15 December 2006 – Degradable plastics and waste-to-energy company Symphony Plastic Technologies expects to turn in its first profit in the fourth quarter of its financial year, the first quarter of 2007.
Sales and margins are increasing, the firm says, and the strategic shift in direction which the firm has undertaken is now paying dividends. Symphony is now focusing on the sale of licensed technology for its d2w additive which causes plastics to degrade and is in use in more than 40 countries, including the Co-op in the UK.
In a trading update published this morning, Symphony discloses that its stake in US distributor Degradable Polymer Products Inc., for which it had a put option which it had expected to exercise this month, is proving more valuable than anticipated. As a result, it will not now sell the investment and has taken a loan to cover the short term financing gap.
