half of 2012, which were £2.12m.”
Most of the company’s revenues are derived from overseas markets which are less affected by the European market volatility, according to Symphony.
The firm also said that products with Symphony’s d2w inside have grown from 4,000 tonnes yearly to over 100,000 tonnes and are used in over 96 countries.
In a statement, the firm also said that oxo-biodegradable plastics are in some respects in competition with bio-based “compostable” plastics, but the latter are much too expensive and available evidence shows that companies in that field are not performing well.
Legislation in favour of d2w-type oxo-biodegradable products (for example, in Africa, Latin America, Middle East and Pakistan) has become a key driver, for the products.
Deva added: “Our vision is to create a world class and diverse technology supply and service group whose products can be seen and used worldwide.
“We have started to achieve this as our d2w logo can be found on the packaging of some of the world’s largest brands. The physical penetration of our brands through to the ultimate consumer will help grow revenues and increase shareholder value. We look forward to the year ahead with growing confidence.”
