29 Jan 2015 07:00
29 January 2015
Biome Technologies plc
("Biome" or "the Company")
Bioplastics division sees increased demand
Biome Technologies is pleased to announce that its Bioplastics Division has recently received significant orders to the value of approximately £0.4m, for delivery in the first quarter of 2015.
In the six months to 30 June 2014 revenues in the Bioplastics Division were £1.1m but declined to £0.3m in the second half to 31 December 2014. This reduction was highlighted in the Company's past two trading statements as being linked to reduced offtake to the single-serve coffee market in the USA. Further, it was explained that demand had been compromised by competitive challenges to the coffee brewing technology of Biome's main customer.
The Board noted in its trading statement of 22 January 2015, that whilst this problem had been resolved technically, demand was yet to normalise. The Board believes that the orders, referred to above, are an encouraging indication that normalisation is underway.
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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 (Nomad) 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 |
Biome Tech (BIOM)