UK's Biome Technologies hits over 1-year low on weak Q1 sales

Biome Technologies

29/04/2024 12:28

** Shares of Biotech firm Biome Technologies  BIOM.L  slump
as much as 30% to 70p, their lowest since Jan. 19, 2023 
    ** Company's bioplastics and radio frequency technology
businesses post poor start to year with Q1 sales falling 44%
    ** Q1 group revenue at 1.1 mln pounds ($1.4 mln) vs 1.9 mln
pounds a year earlier
    ** Company says bioplastics revenue was mainly dented by
slower transit time of material from Europe to North America due
to Red Sea shipping crisis
    ** Stock down 15% as of 1112 GMT, pushing YTD losses to ~17%


($1 = 0.7983 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))