Symphony sounds a positive note

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Symphony Environmental Technologies has told shareholders its tight control of costs and continued investment would boost growth in the “medium to long term”.

At the AIM-listed group’s annual general meeting Symphony’s chairman Nirj Deva said trading so far in 2012 had been “encouraging”.

“We are pleased with reports within our distribution network indicating strong growth going forward, and as in previous years, we expect trade to be weighted to the second half of the year,” Deva said.

Oxo-biodegradable specialist Symphony said it was pleased with what it called “a momentum towards legislative change for our products in markets around the world, together with some exciting new commercial opportunities in areas such as Africa, China, India and the USA”.

The group planned to commercialise its waste-to-value business – recycling scrap tyres – "as soon as possible", something it believed would be achievable "in the not too distant future".

Deva said the company believed it had put in place “a platform for growth with an expanding product range and distribution network [so] we can look forward to the years ahead with confidence.”

Last year Symphony posted a 0.7% rise in turnover to £8.54m, while operating profits slid by 60% to £504,000.

The group’s technology has been mired in controversy, with some institutions, notably the NNFCC – the UK centre for bio-renewable material – challenging Symphony’s claims for its products.

Symphony has repeatedly rejected such arguments.