2nd May 2014 11:17
LONDON (Alliance News) - Symphony Environmental Technologies PLC said that it had signed a product development agreement with "a world leading brand" and is in negotiations with other brands for its other ranges of products, in a statement at its annual general meeting Friday.
Symphony produces environmentally friendly plastic products and recycling technologies. The company has been investing in broadening its product range in the main segments of its business, environmental products, health and hygiene products and anti-counterfeiting products.
Symphony didn't name the brands or the companies that own them.
The company noted that recent legislation changes should positively benefit its environmental product revenues, and it is continuing trials and negotiations across is product ranges.
It is currently awaiting regulatory approval for its health and hygiene product range for food packaging applications; it is already approved for non food-packaging and other non food applications.
Symphony said it was continuing to develop new formulations and intellectual property to expand its product range into the agricultural, retail and chemical sectors.
It recently won a new contract with a supermarket group for its environmental products, and it expects sales volumes from the contract to be significant. It has begun deliveries on the product, and expects a full roll-out in the second half.
"We look forward to a successful year ahead," Chairman Nirj Deva said in the statement.
Shares in Symphony were trading up 1.6% at 9.40 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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