Biome Technologies’ bioplastics division revenues 18% ahead of the comparative quarter in 2020

Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has provided an unaudited Trading Update for the quarter ended 31 March 2021.

Group revenues for the quarter ended 31 March 2021 were in line with management expectations at £1.4m (Q1 2020: £1.2m).

Bioplastics Division

The division’s revenues for Q1 were £1.2m, 18% ahead of the comparative quarter in 2020 (Q1 2020: £1.0m) and comparable to the preceding quarter (Q4 2020: £1.2m).

Significant further revenue growth from this division is anticipated during 2021. The necessary drivers for this growth are being successfully assembled in this half year and are expected to give rise to accelerated growth in the second half.

Stanelco RF Technologies Division

Revenues in the RF Technologies division in Q1 were £0.2m, in-line with the Q1 2020 comparable (Q1 2020: £0.2m) and slightly lower than the preceding quarter’s revenue (Q4 2020: £0.3m).

There are encouraging signs of a pick-up in activity within the division’s core fibre optic furnace market, with small spares orders and some larger equipment enquiries received. Whilst encouraging, this has yet to translate into more significant order intake.

Group Performance

The Group had a cash balance as at 31 March 2021 of £1.6m (31 March 2020: £1.8m). As at 19 April 2021, the Group had cash of £1.8m and no debt.

Group Outlook

The Board’s view of the Group’s performance remains in line with current market expectations.

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