Biome Technologies PLC Trading Update (1437W)
25 April 2016 - 4:00PM
UK Regulatory
TIDMBIOM
RNS Number : 1437W
Biome Technologies PLC
25 April 2016
25 April 2016
Biome Technologies plc
("Biome", the "Company" or the "Group")
Trading Update
In advance of its Annual General Meeting today, Biome, a leading
bioplastics and radio frequency technology business, is pleased to
announce a trading update for the three months ended 31 March
2016.
Total Group revenues achieved for the first three months of the
year were GBP1.1m, in line with the same quarter last year (2015:
GBP1.1m).
The Group made a small profit before interest, tax,
depreciation, amortisation, and share option charges in this
quarter (based on unaudited management accounts).
The Group's cash position as at 31 March 2016 was GBP1.6m (31
December 2015: GBP1.6m) reflecting the current trading activity.
Increases in capitalised development spend were offset by working
capital reductions.
Bioplastics Division
Revenues in the Bioplastics division in Q1 2016 were GBP0.2m (Q1
2015: GBP0.5m) reflecting the timings of campaign production runs
in the US single-serve coffee market. The new temperature-tolerant
material underwent final customer production run trials in the
quarter and revenues of this product are expected to build over the
coming months.
Further progress has been made on the development of a
biodegradable non-woven mesh. The Group also received further
government funding of GBP0.7m in the quarter, highlighted in the
2015 full year results, to continue its medium term development
work on bio-based materials.
Stanelco RF Technologies Division
Revenues for Q1 2016 in the RF Technologies division were
GBP0.9m (Q1 2015: GBP0.6m). Good revenue levels were supported by
orders for fibre optic furnaces and activity associated with the
GBP1.5m contract to supply advanced analytical equipment to a
customer in a regulated industry. Both systems for this contract
are due to be delivered before the end of June 2016.
Outlook
Biome continues to make good progress against the strategy as
set out in the Group's full year results in March 2016 and against
this background the Board remains confident in the Group's outlook
for the remainder of the year.
- Ends -
For further information please contact:
Biome Technologies plc
Paul Mines, Chief Executive
Officer
Declan Brown, Group Finance
Director
www.biometechnologiesplc.com Tel: +44 (0) 2380 867 100
Allenby Capital
David Hart/Alex Brearley (Nominated
Adviser)
Chris Crawford/Kelly Gardiner
(Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328 5656
FTI Consulting
Oliver Winters Tel: +44 (0) 20 3727 1535
www.fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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