Biome Technologies PLC Bioplastics Product Update (1772C)
June 14 2019 - 2:00AM
UK Regulatory
TIDMBIOM
RNS Number : 1772C
Biome Technologies PLC
14 June 2019
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")
14 June 2019
Biome Technologies plc
("Biome", "the Company" or "the Group")
Bioplastics Product Update
Biome Technologies, a leading bioplastics and radio frequency
technology business, is pleased to announce that commercial
production of Biome's new heat stable material has commenced in the
USA. This material has a range of applications, including the
previously announced projects for disposable cutlery and a rigid
ring for the coffee pod market.
Revenues for this new material are now expected to commence
imminently for use in the cutlery application. Revenues for the
rigid ring application are anticipated to follow in the second half
of the year once final testing has been completed.
The Board now expects revenues for the Bioplastics division for
Q2 to be approximately GBP0.75m (Q1 2019: GBP0.6m; Q2 2018:
GBP0.5m).
- Ends -
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/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
About Biome
Biome Technologies plc is an AIM listed, growth-orientated,
commercially driven technology group. Our strategy is founded on
building market-leading positions based on patented technology and
serving international customers in valuable market sectors. We have
chosen to do this by developing products in application areas where
the value-added pricing can be justified and that are not reliant
on government legislation. These products are driven by customer
requirements and are compatible with existing manufacturing
processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics Limited and
Stanelco RF Technologies Limited. Biome Bioplastics is a leading
developer of highly-functional, bio-based and biodegradable
plastics. The company's mission is to produce bioplastics that
challenge the dominance of oil-based polymers. Stanelco RF
Technologies designs, builds and services advanced radio frequency
(RF) systems. Dielectric and induction heating products are at the
core of a product offering that ranges from portable sealing
devices to large furnaces for the fibre optics markets.
In 2018, the Board has adopted the following three high level
KPIs for the next three years to continue its ambitious
momentum:
-- Compound revenue growth of 25% per annum across the Group and
40% compound revenue growth in the Bioplastics division
-- Diversify the Group's turnover by product and market to
ensure that no one product or end customer contributes more than
15% of revenues by 2020
-- Increase investment in the Group's next generation of
products by spending significantly more per annum on average than
the GBP0.3m per annum average spend over the previous strategic
objective cycle
www.biometechnologiesplc.com
www.biomebioplastics.com and www.thinkbioplastic.com
www.stanelcorftechnologies.com
#ThinkBioplastic is our digital educational platform, launched
in October 2018 in response to the emerging global plastic
conversation. It speaks to a wide audience, highlighting
bioplastics as a leading solution among several to reduce the
negative impact of plastic manufacture and disposal. Following the
much acclaimed first series of short videos the second series has
just been released.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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