Trading Update
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
21 April 2021
Biome Technologies plc
("Biome", "the Company" or "the Group")
Trading Update
Biome Technologies plc, a leading bioplastics and radio frequency technology business, today provides an unaudited Trading Update for the quarter ended 31 March 2021.
Group revenues for the quarter ended 31 March 2021 were in line with management expectations at £1.4m (Q1 2020: £1.2m).
Bioplastics Division
The division's revenues for Q1 were £1.2m, 18% ahead of the comparative quarter in 2020 (Q1 2020: £1.0m) and comparable to the preceding quarter (Q4 2020: £1.2m).
Significant further revenue growth from this division is anticipated during 2021. The necessary drivers for this growth are being successfully assembled in this half year and are expected to give rise to accelerated growth in the second half.
Stanelco RF Technologies Division
Revenues in the RF Technologies division in Q1 were £0.2m, in-line with the Q1 2020 comparable (Q1 2020: £0.2m) and slightly lower than the preceding quarter's revenue (Q4 2020: £0.3m).
There are encouraging signs of a pick-up in activity within the division's core fibre optic furnace market, with small spares orders and some larger equipment enquiries received. Whilst encouraging, this has yet to translate into more significant order intake.
Group Performance
The Group had a cash balance as at 31 March 2021 of £1.6m (31 March 2020: £1.8m). As at 19 April 2021, the Group had cash of £1.8m and no debt.
Group Outlook
The Board's view of the Group's performance remains in line with current market expectations.
- Ends -
For further information please contact: Biome Technologies plc
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
info@biometechnologiesplc.co.uk
Tel: +44 (0) 2380 867 100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Sales and Corporate Broking)
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 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.
www.biomebioplastics.com and www.thinkbioplastic.com
www.stanelcorftechnologies.com
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