Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has announced that its RF Technologies division (www.stanelcorftechnologies.com) has been awarded a further substantial contract win, the third so far in 2024. The contract has a revenue value of approximately £0.6m to supply two radio frequency welding systems for use by an international corporation in the medical supply sector.
The Systems will use a modular machine platform which integrates automation and RF welding in a similar manner to the contract announced on 15 March 2024. They will be built and tested at the Company’s Marchwood, UK, facility and subsequently combined with other production line equipment supplied by the end-customer’s chosen contractor before final installation in a UK site.
Delivery of the Systems is scheduled for within the 2024 financial year, with stage payments being received against milestones during the contract. On this basis, it is anticipated that all of the revenue for this project (excluding a small quantum of warranty revenue) will be recognised in 2024, which supports the Board’s expectations for the RF Technologies division for this year.
Paul Mines, Biome Technologies CEO, commented, “This further order continues the RF Technologies division’s ongoing strategy of diversification beyond its traditional strength into new high-value medical market areas. Building on the three other significant contracts announced since mid-2023 this gives the division a comprehensive order pipeline for 2024.”
