Biome Technologies PLC Trading Statement (2905E)
November 03 2015 - 2:00AM
UK Regulatory
TIDMBIOM
RNS Number : 2905E
Biome Technologies PLC
03 November 2015
03 November 2015
Biome Technologies plc
("Biome", the "Company" or the "Group")
Trading Update
Biome Technologies plc, a leading bioplastics and radio
frequency technology business, today publishes its trading update
for the nine-month period ended 30 September 2015.
Total Group revenues achieved in Q3 were GBP1.3m, 169% ahead of
the same quarter last year (2014: GBP0.5m). This takes Group
revenues for the nine months to 30 September 2015 to GBP3.3m, 18%
ahead of the prior year period (2014: GBP2.8m).
The Group made a small profit before interest, tax,
depreciation, amortisation, and share option charges in the third
quarter (based on unaudited management accounts).
This performance meets one of the Group's long-term strategic
KPIs, established in March 2014, of passing the 'earnings positive'
inflexion point in quarterly trading during 2015.
The Group's cash position as at 30 September 2015 was GBP1.7m
(30 June 2015: GBP1.8m).
Bioplastics Division
Revenues in the Bioplastics division in Q3 were GBP0.5m (Q3
2014: GBP0.1m) reflecting, amongst other factors, stability in the
US single-serve coffee market compared to the downturn seen in the
second half of 2014.
A new product line comprising temperature-tolerant materials
suitable for injection moulding has reached commercialisation and
first shipments were made during the quarter. Management expect
that revenues from these products will build in the coming
months.
To complement the division's existing product range, a further
product is being developed for a non-woven biodegradable mesh
suitable for liquid filtration. This product is in the process of
being tested by several end customers with encouraging initial
results.
Forward order visibility for the division is encouraging for the
remainder of the year.
Stanelco RF Technologies Division
Revenues for Q3 in the RF Technologies division were GBP0.8m (Q3
2014: GBP0.4m). This year's orders and shipments are weighted
towards the second half and this revenue growth includes elements
of the recently announced GBP1.1m contract to supply multiple
furnaces, as well as progress on the contract announced last year
to supply advanced analytical equipment to a UK regulated-industry
sector.
Order levels within the division remain high with a substantial
pipeline stretching beyond the remainder of the year and into
2016.
Outlook
Revenues and order flow in both divisions remain encouraging and
the Board is now confident that Group revenues for the year ending
31 December 2015 will show a meaningful improvement against current
market expectations, with a resultant reduced operating loss
compared to these expectations.
Paul Mines, Chief Executive, said:
"Revenue generation is strong in both divisions and, coupling
this with the achievement of a small group EBITDA profit in the
quarter, we are increasingly confident that 2015 will become a very
significant milestone in Biome's development."
- Ends -
For further information please contact:
Biome Technologies plc
Paul Mines, Chief Executive
Officer
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley
(Nominated Adviser)
Chris Crawford/Kelly
Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
FTI Consulting
Oliver Winters Tel: +44 (0) 20 3727
www.fticonsulting.com 1535
This information is provided by RNS
The company news service from the London Stock Exchange
END
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