REG - Biome Technologies - Contract win for RF Division

Biome TechnologiesAnnouncement

15/02/2024 15:00

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RNS Number : 3262D  Biome Technologies PLC  15 February 2024

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310.

 

15 February 2024

 

Biome Technologies plc

("Biome", the "Company" or the "Group")

 

Contract win for Stanelco RF Division

 

Biome Technologies plc, a leading bioplastics and radio frequency technology
business, is pleased to announce that its RF Technologies division
(www.stanelcorftechnologies.com (http://www.stanelcorftechnologies.com) ) has
been awarded a contract with a revenue value of £490,000 to supply a second
novel induction furnace system (the "System") to a global manufacturer of
scientific glass products.

 

The System will utilise key elements of the RF Technologies division's
induction furnace technology, in another new application field, providing
enhanced performance attributes and improved operational effectiveness,
particularly in relation to energy efficiency. As with the previous system
announced in June 2023, it will be designed and built at the Company's
Marchwood, UK, facility with installation and commissioning being completed at
the customer's overseas production site.

 

Completion of the System is scheduled in the 2024 financial year. However,
specific revenue timing and revenue recognition under IFRS-15 will depend on
the availability of key components that will be identified during the design
phase. Stage payments will be received against milestones during the contract.

 

Paul Mines, CEO, commented, "This further contract win is an important
achievement for our RF Technologies division and the second significant
contract in this sub-sector of the scientific glass industry. This order
results from the division's ongoing strategy of diversification and is one of
several opportunities where negotiations have advanced significantly since the
start of the year. We remain confident in bringing other opportunities to a
similar conclusion in the relatively short-term."

 

-Ends-

 For further information please contact:
 Biome Technologies plc

 Paul Mines, Chief Executive Officer
 Rob Smith, Chief Financial Officer
 www.biometechnologiesplc.com  Tel: +44 (0) 2380 867 100

 Allenby Capital
 David Hart/Alex Brearley (Nominated Adviser)

 Kelly Gardiner/Tony Quirke (Sales and Corporate Broking)
 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 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 and RF Technologies.

 

Biome Bioplastics is a leading developer of highly-functional, bio-based and
biodegradable plastics. The division's mission is to produce bioplastics that
challenge the dominance of oil- based polymers.

 

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.

 

www.biometechnologiesplc.com (http://www.biometechnologiesplc.com)
www.biomebioplastics.com (http://www.biomebioplastics.com) and
www.thinkbioplastic.com (http://www.thinkbioplastic.com)
www.stanelcorftechnologies.com (http://www.stanelcorftechnologies.com)

 

 

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