Trading Update

RNS Number : 3238L

Biome Technologies PLC

27 April 2015

 



27 April 2015

Biome Technologies plc

("Biome", "the Company")

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 2015.

Total Group revenues achieved for the first three months of the year were £1.1m (Q1 2014: £1.1m, Q4 2014: £0.8m).

The Group's cash position at 31st March 2015 was £2.3m (31st December 2014: £2.4m), reflecting current trading activity and reduction in working capital.

Bioplastics Division

Q1 2015 revenues were £0.5m (Q1 2014: £0.5m). A return to revenue levels seen in the first quarter of 2014 has been driven by the return to more normal levels of off take in the US single-serve coffee market. Further progress was made in the new product development pipeline with trials continuing in both the food service and coffee sectors. A number of the grant supported research collaborations focussing on bio-based materials, highlighted in the full year results, have commenced.

Stanelco RF Technologies Division

Q1 revenues were £0.6m (Q1 2014: £0.6m). Good revenue levels were supported by fibre optic furnaces, general industrial products and activity on the £1.5m contract to supply advanced analytical equipment to a customer in a regulated industry. There are encouraging signs that the supply demand balance in the Asian fibre optic market is changing. The division is quoting on a number of systems with potential customers in the region who are considering new capacity.

Outlook

Biome is making good progress with the strategy as set out in the Group's full year results in March.  The Board remains confident of the prospects for the remainder of the year with Group trading expected to be in line with market expectations.

-Ends-

For further information please contact:

Biome Technologies plc
Paul Mines, Chief Executive Officer
www.biometechnologiesplc.com	Tel: [phone]
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser) Chris Crawford/Kelly Gardiner (Broker)
www.allenbycapital.com	Tel: [phone]
FTI Consulting
Oliver Winters www.fticonsulting.com	Tel: [phone]

 

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