Pre-close Trading Statement

RNS Number : 8100C

Biome Technologies PLC

22 January 2015

 



22 January 2015

Biome Technologies plc

("Biome" or "the Group")

Pre-close Trading Statement

Biome Technologies plc is pleased to provide a pre-close trading statement for the financial year ended 31 December 2014.

The Board expects the financial performance for the full year period to be in line with management's expectations. Group revenues for the year reached £3.6m, representing an 81% increase on revenues of £2.0m in 2013.

Revenues in the Bioplastics division were subdued in the fourth quarter at £0.2m (Q3 2014: £0.1m). Offtake to the single-serve coffee market in the USA remained compromised by competitive challenges to the brewing technology of Biome's main customer. The Board understands that this problem has been resolved technically, albeit demand has yet to normalise. Customer trials for Biome's innovative high temperature material for food service applications continue to be encouraging. Substantial progress has been made towards obtaining further grant support from Innovate UK for Biome's activity in researching the transformation of lignin to bioplastics and finalisation of a new grant is expected in the near future.

The RF division finished the year in a robust manner, with final quarter revenues of £0.6m (Q3 2014: £0.4m), generated across a number of sectors. Shipments of the first of the division's new range of fibre optic furnaces have been made utilising technology that significantly improves energy efficiency. Ten pre-production pipe-welding units were completed for Durapipe as expected in the final quarter. The order book for 2015 is building well, underpinned by the contract for a regulated industrial customer as previously announced..

The Group's cash position at 31 December 2014 was £2.4m (30 September 2014: £2.8m).

The audited preliminary results for the year ended 31 December 2014 are scheduled to be published on 25 March 2015.

-Ends-

For further information please contact:

Biome Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
w.biometechnologiesplc.com	Tel: [phone]
Allenby Capital
David Hart (Nomad) Chris Crawford/Kelly Gardiner (Broker)
www.allenbycapital.com	Tel: [phone]
FTI Consulting
Oliver Winters www.fticonsulting.com	Tel: [phone]

 

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