Biome Technologies PLC Trading Update - Replacement
RNS Number : 5961U
Biome Technologies PLC
02 August 2022
The following amendment has been made to the Trading Update
announcement released at 07:00 on 2 August 2022 under RNS No.
In the Cash and liquidity section, the announcement incorrectly
stated the reference date for the comparative cash balance as being
30 June 2022. The correct comparative cash balance reference date
is 30 June 2021.
All other details remain unchanged. The full corrected
announcement is set out below.
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2 August 2022
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 30 June 2022. The Company's unaudited
interim results are expected to be announced on 22 September
Group revenues for the quarter ended 30 June 2022 were slightly
lower than management expectations at GBP1.4m (Q2 2021: GBP1.3m) as
delays of materials from suppliers constrained both Divisions. It
is expected that the revenues delayed from Q2 will be recovered
during Q3 2022.
The Division's revenues for Q2 were GBP1.0m (Q2 2021: GBP1.1m).
Management continues to anticipate substantial revenue growth from
this Division during H2 2022. This growth is underpinned by supply
chain preparation and stocking by several of the Division's
customers which are planning product launches in H1 2023 and based
on our new "home compostable" bio-based and biodegradable materials
that are subject to the protection of a pending patent. Enquiries
in the bioplastics space remain buoyant, although our customers
continue to face supply chain challenges as they deploy new
Stanelco RF Technologies Division
Revenues in the RF Technologies Division in Q2 were GBP0.2m (Q2
2021: GBP0.2m). The Division's strong orderbook had been expected
to convert to higher revenue levels in Q2. However, component
shortages, particularly of electronic parts, have impeded the build
out of the significant RF contracts that were announced in late
2021 and early 2022. Good progress has already been made in early
Q3 and we expect for the Division's delayed revenues to be fully
recovered in H2.
Cash and liquidity
The Group had a cash balance as at 30 June 2022 of GBP0.7m (30
June 2021: GBP1.4m) and no bank debt.
We are pleased to announce that the Group has entered into a
receivables financing agreement with Accelerated Payments Limited.
This highly flexible facility has been put in place to provide
working capital funding, as and when required, as we look to grow
the business over the coming months and years.
The Board's view of the Group's performance remains in line with
current market expectations.
For further information please contact: Biome
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Sales and Corporate Broking)
www.allenbycapital.com Tel: +44 (0) 20 3328
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
("Bioplastic") and Stanelco RF Technologies Limited ("RF
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.biometechnologiesplc.com www.biomebioplastics.com and
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(END) Dow Jones Newswires
August 02, 2022 03:59 ET (07:59 GMT)
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