Biome Technologies PLC Trading Update
RNS Number : 0898W
Biome Technologies PLC
21 April 2021
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
21 April 2021
Biome Technologies plc
("Biome", "the Company" or "the Group")
Biome Technologies plc, a leading bioplastics and radio
frequency technology business, today provides an unaudited Trading
Update for the quarter ended 31 March 2021.
Group revenues for the quarter ended 31 March 2021 were in line
with management expectations at GBP1.4m (Q1 2020: GBP1.2m).
The division's revenues for Q1 were GBP1.2m, 18% ahead of the
comparative quarter in 2020 (Q1 2020: GBP1.0m) and comparable to
the preceding quarter (Q4 2020: GBP1.2m).
Significant further revenue growth from this division is
anticipated during 2021. The necessary drivers for this growth are
being successfully assembled in this half year and are expected to
give rise to accelerated growth in the second half.
Stanelco RF Technologies Division
Revenues in the RF Technologies division in Q1 were GBP0.2m,
in-line with the Q1 2020 comparable (Q1 2020: GBP0.2m) and slightly
lower than the preceding quarter's revenue (Q4 2020: GBP0.3m).
There are encouraging signs of a pick-up in activity within the
division's core fibre optic furnace market, with small spares
orders and some larger equipment enquiries received. Whilst
encouraging, this has yet to translate into more significant order
The Group had a cash balance as at 31 March 2021 of GBP1.6m (31
March 2020: GBP1.8m). As at 19 April 2021, the Group had cash of
GBP1.8m and no debt.
The Board's view of the Group's performance remains in line with
current market expectations.
- Ends -
For further information please contact: Biome Technologies
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
Tel: +44 (0) 2380 867 100
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Sales and Corporate Broking)
Tel: +44 (0) 20 3328 5656
Biome Technologies plc is an AIM listed, growth-orientated,
commercially driven technology group. Our strategy is founded on
building market-leading positions based on patented technology and
serving international customers in valuable market sectors. We have
chosen to do this by developing products in application areas where
the value-added pricing can be justified and are not reliant on
government legislation. These products are driven by customer
requirements and are compatible with existing manufacturing
processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics Limited and
Stanelco RF Technologies Limited.
Biome Bioplastics is a leading developer of highly-functional,
bio-based and biodegradable plastics. The company's mission is to
produce bioplastics that challenge the dominance of oil-based
Stanelco RF Technologies designs, builds and services advanced
radio frequency (RF) systems. Dielectric and induction heating
products are at the core of a product offering that ranges from
portable sealing devices to large furnaces for the fibre optics
www.biomebioplastics.com and www.thinkbioplastic.com
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(END) Dow Jones Newswires
April 21, 2021 02:00 ET (06:00 GMT)