Biome Technologies PLC Trading Update (0437D)
April 24 2017 - 2:00AM
UK Regulatory
TIDMBIOM
RNS Number : 0437D
Biome Technologies PLC
24 April 2017
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 GBP1.5m, 34% ahead of the same quarter last year (2016:
GBP1.1m).
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 GBP1.8m (31
December 2016: GBP1.5m), reflecting the current trading activity
and receipt of GBP0.45m under the settlement agreement reported
previously.
Bioplastics Division
Revenues in the Bioplastics division in Q1 2017 were GBP0.8m (Q1
2016: GBP0.2m) 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
GBP0.7m (Q1 2016: GBP0.9m) 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.
- 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/Richard Short (Nominated
Adviser)
Chris Crawford/Kelly Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20
3328 5656
FTI Consulting
Oliver Winters Tel: +44 (0) 20
www.fticonsulting.com 3727 1535
This information is provided by RNS
The company news service from the London Stock Exchange
END
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