Symphony Environmental nearing 'pivotal point' in development

Biodegradable plastics outfit Symphony Environmental's chairman Nirj Deva told investors at its annual general meeting on Friday that the group was reaching "a pivotal point in its development".

Symphony expects demand for products made with its d2w type of biodegradable plastic technology to increase in the Middle East market during the year and it continued to see further increases in enquiries from potential customers around the world.

The AIM-listed outfit said it had received several enquiries from blue-chip companies, which "want products that will comply with oxo-biodegradable legislation in the Middle East and elsewhere."

Elsewhere, Deva said the development of new products for each of its d2w and d2p technologies had continued at "a satisfactory pace", with the group's board remaining "encouraged by their growth prospects".

Deva said: "We believe the group is reaching a pivotal point in its development.

"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."

As of 0850 BST, Symphony shares had slipped 1.21% to 6.52p.