Last checked at 24 Apr 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")
24 April 2017
Biome Technologies plc
("Biome", "the Company" or "the Group")
In advance of its Annual General Meeting today, Biome Technologies, a leading bioplastics and radio frequency technology business, is pleased to announce a trading update for the three months ended 31 March 2017.
Total Group revenues achieved for the first three months of the year were £1.5m, 34% ahead of the same quarter last year (2016: £1.1m).
With both of the Group's divisions delivering a profitable performance, 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 2017 was £1.8m (31 December 2016: £1.5m), reflecting the current trading activity and receipt of £0.45m under the settlement agreement reported previously.
Bioplastics Division
Revenues in the Bioplastics division in Q1 2017 were £0.8m (Q1 2016: £0.2m) reflecting both good demand for commercialised products from the US single-serve coffee market and larger scale manufacturing using the Company's biodegradable non-woven filter for coffee pods. As this latter product moves towards full commercialisation, coffee pods incorporating this material are now being utilised within a first customer's range and are reaching the consumer market. There has been an encouraging response from the market to recent publicity surrounding the use and disposal of coffee cups/lids and the role that Biome's materials can play in this supply chain.
Stanelco RF Technologies Division
Revenues for Q1 2017 in the RF Technologies division were £0.7m (Q1 2016: £0.9m) reflecting timing of equipment deliveries. Good revenue levels in the period were supported by the build and delivery of several fibre optic furnaces. A solid order book and good enquiry pipeline now underpin a strong outlook for this division in 2017.
Outlook
Biome Technologies continues to make progress against the strategy as set out in the Group's full year results in March 2017 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 | |
Paul Mines, Chief Executive Officer | |
Declan Brown, Group Finance Director | |
www.biometechnologiesplc.com | Tel: +44 (0) 2380 867 100 |
Allenby Capital | |
David Hart/Richard Short (Nominated Adviser) Chris Crawford/Kelly Gardiner (Broker) | |
www.allenbycapital.com | Tel: +44 (0) 20 3328 5656 |
FTI Consulting | |
Oliver Winters www.fticonsulting.com | Tel: +44 (0) 20 3727 1535 |