REG - Biome Technologies - Trading update

Biome TechnologiesAnnouncement

24/04/2018 07:05

RNS Number : 8465L
Biome Technologies PLC
24 April 2018
 

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 2018
 
Biome Technologies plc
 
("Biome", "the Company" or "the Group")
 
Trading update
 
 
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 2018.
 
Group revenues achieved for the first three months of the year were £2.1m, 37% ahead of the same quarter last year (Q1 2017: £1.5m).
 
In line with the trend in 2017, the Group continued to make a 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 2018 was £2.4m (31 December 2017: £2.3m), reflecting the current trading activity.
 
Bioplastics Division
 
Revenues in the Bioplastics division in the first quarter of 2018 were £0.4m (Q1 2017: £0.8m). Variation in quarterly results due the frequency and timing of customer production has been a feature of this division's business and this was particularly evident in quarter one of 2017 compared with quarter two of 2017 and this reported quarter. The result for Q1 2018 should therefore be seen in this context. We are encouraged by progress on bringing new products to market for the second half. Public sentiment concerning the use of alternatives to traditional petro-chemical based plastics is strong and this is being reflected in enquiries about the Company's products.
 
Stanelco RF Technologies Division
 
Revenues for the first quarter of 2018 in the RF Technologies division were £1.7m (Q1 2017: £0.7m) reflecting strong demand for fibre optic furnaces and other products. The forward order book and enquiry level continues to increase and the Group now expects turnover for the full year in this division to exceed last year's levels.
 
Outlook
 
Biome Technologies is making good progress against the strategy as set out in the Group's full year results announced in March 2018 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/Alex Brearley (Nominated Adviser)
Chris Crawford/Kelly Gardiner (Broker)




www.allenbycapital.com


Tel: +44 (0) 20 3328 5656




 



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