Biome Technologies PLC Trading Update (8674W)
April 24 2019 - 2:15AM
UK Regulatory
TIDMBIOM
RNS Number : 8674W
Biome Technologies PLC
24 April 2019
24 April 2019
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 2019.
Group revenues achieved for the first three months of the year
were GBP2.1m, which is 11% ahead of the previous quarter (Q4 2018:
GBP1.9m) and in line with those achieved in Q1 2018 (Q1 2018:
GBP2.1m).
The Group made a small 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 2019 was GBP2.1m (31
December 2018: GBP2.6m), reflecting working capital movements.
Bioplastics Division
Revenues in the Bioplastics division for the first quarter rose
significantly to GBP0.6m (Q1 2018: GBP0.4m; Q4 2018: GBP0.4m).
The improved performance was helped by both increased sales of
outer packaging for the US single serve coffee market and by
initial sales for a novel material for a single serve pod being
launched into the nutrition market, previously reported as being
under development. It is anticipated that sales for this latter
application will gradually increase through the remainder of this
year.
Progress on other projects, such as the rigid ring material and
a plastic film based product for the North America market, remain
on track with revenues for the rigid ring continuing to be
anticipated to commence in Q2 2019 following completion of final
testing.
Stanelco RF Technologies Division
Revenues for the first quarter of 2019 in the Stanelco RF
division were GBP1.5m (Q1 2018: GBP1.7m; Q4 2018: GBP1.5m). The
quarter was impacted positively by the delivery of multiple fibre
optic furnaces which will not occur to the same extent in Q2.
In light of the current order book and general market outlook,
the Board believes that revenues from this division for 2019 will
be in line with previous guidance but more likely to be closer to
those of 2017 than 2018, which was an exceptional year.
Outlook
2019 has commenced in an encouraging manner, particularly for
the Bioplastics Division, and in line with the expectations set out
in the Company's preliminary results announcement.
- 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)
Kelly Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
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 that 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.
In 2018, the Board has adopted the following three high level
KPIs for the next three years to continue its ambitious
momentum:
-- Compound revenue growth of 25% per annum across the Group and
40% compound revenue growth in the Bioplastics division
-- Diversify the Group's turnover by product and market to
ensure that no one product or end customer contributes more than
15% of revenues by 2020
-- Increase investment in the Group's next generation of
products by spending significantly more per annum on average than
the GBP0.3m per annum average spend over the previous strategic
objective cycle
www.biometechnologiesplc.com
www.biomebioplastics.com and www.thinkbioplastic.com
www.stanelcorftechnologies.com
#ThinkBioplastic is our digital educational platform, launched
in October 2018 in response to the emerging global plastic
conversation. It speaks to a wide audience, highlighting
bioplastics as a leading solution among several to reduce the
negative impact of plastic manufacture and disposal. Following the
much acclaimed first series of short videos the second series has
just been released.
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.
END
TSTCKNDBFBKDFQB
(END) Dow Jones Newswires
April 24, 2019 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