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Biome TechnologiesAnnouncement

06/09/2014 20:34

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RNS Number : 2704N
Biome Technologies PLC
24 July 2014 
 
24 July 2014 
 
Biome Technologies plc 
 
("Biome", "the Company" or "the Group") 
 
Trading Update 
 
Biome Technologies plc, a leading bioplastics and radio frequency technology
business, today publishes a trading update, ahead of its interim results for
the six-month period ended 30 June 2014, which are expected to be announced on
3 September 2014. 
 
Trading Update 
 
Total Group revenues achieved for the second quarter of 2014 were £1.2m (Q1
2014: £1.1m; Q2 2013: £0.5m). The turnover for the second quarter maintains
the significant progress made in the first quarter of 2014 compared to the
same period in the prior year and means that revenues generated by the Group
in the first half of 2014 at £2.3m are now in excess of those for the full
year of 2013. 
 
The Group's cash position at 30 June 2014 was £3.1m (31 March 2014: £3.2m). 
 
The business continues to make good progress with the strategy to
commercialise and develop wholly owned intellectual property.  Performance in
the first half was ahead of the Board's expectations for both divisions. 
 
Bioplastics Division 
 
Q2 2014 revenues for the Bioplastics Division were £0.6m (Q1 2014: £0.5m; Q2
2013: £0.1m) 21% ahead of Q1 2014 performance. Revenues generated by the
Bioplastics Division in the first half of 2014 were therefore £1.1m, already
in excess of the £1.0m full year 2013 revenue. 
 
The focus of the division on developing high margin, application led
bioplastic polymers with enhanced level of functionality is starting to take
hold. Increasing volumes of Biome's materials were procured in the period for
use in the US single-serve coffee market amongst other applications. Further
progress was made in the development of the pipeline of new products with
technical and customer trials continuing in both the food service and
paper-board coating sectors. 
 
The division announced the successful completion of a feasibility study
undertaken in conjunction with the University of Warwick's Centre for
Biotechnology and Biorefining and supported by the Government-backed
Technology Strategy Board (TSB). 
 
Stanelco RF Technologies Division 
 
Q2 2014 revenues for the RF Division were £0.6m (Q1 2014: £0.6m; Q2 2013:
£0.4m) maintaining the promising start that the division made in the first
quarter of the year. Revenues for the first half of 2014 were £1.2m and are
now in excess of the revenues achieved by this division for the full year
2013. 
 
Activity and ordering levels in the first half have been encouraging with some
evidence that the market for fibre optic furnaces, one of the main repeating
products for the division, is experiencing some recovery in Asia. The contract
with a customer from a regulated industry has commenced and receipts of
approximately one quarter of contract value were received during the first
half of 2014. Enquiry and order levels for the business are robust. 
 
Group Outlook 
 
The Group's revenues and cash are slightly ahead of the Board's expectations
at the mid-year point with the reporting of the interim results scheduled for
3 September 2014. 
 
This has been a positive first half for the Group and the Board is confident
that this progress can be maintained for the full 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  
                                                                                  
 Daniel Stewart & Company plc                                                     
 David Hart (Nominated Adviser)Mark Treharne (Broker)                             
 www.danielstewart.co.uk                               Tel: +44 (0) 20 7776 6550  
                                                                                  
 Allenby Capital                                                                  
 Chris Crawford/Kelly Gardiner                                                    
 www.allenbycapital.com                                Tel: +44 (0) 20 3002 2070  
                                                                                  
 FTI Consulting                                                                   
 Oliver Winterswww.fticonsulting.com                   Tel: +44 (0) 20 3727 1535  
 
 
This information is provided by RNS
The company news service from the London Stock Exchange