Symphony Environmental Technologies
ADDBioplastics innovator launches new food packaging product with Mexican bakery giant
Symphony Environmental Technologies has launched a pioneering snack food packaging film in alliance with Latin American bakery giant Bimbo Mexico.
The Hertfordshire-based company claims its d2w product, an additive blended into the manufacture of plastics to enable them to biodegrade, is the world’s first proprietary degradable metalised film for snack foods. AIM-quoted Symphony says d2w is to be used by Bimbo’s Barcel subsidiary for its premium range of snack foods, including Takis and other brands, such as crisps and sweets.
Bimbo has operations in Brazil, Argentina and most other Latin American countries, as well as the USA, China and the Czech Republic. The agreement could provide another shot in the arm for Symphony, which cut last year’s losses from £1.95m to £400,000 and, suggest analysts, could make £500,000 this year and £1.4m pre-tax in 2010.
Floated at 30p eight years ago, Symphony had several problems and its shares had plunged to 2p by last December. Highlighted by Growth Company Investor at 3.12p last month, they have now bounced again to 5.88p and, though clearly speculative and not without risk, could make further progress.
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Market cap: £6.8m
PE Forecast: 11
Share price: 5.88p
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