REG - Biome Technologies - Trading Update

Biome TechnologiesAnnouncement

26/04/2023 07:15

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RNS Number : 4424X  Biome Technologies PLC  26 April 2023

26 April 2023

 

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 2023.

 

The year has started robustly with Group revenues for the quarter ended 31
March 2023 at £1.9m, 77% ahead of the same period last year (2022 Q1: £1.1m)
and in line with management's expectations. Whilst total revenues for the
Group were similar to the preceding quarter (2022 Q4: £1.9m), they were
weighted further towards the Bioplastics division.

 

Bioplastics Division

 

The division's revenues for the quarter ended 31 March 2023 were £1.6m, an
increase of 32% compared to the prior quarter (2022 Q4: £1.2m) and 65% higher
than the first quarter of 2022 (2022 Q1: £1.0m). This performance in Q1 2023
matches the revenue of the highest previous quarter (Q3 2020) recorded by the
Bioplastics division.  This performance is encouraging for both the scale of
continuing supplies of compostable coffee filtration materials to two US
end-customers and also the supplies of filmic products to a wider range of
end-customers.

 

RF Technologies Division

 

Revenues in the RF Technologies division for the quarter ended 31 March 2023
were £0.3m, 211% higher than the first quarter of 2022 (£0.1m) but 57% lower
than the previous quarter (2022 Q4: £0.7m).

 

The division entered 2023 with several significant prospects for the year, but
with delivery and associated revenues expected in the second half. Commercial
customer discussions and their completion will be important for the division's
performance in the remainder of this year.

 

Group Outlook

 

Whilst trading in the first quarter has been encouraging with good sales mix,
we remain cautious as there is much to do to realise our growth ambitions. Our
outlook for the year remains unchanged and inline 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/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 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 and other industrial 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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