Last checked at 15 Feb 2024 14:54
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.
15 February 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 contract with a revenue value of £490,000 to supply a second novel induction furnace system (the "System") to a global manufacturer of scientific glass products.
The System will utilise key elements of the RF Technologies division's induction furnace technology, in another new application field, providing enhanced performance attributes and improved operational effectiveness, particularly in relation to energy efficiency. As with the previous system announced in June 2023, it will be designed and built at the Company's Marchwood, UK, facility with installation and commissioning being completed at the customer's overseas production site.
Completion of the System is scheduled in the 2024 financial year. However, specific revenue timing and revenue recognition under IFRS-15 will depend on the availability of key components that will be identified during the design phase. Stage payments will be received against milestones during the contract.
Paul Mines, CEO, commented, "This further contract win is an important achievement for our RF Technologies division and the second significant contract in this sub-sector of the scientific glass industry. This order results from the division's ongoing strategy of diversification and is one of several opportunities where negotiations have advanced significantly since the start of the year. We remain confident in bringing other opportunities to a similar conclusion in the relatively short-term."
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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: +44 (0) 2380 867 100 |
Allenby Capital | |
David Hart/Alex Brearley (Nominated Adviser) Kelly Gardiner/Tony Quirke (Sales and Corporate Broking) | |
www.allenbycapital.com | 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 and 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