Last checked at 25 Jan 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
25 January 2018
Biome Technologies plc
("Biome", "the Company" or "the Group")
Pre-close Trading Statement
Biome Technologies plc's pre-close trading statement for the financial year ended 31 December 2017 is set out below.
Group revenues for the year were £6.2m, 36% ahead of the 2016 revenues of £4.6m.
Revenues in the Bioplastics division were £2.3m, an increase of 44% on 2016 revenues of £1.6m. The Bioplastics division benefitted from an increase in the use of its material for the coffee market following the commercialisation of the innovative BiomeMesh filter material. The shifting perception of plastic waste both in public opinion and amongst policy-makers, particularly in the UK, provides encouragement for future growth in the use of bioplastic products.
The RF division also had a strong year with revenues of £4.0m, an increase of 32% over 2016 revenues of £3.0m. The increase in revenues is attributable mainly to robust demand for the fibre optic furnace products underpinned by the roll out of infrastructure investment in telecommunications, including "5G", in Asia. As 2018 commences, the RF division has a strong order book which is ahead of that at the comparable point in 2017.
The Group's cash position at 31 December 2017 was £2.3m (30 September 2017: £2.4m; 31 December 2016: £1.5m). The increase in cash year on year is a mixture of trading performance, working capital movements and the £0.45m received under the previously reported settlement agreement.
The Board expects that the Group will record a small profit before interest, tax, depreciation, amortisation, and share option charges ("EBITDA") for the 2017 financial year (2016: trading EBITDA loss of £0.2m excluding the settlement agreement).
The audited results for the year ended 31 December 2017 are scheduled to be published on 27 March 2018.
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For further information please contact: Biome Technologies plc | |
Paul Mines, Chief Executive Officer | |
Declan Brown, Group Finance Director | |
www.biometechnologiesplc.com | Tel: +44 (0) 2380 867 100 |
Allenby Capital | |
David Hart/Alex Brearley (Nominated Adviser) Chris Crawford/Kelly Gardiner (Broker) | |
www.allenbycapital.com | Tel: +44 (0) 20 3328 5656 |