Symphony Environmental boosted by Saudi initiative

AIM-listed Symphony Environmental Technologies said on Friday that it continues to trade and grow in line with its expectations.

In a statement ahead of the annual general meeting, Chairman Nirj Deva said that so far this year, the most significant event has been the award of the Quality Mark from the Saudi Standards, Metrology and Quality Organization, which allows the group access to the Saudi Arabian market for its d2w oxo-biodegradable additives.

As from 14 April 2017, legislation enacted will be enforced requiring the mandatory use of oxo-biodegradable technology in a wide range of locally produced and imported plastic products. As a result, Symphony has started to receive new orders through its regional distribution network, with a marked growth in activity.

"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," Deva said.

Symphony is already a supplier of d2w oxo-biodegradable additives within the United Arab Emirates, Saudi Arabia and other parts of the Middle East.

Deva added that the company's launch of antimicrobial household gloves in Wilkinson Stores in the UK and antimicrobial plastic pipes with Dadex Eternit in Pakistan show "important technical and commercial progress".

"The business continues to operate on an efficient cost base, and works comfortably within its working capital facilities. Any reasonable increase in business can be accommodated within these facilities.

"The board is pleased that our products are gaining strong commercial traction and look forward to updating the market as further progress is achieved."

At 1026 BST, the shares were up 2.4% to 15.23p.