REG - Biome Technologies - Contract win for Stanelco RF Division

Biome TechnologiesAnnouncement

22/06/2023 07:00

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RNS Number : 5039D  Biome Technologies PLC  22 June 2023

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.

22 June 2023

 

Biome Technologies plc

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

Contract win for Stanelco RF Division

 

Biome Technologies plc, a leading bioplastics and radio frequency technology
business, is pleased to announce that its Stanelco RF Technologies
("Stanelco") division (www.stanelcorftechnologies.com) has been awarded a
contract with a revenue value of £452,000 to supply a novel induction furnace
system (the "System") to a global manufacturer of scientific glass products.

This System will utilise key elements of Stanelco's induction furnace
technology, in a new application field, providing enhanced performance
attributes and improved operational effectiveness. 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.

Final completion of the project is expected in the 2024 financial year with
the possibility of some revenue being recognised in 2023, under IFRS-15.
Specific revenue timing will depend on availability of key components that
will be identified during the design phase. Stage payments will be received
against milestones during the contract. The project's revenues and cash-flows
are included in management's existing expectations and shareholders will be
advised via the Company's trading updates, as revenue timing becomes more
defined.

Paul Mines, CEO, commented, "This contract win is a significant achievement
for our Stanelco RF Division and the first major contract with this customer
and in the sub-sector of the scientific glass industry. This order results
from Stanelco's ongoing strategy of diversification into adjacent markets and
is one of a number of opportunities that are currently in contract
discussions".

 

-Ends-

 For further information please contact:
 Biome Technologies plc

 Paul Mines, Chief Executive Officer
 Rob Smith, Chief Financial Officer
 Donna Simpson-Strange, Company Secretary
 www.biometechnologiesplc.com  Tel: +44 (0) 2380 867 100

 Allenby Capital
 David Hart/Alex Brearley (Nominated Adviser)

 Kelly Gardiner (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 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.

 

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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