Last checked at 4 Nov 2011 07:00
4 November 2011
Biome Technologies plc
("the Group")
Trading Update
Biome Technologies plc today issues a trading update for the nine months ended 30 September 2011.
Highlights
·; Group revenue of £15.3m in the nine months to 30 September 2011 up 49% compared with the same period in 2010
·; Third quarter revenues of £4.3m within the Bioplastics Division 61% ahead of third quarter 2010
·; Closing cash position at 30 September 2011 was £3.0m
·; Group trading performance remains in line with the Board's expectations for the year
Trading Update
Group revenues were £15.3m in the nine months to 30 September 2011 (Q3 2010: £10.3m). This reflected a 110% increase in bioplastic sales made by the UK based Biome Bioplastics, a 34% increase in sales in Stanelco RF Technologies division and a 29% increase in third party sales at the Biotec joint venture. The Group's cash position at 30 September 2011 was £3.0m (30 June 2011: £3.6m).
Bioplastics Division
Revenues in the Bioplastics Division increased from £8.5m to £12.9m in the nine months to 30 September 2011. This was comprised of revenues of £5.3m at Biome Bioplastics and £7.6m from 3rd party sales at the Biotec joint venture in the period.
In the third quarter, Biotec revenues were £2.7m (Q3 2010: £1.7m) benefiting from further abatement of capacity constraints in the supply chain and allowing some stock build within the business. Biome Bioplastics has achieved substantial growth in 2011 compared to comparative quarters in 2010. Q3 sales were £1.7m (Q3 2010 £0.9m). We continue to expect some quarterly volatility as the market reacts to easing of supply constraints.
Stanelco RF Technologies Division
The Stanelco RF Technologies Division continues to perform in line with management expectations with revenues increasing by 34% to £2.4m in the nine months to 30 September 2011. Phasing of sales of furnaces has been skewed to H1 in 2011 and Q3 revenues were £0.6m, below the £0.8m of Q3 2010. Progress continues to be made in broadening the business reach in the industrial marketplace.
Outlook
Trading performance remains in line with the Board's expectations for the year and we are well placed to continue delivering on our strategy through the remainder of 2011 and into 2012.
-Ends-
For further information please contact:
Biome Technologies plc Paul Mines, Chief Executive Officer Declan Brown, Group Finance Director
| Tel: +44 (0) 2380 867 100
|
Daniel Stewart & Company plc Oliver Rigby (Nomad) Martin Lampshire (Broker)
| Tel: +44 (0) 20 7776 6550 |
FTI Consulting Oliver Winters Latika Shah | Tel: +44 (0) 20 7831 3113 |
Notes to Editor:
Admitted to AIM in July 2010, the activities of Biome operate in two divisions; Biome Bioplastics and Stanelco RF Technologies. Both divisions are underpinned by the Group's skills in the commercialisation and development of innovative technology.
The Group's core strategy is to develop and broaden its bioplastics business organically and is engaged with a variety of large-scale international customers and partners on a number of key commercial and development partnerships. These target applications in the food, horticulture and the electronics markets, amongst others, further enhance the Group's existing and new product development.