Biome Technologies PLC Trading update (8465L)
April 24 2018 - 2:00AM
UK Regulatory
TIDMBIOM
RNS Number : 8465L
Biome Technologies PLC
24 April 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
24 April 2018
Biome Technologies plc
("Biome", "the Company" or "the Group")
Trading update
In advance of its Annual General Meeting today, Biome
Technologies, a leading bioplastics and radio frequency technology
business, is pleased to announce a trading update for the three
months ended 31 March 2018.
Group revenues achieved for the first three months of the year
were GBP2.1m, 37% ahead of the same quarter last year (Q1 2017:
GBP1.5m).
In line with the trend in 2017, the Group continued to make a
profit before interest, tax, depreciation, amortisation and share
option charges in this quarter (based on unaudited management
accounts).
The Group's cash position as at 31 March 2018 was GBP2.4m (31
December 2017: GBP2.3m), reflecting the current trading
activity.
Bioplastics Division
Revenues in the Bioplastics division in the first quarter of
2018 were GBP0.4m (Q1 2017: GBP0.8m). Variation in quarterly
results due the frequency and timing of customer production has
been a feature of this division's business and this was
particularly evident in quarter one of 2017 compared with quarter
two of 2017 and this reported quarter. The result for Q1 2018
should therefore be seen in this context. We are encouraged by
progress on bringing new products to market for the second half.
Public sentiment concerning the use of alternatives to traditional
petro-chemical based plastics is strong and this is being reflected
in enquiries about the Company's products.
Stanelco RF Technologies Division
Revenues for the first quarter of 2018 in the RF Technologies
division were GBP1.7m (Q1 2017: GBP0.7m) reflecting strong demand
for fibre optic furnaces and other products. The forward order book
and enquiry level continues to increase and the Group now expects
turnover for the full year in this division to exceed last year's
levels.
Outlook
Biome Technologies is making good progress against the strategy
as set out in the Group's full year results announced in March 2018
and against this background the Board remains confident in the
Group's outlook for the remainder of the year.
- Ends -
For further information please contact: Biome
Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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