Last checked at 4 Nov 2013 07:00
04 November 2013
Biome Technologies plc ("Biome", "the Company" or "the Group")
Trading Update
Biome Technologies plc, a leading bioplastics and RF technology business, today publishes a trading update for the nine months ended 30 September 2013.
Total Group revenues achieved for the third quarter were £0.6m (Q2 2013: £0.5m) taking Group revenues for the nine month period to 30 September 2013 to £1.5m.
Progress continued in the Bioplastics Division as the business deepened its working relationship with a customer in the USA that is seeking innovative change in the coffee market. Sales accelerated on the back of the first of several anticipated product launches with this customer. During the last few weeks, another key milestone was achieved as the Group's novel high temperature material for a food service application was granted composting accreditation. This accreditation, after three years of development, allows the business to progress with commercialisation. Revenues for the Bioplastics Division in Q3 were £0.4m (Q2 2013: £0.1m).
Continued subdued demand from the optical fibre furnace market in Asia continues to impact revenues for the RF Technologies Division, however other market areas are progressing as expected. Q3 revenues for the RF Division were £0.2m (Q2 2013: £0.4m).
The shortfall in anticipated revenues has been largely offset by continued cost reductions and in particular the achievement of the overhead reduction exercise, announced in May 2012 and the termination of the leases of the surplus buildings in May 2013.
The Group's cash position as at 30 September 2013 was £3.7m (30 June 2013: £3.9m).
Biome Technologies continues to progress the Group's core strategy to commercialise its wholly owned intellectual property in the bioplastics market.
The Group's overall performance remains in line with the Board's expectations.
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For further information please contact:
Biome Technologies plc
Paul Mines, Chief Executive Officer
www.biometechnologiesplc.com Tel: +44 (0) 2380 867 100
Daniel Stewart & Company plc
David Hart/James Thomas
www.danielstewart.co.uk Tel: +44 (0) 20 7776 6550
First Columbus
Chris Crawford/Kelly Gardiner
www.first-columbus.com Tel: +44 (0) 20 3002 2070
FTI Consulting
Oliver Winters/Latika Shah Tel: +44 (0) 20 7831 3113