Biome Technologies PLC Trading Update (0468O)
02 November 2016 - 7:00AM
UK Regulatory
TIDMBIOM
RNS Number : 0468O
Biome Technologies PLC
02 November 2016
[02 November 2016]
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Biome Technologies plc
("Biome", "the Company" or "the Group")
Trading Update
Biome Technologies plc today publishes its trading update for
the nine month period ended 30 September 2016.
Total Group revenues achieved in Q3 were GBP0.9m (2015:
GBP1.3m). This takes Group revenues for the nine months to 30
September 2016 to GBP3.1m, 7% behind the prior year period (2015:
GBP3.3m).
Net increase in cash and cash equivalents in the period was
GBP0.2m taking the Group's cash position at 30 September 2016 to
GBP1.2m (30 June 2016 GBP1.0m).
Bioplastics Division
Revenues in the Bioplastics division in Q3 were GBP0.3m (Q3 2015
GBP0.5m), resulting in revenues in the first nine months of the
financial year being GBP0.9m (2015: GBP1.5m).
The Bioplastics division is developing a closely related suite
of materials to enable coffee pod producers to sell biodegradable
end products principally to the US consumer market. These comprise
first, the outer packaging and the lid (now fully commercial);
next, the ring of the pod; and lastly, the "non-woven" filter of
the pod. The latter two materials are in the late stages of
development.
The subdued turnover resulted principally from the timing of end
market campaign runs of the commercialised packaging and lidding
materials. Encouragingly, some GBP0.6m of orders have already been
received for Q4.
Stanelco RF Technologies Division
Revenues in the RF Technologies division in Q3 were GBP0.7m (Q3
2015: GBP0.8m), resulting in revenues in the first nine months of
the financial year being GBP2.2m (2015: GBP1.9m).
The RF Technologies division sells a range of products using
radio frequency technology, principally in the fibre optic market,
and has been developing ways in which to expand this product
portfolio into other market segments.
The order outlook in the fibre optic furnace market is strong
and there are good signs of increased appetite for capacity
investment in this sector.
Outlook
Group revenues for the second half of 2016 and the early part of
2017 will continue to reflect the volatility related to the new
products of the Bioplastic division as they move from their
development to commercialisation phases.
The Board expects Group revenues for the year to 31 December
2016 to be around the same level as those achieved in 2015.
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
www.fticonsulting.com 1535
This information is provided by RNS
The company news service from the London Stock Exchange
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November 02, 2016 03:00 ET (07:00 GMT)