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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Biome Technologies Plc | LSE:BIOM | London | Ordinary Share | GB00B9Z1M820 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 95.00 | 90.00 | 100.00 | 95.00 | 95.00 | 95.00 | 179,003 | 08:00:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Manufacturing Industries,nec | 6.19M | -671k | -0.1774 | -5.36 | 3.59M |
From Apr 2019 to Apr 2024
TIDMBIOM
RNS Number : 6511P
Biome Technologies PLC
04 September 2017
4 September 2017
Biome Technologies plc
("Biome", "the Company" or "the Group")
Interim Results
Biome Technologies plc announces its Interim Results for the six months ended 30 June 2017.
Highlights
-- Group revenues in H1 2017 increased by 38% to GBP3.0m compared with the comparable period last year (H1 2016: GBP2.2m)
-- Gross profit generated of GBP1.5m (H1 2016: GBP1.1m) - gross margin maintained at 50% (H1 2016: 50%)
-- Biome generated a profit before interest, depreciation, amortisation and share option effects of GBP0.1m compared to a loss of GBP0.1m in the first half of 2016
-- Group cash position at 30 June 2017 of GBP1.9m
Paul Mines, Chief Executive Officer said:
"The Group delivered an encouraging performance in the first half with both divisions performing well. Within the Stanelco RF division the order book is strong and lengthening. The Biome Bioplastics division has made significant progress with increased revenues resulting from the new coffee filter material moving into scale commercialisation. The Board remains confident in the Group's outlook for 2017"
For further information please contact:
Hot Features
Premium
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 (Nominated
Adviser)
Chris Crawford/Kelly
Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
Chairman's Statement
The Group results for the first half of 2017 were substantially ahead of those seen in the first half of 2016. The Group operating loss of GBP0.2m was reduced from the GBP0.4m loss in the prior year.
Group revenues were GBP3.0m compared to GBP2.2m in the first half of 2016 due to increases in revenues in both divisions. Gross profit of GBP1.5m was ahead of the first half of 2016 (GBP1.1m). Margins, at 50%, were in line with the prior year. Overheads increased by GBP0.2m over 2016 principally reflecting increased amortisation of development costs and customer support work as new products began commercial sales.
The Group recorded a profit before interest, depreciation, amortisation and share option effects for the six months to 30 June 2017 of GBP0.1m compared to a loss of GBP0.1m in the first half of 2016. The loss after taxation was GBP0.2m (H1 2016: loss GBP0.4m) equating to a loss per share of nine pence (H1 2016 loss per share 16 pence).
Net increase in cash and cash equivalents in the period was GBP0.4m which included a small operating cash generation of GBP0.04m and the receipt of GBP0.45m from the previously reported settlement agreement. Partially offsetting this was GBP0.1m expenditure on capitalised development costs and working capital increases. The Group's cash position at 30 June 2017 was GBP1.9m (31 March 2017: GBP1.8m; 31 December 2016: GBP1.5m; 30 June 2016: GBP1.0m).
Bioplastics Division
Revenues in the Bioplastics division for the first half of 2017 were GBP1.2m (H1 2016: GBP0.6m). This increase in turnover reflected good demand for the commercialised products for the US single serve coffee market plus increased sales in the non-woven mesh (launched in 2016). This resulted in a profit before interest, depreciation and amortisation of GBP0.1m compared to a small loss in the prior year. The operating loss for the period of GBP0.1m is comparable to the prior year due to the commencement of amortisation on the non-woven mesh intangible asset.
Biome has been continuing its strategy of developing a closely related suite of materials to enable coffee pod producers to sell biodegradable end products to the US consumer market. As previously reported, the materials Biome has been developing comprise first, the outer packaging and the lid; next, the ring of the pod; and lastly, the "non-woven" filter of the pod. Taken together these various biodegradable parts will enable the delivery of a fully compostable pod. The packaging and lid materials have completed their development stages and have been in full production since 2015. The filter material commenced commercial sales in 2016 and in the first half of 2017 these sales increased as the first customer began to scale-up production.
The division continues with its mid-term strategy to develop a new range of lignocellulose-derived bioplastics that can be made at a comparable cost to traditional petro-chemicals. This project has been supported by various government grants and during the first half of the year the Company was awarded an additional grant of GBP0.6m taking the total project spend in this area to GBP4.9m. Further updates on the progress of these projects will be made as they evolve.
Stanelco RF Technologies Division
Revenues in the RF Technologies division were GBP1.7m (H1 2016: GBP1.6m) reflecting a continuation of the success achieved in 2016. The division increased its operating profit in the first half to GBP0.6m (H1 2016: GBP0.4m).
The performance in the first half of the year reflects a good fibre optic furnace market with a number of furnaces being built and delivered during the period. The division has a solid order book for the remainder of 2017 and into 2018.
Outlook
With both divisions trading well the Group has had an encouraging first half of 2017 and is carrying good momentum into the second half. As a result, the Board expects Group revenues for the full year to be materially ahead of those in 2016 as we make good progress against our strategic objectives.
John Standen
Chairman
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the period ended 30 June
2017
Total Total
for for
Total
6 Months 6 Months Year
Ended Ended ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
------------------------------- ------ ---------- ---------- ------------
5a
REVENUE - 5c 2,979 2,162 4,587
Cost of sales (1,497) (1,082) (2,246)
GROSS PROFIT 1,482 1,080 2,341
Other income 450
Administrative expenses (1,688) (1,453) (3,374)
5a
LOSS FROM OPERATIONS - 5c (206) (373) (583)
Loss from operations before
exceptional items & share
options charges (180) (311) (476)
Share options charges (26) (62) (107)
Investment revenue 1 3 5
Foreign exchange gain/(loss) (14) 1 2
LOSS BEFORE TAXATION (219) (369) (576)
Taxation 6 - - 77
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD ATTRIBUTABLE
TO THE EQUITY HOLDERS OF THE
PARENT (219) (369) (499)
========== ========== ============
Basic and diluted loss per
share - pence 7 (9) (16) (21)
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
As at 30 June 2017
At At At
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
------------------------------- ----- ---------- ---------- ------------
NON-CURRENT ASSETS
Other intangible assets 8 1,035 1,503 1,164
Property, plant and equipment 9 136 190 164
---------- ---------- ------------
1,171 1,693 1,328
---------- ---------- ------------
CURRENT ASSETS
Inventories 10 630 1,210 381
Trade and other receivables 11 1,515 1,413 1,345
Cash and cash equivalents 1,885 1,018 1,535
---------- ---------- ------------
4,030 3,641 3,261
---------- ---------- ------------
TOTAL ASSETS 5,201 5,334 4,589
========== ========== ============
CURRENT LIABILITIES
Trade and other payables 12 1,871 1,726 1,066
1,871 1,726 1,066
---------- ---------- ------------
TOTAL LIABILITIES 1,871 1,726 1,066
========== ========== ============
NET ASSETS 3,330 3,608 3,523
========== ========== ============
EQUITY
Share capital 117 117 117
Share premium account 740 740 740
Capital redemption reserve 4 4 4
Share options reserve 480 586 454
Translation reserve (85) (85) (85)
Retained profits/(losses) 2,074 2,246 2,293
EQUITY ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT
AND TOTAL EQUITY 3,330 3,608 3,523
========== ========== ============
The interim statements were approved by the Board on 4 September 2017.
Signed on behalf of the Board of Directors
Paul R Mines (Chief Executive)
Declan L Brown (Group Finance Director)
1 September 2017
CONSOLIDATED
STATEMENT OF
CHANGES IN EQUITY
As at 30 June 2017
Share Capital Share
Share premium redemption options Translation Retained TOTAL
capital account reserve reserve reserve earnings EQUITY
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
Balance at 1
January 2017 117 740 4 454 (85) 2,293 3,523
========= ========= ============ ========= ============ ========== ========
Share options
issued in share
based payments - - - 26 - - 26
Cancellation
of time expired
share options - - - - - - -
--------- --------- ------------ --------- ------------ ---------- --------
Transactions
with owners - - - 26 - - 26
--------- --------- ------------ --------- ------------ ---------- --------
Loss for the
period - - - - - (219) (219)
Total comprehensive
income for the
period - - - - - (219) (219)
--------- --------- ------------ --------- ------------ ---------- --------
Balance 30 June
2017 117 740 4 480 (85) 2,074 3,330
========= ========= ============ ========= ============ ========== ========
Unaudited
Balance at 1
January 2016 117 740 4 542 (85) 2,597 3,915
========= ========= ============ ========= ============ ========== ========
Share options
issued in share
based payments - - - 62 - - 62
Cancellation
of time expired
share options - - - (18) - 18 -
Transactions
with owners - - - 44 - 18 62
--------- --------- ------------ --------- ------------ ---------- --------
Loss for the
period - - - - - (369) (369)
Total comprehensive
income for the
period - - - - - (369) (369)
--------- --------- ------------ --------- ------------ ---------- --------
Balance 30 June
2016 117 740 4 586 (85) 2,246 3,608
========= ========= ============ ========= ============ ========== ========
Share Capital Share
Share premium redemption options Translation Retained TOTAL
capital account reserve reserve reserves earnings EQUITY
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Audited
Balance at 1
January 2016 117 740 4 542 (85) 2,597 3,915
========= ========= ============ ========= ============ ========== ========
Share options
issued in share
based payments - - - 107 - - 107
Cancellation
of time expired
share options - - - (195) - 195 -
Transactions
with owners - - - (88) - 195 107
--------- --------- ------------ --------- ------------ ---------- --------
Loss for the
year - - - - - (499) (499)
Total comprehensive
income for the
year - - - - - (499) (499)
--------- --------- ------------ --------- ------------ ---------- --------
Balance 31 December
2016 117 740 4 454 (85) 2,293 3,523
========= ========= ============ ========= ============ ========== ========
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the period ended 30 June
2017
6 Months 6 Months Year
Ended Ended ended
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------ ---------- ---------- ------------
Loss from operations (206) (373) (583)
Adjustment for:
Amortisation and impairment
of intangible assets 203 130 653
Depreciation of property,
plant and equipment 31 32 64
Share based payments 26 62 107
Foreign exchange (11) 1 -
---------- ---------- ------------
Operating cash flows before
movement of working capital 43 (148) 241
(Increase)/Decrease in inventories (249) (166) 664
(Increase)/decrease in receivables (174) (78) (8)
Increase/(decrease) in payables 805 100 (561)
---------- ---------- ------------
Cash utilised in operations 425 (292) 336
Corporation tax (paid)/received - - 77
---------- ---------- ------------
Net cash (outflow)/inflow
from operating activities 425 (292) 413
---------- ---------- ------------
Cash flows from investing
activities
Interest received 1 3 5
Investment in intangible
assets (73) (269) (452)
Purchase of property, plant
and equipment (3) (12) (19)
---------- ---------- ------------
Net cash used in investing
activities (75) (278) (466)
---------- ---------- ------------
Net decrease in cash and
cash equivalents 350 (570) (53)
Cash and cash equivalents
at beginning of period 1,535 1,588 1,588
---------- ---------- ------------
Cash and cash equivalents
at end of period 1,885 1,018 1,535
========== ========== ============
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 30 June 2017
1. CORPORATE INFORMATION
The financial information for the year ended 31 December 2016 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2016 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498 of the Companies Act 2006. The interim results are unaudited. Biome Technologies plc is a public limited company incorporated and domiciled in England & Wales. The company's shares are publicly traded on the AIM market of the London Stock Exchange.
2. BASIS OF PREPARATION
These interim consolidated financial statements (the interim financial statements) are for the six months ended 30 June 2017. They have been prepared in accordance with IFRSs as adopted by the European Union and IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2016.
These interim financial statements have been prepared under the historical cost convention.
These interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2016.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the interim financial statements.
3. BASIS OF CONSOLIDATION
The Group interim financial statements consolidate the results of the Company and all of its subsidiary undertakings drawn up to 30 June 2017. At 30 June 2017 the subsidiary undertakings were Biome Bioplastics Limited, Stanelco RF Technologies Limited, Aquasol Limited and InGel Technologies Limited.
4. GOING CONCERN
The directors have reviewed forecasts and budgets for the coming 12 months, which have been drawn up with appropriate regard for the current macroeconomic environment and the particular circumstances in which the Group operates. As a result of this process, the directors are satisfied that the group have sufficient resources to continue in operational existence for at least one year from the date of approval of the interim report.
5a. SEGMENTAL INFORMATION FOR 6 MONTHSED 30 JUNE 2017
RF Central
Bioplastics Technologies Costs Total
6 Months 6 Months 6 Months 6 Months
Ended ended ended Ended
30 June 30 June 30 June 30 June
2017 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
Revenue from external
customers 1,241 1,738 - 2,979
(LOSS)/PROFIT FROM
OPERATIONS (139) 558 (625) (206)
Investment revenue 1
Foreign exchange loss (14)
LOSS ATTRIBUTABLE
TO EQUITY SHAREHOLDERS (219)
=========
TOTAL ASSETS 1,550 1,754 1,897 5,201
========================= ============ ============== ========= =========
5b. SEGMENTAL INFORMATION FOR 6 MONTHSED 30 JUNE 2016
RF Central
Bioplastics Technologies Costs Total
6 Months 6 Months 6 Months 6 Months
ended ended ended Ended
30 June 30 June 30 June 30 June
2016 2016 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
Revenue from external
customers 578 1,584 - 2,162
(LOSS)/PROFIT FROM
OPERATIONS (146) 367 (594) (373)
Investment revenue 3
Foreign exchange gain 1
LOSS ATTRIBUTABLE
TO EQUITY SHAREHOLDERS (369)
=========
TOTAL ASSETS 1,965 2,168 1,201 5,334
========================= ============ ============== ========= =========
5c. SEGMENTAL INFORMATION FOR YEARED 31 DECEMBER 2016
RF Central
Bioplastics Technologies Costs Total
Year Year Year Year
ended ended ended ended
31 31 31
December December 31 December December
2016 2016 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000
Audited
Revenue from external customers 1,585 3,002 - 4,587
(LOSS)/PROFIT FROM OPERATIONS (60) 713 (1,236) (583)
Investment revenue 5
Finance charges -
Foreign exchange gain 2
LOSS BEFORE TAXATION FROM
OPERATIONS (576)
Taxation 77
LOSS ATTRIBUTABLE TO EQUITY
SHAREHOLDERS (499)
==========
TOTAL ASSETS 2,247 659 1,683 4,589
================================= ============ ============== ============ ==========
6. TAXATION
The Group's policy is to recognise tax credits resulting from tax R&D claims on a cash received basis. The claim in respect of the year ended 31 December 2016 has not yet been settled and there is therefore no tax credit recognised in the period under review.
7. EARNINGS PER SHARE
The calculation of earnings per share is based on the loss attributable to the equity holders of the parent for the six months of GBP219,000 (2016: loss of GBP369,000) and a weighted average of 2,347,536 (2016: 2,347,536) ordinary shares in issue.
Basic and diluted earnings per share are equal in the six months ended 30 June 2017 as all outstanding share options were out of the money for the purposes of the diluted earnings per share calculation.
8. OTHER INTANGIBLE ASSETS
Other intangible assets decreased in the period as a result of the amortisation charge of GBP203,000 exceeding the capitalisation of product development costs for the period of GBP73,000.
9. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment decreased in the reporting period as a result of the purchase of property, plant and equipment of GBP3,000 being less than the depreciation charge for the period of GBP31,000.
10. INVENTORIES
The increase in inventories during the reporting period reflects the increase in equipment orders under construction within the Stanelco RF division. These orders are all due for shipment to the customers over the next few months.
11. TRADE AND OTHER RECEIVABLES
Trade and other receivables have increased during in the reporting period mainly due to the increases in accrued revenue on the equipment orders under construction within Stanelco RF mentioned above as well as increased trade debtors due to the timing of shipments. Partially offsetting these increases was the decrease in other debtors as a result of the GBP450,000 received under the previously reported settlement agreement.
12. TRADE AND OTHER PAYABLES
The increase in trade and other payables during the reporting period primarily reflects the accrued cost of sales on the above mentioned accrued revenue on the equipment orders under construction within the Stanelco RF division as well as the timing of deposits received on those orders.
13. RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business activities of the Group are detailed in the Strategic Report which can be found on pages 8-13 of the Annual Report and Financial Statements for the year ended 31 December 2016 ("the Annual Report"). A copy of the Annual Report and
Financial Statements is available on the Company's website at www.biometechnologiesplc.com
The risks affecting the business remain the same as in the Annual Report. In summary, these risks
include:
-- changes in the regulatory environments in which the Group operates -- fluctuations in exchange rates -- volatility in raw material prices and supply -- breach of intellectual property rights -- competitors developing more attractive products -- failure to commercialise products -- reliance on a small number of customers for certain products
-- financial risks including exchange rate risk, liquidity risk, interest rate risk and credit risk.
Further details of how these risks impact the business and how the directors attempt to mitigate
the risks can be found in the Annual Report.
INDEPENT REVIEW REPORT FOR BIOME TECHNOLOGIES PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report of Biome Technologies Plc for the six months ended 30 June 2017 which comprises the consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows and the related notes. We have read the other information contained in the half yearly financial report which comprises only the Chairman's Statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company, in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. Our review work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. As disclosed in note 2, the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
Our responsibility
Our responsibility is to express a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2017 is not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.
GRANT THORNTON UK LLP
REGISTERED AUDITORS
CHARTERED ACCOUNTANTS
SOUTHAMPTON
1 September 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFIRATILIID
(END) Dow Jones Newswires
September 04, 2017 02:00 ET (06:00 GMT)
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