Last checked at 25 Apr 2016 07:00
25 April 2016
Biome Technologies plc
("Biome", the "Company" or the "Group")
Trading Update
In advance of its Annual General Meeting today, Biome, a leading bioplastics and radio frequency technology business, is pleased to announce a trading update for the three months ended 31 March 2016.
Total Group revenues achieved for the first three months of the year were £1.1m, in line with the same quarter last year (2015: £1.1m).
The Group made a small profit before interest, tax, depreciation, amortisation, and share option charges in this quarter (based on unaudited management accounts).
The Group's cash position as at 31 March 2016 was £1.6m (31 December 2015: £1.6m) reflecting the current trading activity. Increases in capitalised development spend were offset by working capital reductions.
Bioplastics Division
Revenues in the Bioplastics division in Q1 2016 were £0.2m (Q1 2015: £0.5m) reflecting the timings of campaign production runs in the US single-serve coffee market. The new temperature-tolerant material underwent final customer production run trials in the quarter and revenues of this product are expected to build over the coming months.
Further progress has been made on the development of a biodegradable non-woven mesh. The Group also received further government funding of £0.7m in the quarter, highlighted in the 2015 full year results, to continue its medium term development work on bio-based materials.
Stanelco RF Technologies Division
Revenues for Q1 2016 in the RF Technologies division were £0.9m (Q1 2015: £0.6m). Good revenue levels were supported by orders for fibre optic furnaces and activity associated with the £1.5m contract to supply advanced analytical equipment to a customer in a regulated industry. Both systems for this contract are due to be delivered before the end of June 2016.
Outlook
Biome continues to make good progress against the strategy as set out in the Group's full year results in March 2016 and against this background the Board remains confident in the Group's outlook for the remainder of the year.
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For further information please contact:
Biome Technologies plc |
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Paul Mines, Chief Executive Officer |
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Declan Brown, Group Finance Director |
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www.biometechnologiesplc.com | Tel: +44 (0) 2380 867 100
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Allenby Capital |
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David Hart/Alex Brearley (Nominated Adviser) Chris Crawford/Kelly Gardiner (Broker) |
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www.allenbycapital.com | Tel: +44 (0) 20 3328 5656
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FTI Consulting |
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Oliver Winters www.fticonsulting.com | Tel: +44 (0) 20 3727 1535 |