REG - Biome Technologies - Trading Update

Biome TechnologiesAnnouncement

20/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220420:nRST6551Ia&default-theme=true

RNS Number : 6551I  Biome Technologies PLC  20 April 2022

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.

 

20 April 2022

 

 

Biome Technologies plc

 

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

 

Trading Update

 

 

 

Biome Technologies plc, a leading bioplastics and radio frequency technology
business, today provides an unaudited Trading Update for the quarter ended 31
March 2022.

 

Group revenues for the quarter ended 31 March 2022 were in line with
management expectations at £1.1m (Q1 2021: £1.4m).

 

Bioplastics Division

 

The division's revenues for Q1 were £1.0m (Q1 2021: £1.2m). Further
substantial revenue growth from this division is anticipated during 2022 as
some of the previously reported logistics issues clear and a number of
important customer positions accelerate or move into a commercial phase.

 

Stanelco RF Technologies Division

 

Revenues in the RF Technologies division in Q1 were £0.1m (Q1 2021: £0.2m).
The division has a strong orderbook, announced previously, that are currently
in production and are expected to deliver revenue both in Q2 and into the
second half of the year.  A solid pipeline of opportunities from our target
markets are under discussion and continued good order intake is encouraging.

 

Group Performance

 

The Group had a cash balance as at 31 March 2022 of £0.9m (31 March 2021:
£1.6m). As at 19 April 2022, the Group had cash of £0.9m and no debt.

 

Group Outlook

 

The Board's view of the Group's performance remains in line with current
market expectations.

 

 

-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 (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 ("Bioplastic")
and Stanelco RF Technologies Limited ("RF Technologies").

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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBKCBBABKDDQD