Symphony Environmental: Desire for waste plastics solution at ‘tipping point’ – The European Union has now started to examine the environmental credentials of oxo-biodegradable plastic additives – Symphony Environmental waste plastics solution - Arhive

Concern over waste plastics is driving customers towards Symphony Environmental Technologies plc and its biodegradable plastics additive, d2w.

Michael Laurier, chief executive, said the desire to find a solution to the plastics problem has reached “tipping point”.

READ: Symphony Environmental renews call for adoption of bio-degradable plastic

Revenues rose 22% to £8.3mln in 2017 while underlying profits before R&D jumped 58% to £1.2mln.

Pre-tax profit soared by 250% to £430,000 even after an additional £110,000 spent on research to £625,000.

Worry over the amount of waste plastic and especially microbeads in the environment has seen a number of countries make oxo-biodegradable plastic additives compulsory.

Most notably, this includes the UAE and Saudi Arabia, and rising Middle East sales were a feature of the results.

WATCH: Symphony Environmental says world at ‘tipping point’ in solving plastic problem

Most of the revenues still derive from d2w and are earned mainly outside of the EU and the United States, but Laurier added the European Union had now started to examine the environmental credentials of oxo-biodegradable plastic additives.

“Throughout the year we have explained to governments, potential customers and NGOs the benefits of using our growing range of technologies, and in particular, d2w oxo-biodegradable plastic, which can help to solve the problem of persistent plastic pollution.”

Symphony is now debt free as there was a cash inflow of £1mln over the year.

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