Biome Technologies PLC Trading Update (8243G)
July 29 2021 - 1:00AM
UK Regulatory
TIDMBIOM
RNS Number : 8243G
Biome Technologies PLC
29 July 2021
29 July 2021
Biome Technologies plc
("Biome", "the Company" or "the Group")
Trading Update
Biome Technologies plc, a leading bioplastics and radio
frequency technology business, today provides an unaudited Trading
Update for the six months ended 30 June 2021. The Company's
unaudited interim results are expected to be announced on 15
September 2021.
Group revenues for the first half ended 30 June 2021 were
GBP2.6m (H1 2020: GBP2.5m) and the Group had a cash balance of
GBP1.4m as at 30 June 2021 (30 March 2021: GBP1.6m) with no
debt.
Bioplastics Division
The division's revenues for the first half were GBP2.3m,
representing an increase of 7.3% compared to the comparative prior
year first half (H1 2020: GBP2.1m).
Whilst encouraging directionally, revenues and growth in the
first half were constrained by ongoing turbulence in the global
container shipping industry that delayed deliveries from Europe to
North America. As detailed in the trading statement dated 1 July
2021 (the "Trading Statement"), these delays, continue to be a
constraint on the division's ability to quickly undertake the new
business development work that is required to support rapid growth
with customers. We factored these delays into the Group's
expectations when we published the Trading Statement and we are
working hard to further mitigate their impact.
The second US end-customer of scale to deploy Biome's
proprietary compostable coffee-pod filtration material has
identified an engineering solution for the delay detailed in the
recent Trading Statement. The customer is now proceeding with
suitable procurement and rectification work and Biome's team is
working closely to support the customer's current offtake levels
and anticipated ramp-up following this remedial work.
Our reputation for innovative biodegradable solutions continues
to rise and further new business opportunities have been under
assessment in the half year; we will keep shareholders informed of
progress on these opportunities as the year progresses.
Stanelco RF Technologies Division
Revenues in the RF Technologies division for the first half of
2021 were GBP0.3m, marginally lower than the comparative first half
2020 (H1 2020: GBP0.4m) being modestly constrained by component
delivery delays.
There continues to be encouraging signs of a recovery within the
division's core fibre optic furnace market, with several large
equipment enquiries received and contractual discussions
underway.
Group Outlook
The Board's view of the Group's performance remains in line with
revised market expectations following the Trading Statement. Demand
for the Group's products and materials continues to rise and our
reputation is strong. Whilst the Group's rate of growth will be
constrained by the factors described above in the shorter-term, the
Board expects a return to the higher rates of growth indicated in
its Key Performance Indicators (KPIs) in due course.
- Ends -
For further information please contact: Biome Technologies
plc
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
info@biometechnologiesplc.co.uk
Tel: +44 (0) 2380 867 100
www.biometechnologiesplc.com
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Sales and Corporate Broking)
Tel: +44 (0) 20 3328 5656
www.allenbycapital.com
About Biome
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
polymers.
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
markets.
www.biometechnologiesplc.com
www.biomebioplastics.com and www.thinkbioplastic.com
www.stanelcorftechnologies.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTDKFBNOBKDCOB
(END) Dow Jones Newswires
July 29, 2021 02:00 ET (06:00 GMT)
Biome Technologies (LSE:BIOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Biome Technologies (LSE:BIOM)
Historical Stock Chart
From Apr 2023 to Apr 2024