Ahead of the company’s annual shareholder meeting, the AIM-listed developer of oxo-biodegradable plastic technology said it was continuing to see further increases in enquiries from potential customers around the world, including blue-chip companies.
Many of these potential customers are looking for products that will comply with legislation in areas such as the Middle East, with Saudi Arabia having passed a law banning all single use plastic bags except those made with oxo-biodegradable material.
“Revenues in key markets remain sensitive to timing depending on local end-user manufacturing patterns and stock holding, but we are confident that we will meet expectations for the year, with significant growth expected in the second half,” Symphony chairman Nirj Deva said in a statement prepared for the AGM. Symphony has said this year that it expects d2w revenue of at least £8.9mln.
He said the group believes it is “reaching a pivotal point in its development” due to oxo-biodegradable legislation in the Middle East and elsewhere.
“We believe that d2w is the most viable solution to help resolve the issue of plastic pollution of the environment,” Deva said, adding that Symphony’s d2w-branded plastics were a low-cost solution that acts as an “insurance policy” for plastic-based waste that escape into the open environment.
He said development of new products for each of the d2w and d2p technologies was continuing “at a satisfactory pace, and we remain encouraged by their growth prospects”.
Symphony’s d2w technology contains a mixture of salts that is added to raw plastic in the factory, enabling the plastic to biodegrade so long as it is exposed to oxygen for two years. The d2p technologies, meanwhile, provide protection against bacteria, fungi, insects, corrosion, odours, and fire for applications such as anti-microbials, insecticide, moisture absorbers, rodent repellents and corrosion inhibitors.