Last checked at 22 Jun 2023 07:00
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 June 2023
Biome Technologies plc
("Biome", the "Group" or the "Company")
Contract win for Stanelco RF Division
Biome Technologies plc, a leading bioplastics and radio frequency technology business, is pleased to announce that its Stanelco RF Technologies ("Stanelco") division (www.stanelcorftechnologies.com) has been awarded a contract with a revenue value of £452,000 to supply a novel induction furnace system (the "System") to a global manufacturer of scientific glass products.
This System will utilise key elements of Stanelco's induction furnace technology, in a new application field, providing enhanced performance attributes and improved operational effectiveness. 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.
Final completion of the project is expected in the 2024 financial year with the possibility of some revenue being recognised in 2023, under IFRS-15. Specific revenue timing will depend on availability of key components that will be identified during the design phase. Stage payments will be received against milestones during the contract. The project's revenues and cash-flows are included in management's existing expectations and shareholders will be advised via the Company's trading updates, as revenue timing becomes more defined.
Paul Mines, CEO, commented, "This contract win is a significant achievement for our Stanelco RF Division and the first major contract with this customer and in the sub-sector of the scientific glass industry. This order results from Stanelco's ongoing strategy of diversification into adjacent markets and is one of a number of opportunities that are currently in contract discussions".
-Ends-
For further information please contact: | |
Biome Technologies plc Paul Mines, Chief Executive Officer | |
Rob Smith, Chief Financial Officer | |
Donna Simpson-Strange, Company Secretary | |
www.biometechnologiesplc.com | Tel: +44 (0) 2380 867 100 |
Allenby Capital | |
David Hart/Alex Brearley (Nominated Adviser) Kelly Gardiner (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 Limited and Stanelco RF Technologies Limited.
Biome Bioplastics is a leading developer of highly-functional, bio-based and biodegradable plastics. The company's mission is to produce bioplastics that challenge the dominance of oil-based polymers.
Stanelco 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