Trading Update

RNS Number : 2650F

Biome Technologies PLC

23 April 2014

 



23 April 2014

Biome Technologies plc

 ("Biome", "the Company" or "the Group")

Trading Update

In advance of its Annual General Meeting today, Biome is pleased to announce a trading update for the three months ended 31 March 2014.

Total Group revenues achieved for the first three months of the year were £1.1m (Q1 2013: £0.4m, Q4 2013: £0.5m), a substantial uplift on recent periods.

The Group's cash position at 31st March 2014 was £3.2m (31st December 2013: £3.3m), reflecting increased activity, receipt of deposits for the RF Technologies division and working capital movements.

Bioplastics Division

Q1 2014 revenues were £0.5m (Q1 2013: £0.2m). Increasing volumes of Biome's materials were procured in the period for use in the US single-serve coffee market amongst other applications.  Further progress was made in the development of the pipeline of new products with trials continuing in both the food service and board coating sectors.

Stanelco RF Technologies Division

Q1 revenues were £0.6m (Q1 2013: £0.2m). There are initial signs that the uncertainties in the Asian fibre market, reported previously, are abating. The unit's order book is growing in an encouraging manner with 2014 orders now in excess of the revenues achieved in 2013.  Activity has commenced on the recently announced £1.5m contract to supply advanced analytical equipment to a customer in a regulated industry.

Group Finance Director

Declan Brown was Group Finance Director between 1 November 2011 and 30 November 2012 and has been supporting the business on a consultancy basis subsequent to this period. Given current and anticipated developments of the Group, it is the Board's intention to reappoint Declan Brown as Group Finance Director at a Board meeting following today's Annual General Meeting.

Outlook

Biome is making progress with the strategy, as set out in the Group's full year results, to grow revenues vigorously in both divisions. The Board is delighted with the step change in growth exhibited so far in 2014 and is confident in its expectations for the year.

-Ends-

For further information please contact:

Biome Technologies plc
Paul Mines, Chief Executive Officer
www.biometechnologiesplc.com	Tel: [phone]
Daniel Stewart & Company plc
David Hart / James Thomas (Nominated Adviser) Mark Treharne (Broker)
www.danielstewart.co.uk	Tel: [phone]
Allenby Capital
Chris Crawford/Kelly Gardiner
www.allenbycapital.com	Tel: [phone]
FTI Consulting
Oliver Winters www.fticonsulting.com	Tel: [phone]

 

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