Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has today provided 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.
Biome Technologies plc (LON BIOM) 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 and Stanelco RF Technologies Limited.
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.
