Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has announced that its Stanelco RF Technologies division (www.stanelcorftechnologies.com) has been awarded a contract with a revenue value of £452,000 to supply a novel induction furnace system to a global manufacturer of scientific glass products.
This System will utilise key elements of Stanelco’s induction furnace technology, in a new application field, providing enhanced performance attributes and improved operational effectiveness. It will be designed and built at the Company’s Marchwood, UK, facility with installation and commissioning being completed at the customer’s overseas production site.
Final completion of the project is expected in the 2024 financial year with the possibility of some revenue being recognised in 2023, under IFRS-15. Specific revenue timing will depend on availability of key components that will be identified during the design phase. Stage payments will be received against milestones during the contract. The project’s revenues and cash-flows are included in management’s existing expectations and shareholders will be advised via the Company’s trading updates, as revenue timing becomes more defined.
Paul Mines, CEO, commented, “This contract win is a significant achievement for our Stanelco RF Division and the first major contract with this customer and in the sub-sector of the scientific glass industry. This order results from Stanelco’s ongoing strategy of diversification into adjacent markets and is one of a number of opportunities that are currently in contract discussions”.
