Last checked at 1 Nov 2017 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")
1 November 2017
Biome Technologies plc
("Biome", "the Company" or "the Group")
Biome Technologies plc, a leading bioplastics and radio frequency technology business, today publishes a trading update for the nine months ended 30 September 2017.
Total Group revenues achieved in Q3 were £1.5m (2016: £0.9m). This takes Group revenues for the nine months to 30 September 2017 to £4.5m, a 46% increase compared to the same period last year (2016: £3.1m) and close to the full year 2016 level of £4.6m.
The Group made a small profit before interest, tax, depreciation, amortisation, and share option charges for Q3 2017, making this the fourth consecutive quarter of EBITDA profitability (based on unaudited management accounts).
The Group's cash position as at 30 September 2017 was £2.4m (30 June 2017: £1.9m), reflecting trading activity and receipt of deposits within the Stanelco RF division.
Bioplastics Division
Revenues in the Bioplastics division in Q3 were £0.5m (Q3 2016: £0.4m), resulting in revenues in the first nine months of the financial year being £1.7m (2016: £0.9m). The revenues for the year to date have already exceeded the 2016 full year revenues of £1.6m.
This growth in revenue is a result of continued demand for the commercialised outer packaging, lid material and non-woven filter mesh for the US coffee pod market.
Stanelco RF Technologies Division
Revenues in the RF Technologies division in Q3 were £1.1m (Q3 2016: £0.7m), resulting in revenues in the first nine months of the financial year being £2.8m (2016: £2.2m). Good revenue levels were supported by the build and delivery of several fibre optic furnaces.
The order book and enquiry pipeline have continued to build with a particular focus on demand from Asia. This gives confidence for a strong outlook for this division for the remainder of the year and into the middle of 2018.
Outlook
The Group has continued its progress in the first half of the year into Q3 and the Board expects this momentum to continue for the remainder of the year.
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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 (Nominated Adviser) Chris Crawford/Kelly Gardiner (Broker) | |
www.allenbycapital.com | Tel: +44 (0) 20 3328 5656 |
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