Contract win for Stanelco RF Division

Biome Technologies PLC

22 May 2024

 

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

22 May 2024

Biome Technologies plc

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

Contract win for Stanelco RF Division

Biome Technologies plc, a leading bioplastics and radio frequency technology business, is pleased to announce that its RF Technologies division (www.stanelcorftechnologies.com) has been awarded a further substantial contract win, the third so far in 2024.  The contract has a revenue value of approximately £0.6m to supply two radio frequency welding systems (the "Systems") for use by an international corporation in the medical supply sector.

The Systems will use a modular machine platform which integrates automation and RF welding in a similar manner to the contract announced on 15 March 2024. They will be built and tested at the Company's Marchwood, UK, facility and subsequently combined with other production line equipment supplied by the end-customer's chosen contractor before final installation in a UK site.

Delivery of the Systems is scheduled for within the 2024 financial year, with stage payments being received against milestones during the contract. On this basis, it is anticipated that all of the revenue for this project (excluding a small quantum of warranty revenue) will be recognised in 2024, which supports the Board's expectations for the RF Technologies division for this year.

Paul Mines, CEO, commented, "This further order continues the RF Technologies division's ongoing strategy of diversification beyond its traditional strength into new high-value medical market areas. Building on the three other significant contracts announced since mid-2023 this gives the division a comprehensive order pipeline for 2024."

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For further information please contact:
Biome Technologies plc Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
www.biometechnologiesplc.com	Tel: [phone]
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser) Kelly Gardiner/Tony Quirke (Sales and Corporate Broking)
www.allenbycapital.com	Tel: [phone]

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 ("Bioplastics") and Stanelco RF Technologies Limited ("RF Technologies").

Biome Bioplastics is a leading developer of highly-functional, bio-based and biodegradable plastics. The division's mission is to produce bioplastics that challenge the dominance of oil- based polymers.

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.biometechnologiesplc.com www.biomebioplastics.com and www.thinkbioplastic.com www.stanelcorftechnologies.com

 

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