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Biome Technologies warns of modest loss amid falling sales, higher staff costs

By BFN News | 08:03 AM | Monday 22 July, 2019


Bioplastics and radio frequency technology business Biome Technologies warned that it expected to post a 'modest' first-half loss as sales fell and invested in more staff. Revenue for the six months through June fell to 18% to £3.6m, with a 53% rise in bioplastics sales being offset by an expected fall at the radio frequency business. The company's cash position as at 30 June was £1.7m, down from £2.3m at the end of March, reflecting the trading performance and an increase in working capital requirements. 'Our two divisions continue to perform to our expectations,' Biome Technologies said. 'We expect the growth drivers of the Bioplastics division to continue to propel it towards eclipsing Stanelco RF as the principal revenue generator for the group within the next year or so.' 'We remain confident in our ability to take advantage of the opportunities our markets are offering.' At 8:03am: (LON:BIOM) Biome Technologies PLC share price was -5p at 425p Story provided by StockMarketWire.com

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