Biome Technologies PLC Trading Update (8093L)
July 24 2017 - 1:00AM
UK Regulatory
TIDMBIOM
RNS Number : 8093L
Biome Technologies PLC
24 July 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
24 July 2017
Biome Technologies plc
("Biome", "the Company" or "the Group")
Trading Update
Biome Technologies plc, a leading bioplastics and radio
frequency technology business, today publishes a trading update for
the six months ended 30 June 2017. The unaudited interim results
are expected to be announced on 4 September 2017.
Total Group revenues for the first half of the year were
GBP3.0m, representing a 38% increase compared to the same period
last year (2016: GBP2.2m).
The Directors expect that the Group will report a small profit
before interest, tax, depreciation, amortisation, and share option
charges for the first half of the year (based on unaudited
management accounts).
The Group's cash position as at 30 June 2017 was GBP1.9m (31
December 2016: GBP1.5m, 31 March 2017 GBP1.8m), reflecting trading
activity and receipt of GBP0.45m in Q1 under the settlement
agreement reported previously.
Bioplastics Division
Revenues in the Bioplastics division in H1 2017 were GBP1.2m,
114% ahead of last year (H1 2016: GBP0.6m). This growth is a result
of both good demand for commercialised products from the US
single-serve coffee market and growth of revenues from the
Company's biodegradable non-woven filter for coffee pods. Lower
sales in Q2 versus Q1 are reflective of timings of production runs
by customers for outer packaging over the period.
The non-woven filter developed over the past three years
continues to move towards full commercialisation and pods
incorporating this material are now being utilised within a first
customer's range. These are being marketed as 100% compostable pods
in the consumer market. Further growth from this initial customer
is expected as the full product range is converted from oil based
to bioplastic materials over the coming months. The Group looks
forward to further progress within the Bioplastics division during
the second half of the year.
Stanelco RF Technologies Division
Revenues for H1 2017 in the RF Technologies division were up 10%
to GBP1.7m (H1 2016: GBP1.6m). Good revenue levels in the period
were supported by the build and delivery of several fibre optic
furnaces. A solid order book and good enquiry pipeline underpin a
very strong outlook for this division for the second half and into
2018.
Outlook
Biome continues to make progress against the strategy as set out
in the Group's full year results announced in March 2017 and
against this background the Board remains confident in the Group's
outlook for the remainder of the year.
- Ends -
For further information please
contact: Biome Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
www.biometechnologiesplc.com Tel: +44 (0) 2380
867 100
Allenby Capital
David Hart/Richard Short (Nominated
Adviser)
Chris Crawford/Kelly Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20
3328 5656
FTI Consulting
Oliver Winters Tel: +44 (0) 20
www.fticonsulting.com 3727 1535
This information is provided by RNS
The company news service from the London Stock Exchange
END
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