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
2019/310.
15
February 2024
Biome Technologies
plc
("Biome", the "Company" or
the "Group")
Contract win for Stanelco RF
Division
Biome Technologies plc, a leading
bioplastics and radio frequency technology business, is pleased to
announce that its RF Technologies division
(www.stanelcorftechnologies.com)
has been awarded a contract with a revenue value of £490,000 to
supply a second novel induction furnace system (the "System") to a
global manufacturer of scientific glass products.
The System will utilise key elements
of the RF Technologies division's induction furnace technology, in
another new application field, providing enhanced performance
attributes and improved operational effectiveness, particularly in
relation to energy efficiency. As with the previous system
announced in June 2023, it will be designed and built at the
Company's Marchwood, UK, facility with installation and
commissioning being completed at the customer's overseas production
site.
Completion of the System is
scheduled in the 2024 financial year. However, specific revenue
timing and revenue recognition under IFRS-15 will depend on the
availability of key components that will be identified during the
design phase. Stage payments will be received against milestones
during the contract.
Paul Mines, CEO, commented, "This
further contract win is an important achievement for our RF
Technologies division and the second significant contract in this
sub-sector of the scientific glass industry. This order results
from the division's ongoing strategy of diversification and is one
of several opportunities where negotiations have advanced
significantly since the start of the year. We remain confident in
bringing other opportunities to a similar conclusion in the
relatively short-term."
-Ends-
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For
further information please contact:
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Biome Technologies plc
Paul Mines, Chief Executive
Officer
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Rob Smith, Chief Financial
Officer
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www.biometechnologiesplc.com
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Tel: +44 (0) 2380 867 100
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Allenby Capital
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David Hart/Alex Brearley (Nominated
Adviser)
Kelly Gardiner/Tony Quirke (Sales
and Corporate Broking)
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www.allenbycapital.com
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Tel: +44 (0) 20 3328 5656
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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 and RF Technologies.
Biome Bioplastics is a leading
developer of highly-functional, bio-based and biodegradable
plastics. The division's mission is to produce bioplastics that
challenge the dominance of oil- based polymers.
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