Biome Technologies, an AIM-listed technology group, has seen a significant shift in its operational focus and financials, as revealed in its 2023 final results. The company, which operates through two main divisions – Bioplastics and RF Technologies – has reported a mixed financial year with substantial growth in its Bioplastics division, offset by weaker performance in RF Technologies.
The group’s revenue increased by 12.7% to £7.0 million in 2023 from £6.2 million in 2022. This growth was largely driven by a 36.9% increase in Bioplastics division revenues, amounting to £6.0 million, up from £4.4 million. The division has benefitted significantly from the rising demand for sustainable and home compostable products. Conversely, the RF Technologies division saw a revenue decline of 46.4%, from £1.8 million to £1.0 million, attributed to delays in contract closures.
Biome Technologies plc (LON:BIOM) is a growth oriented, commercially driven technology group. The Group’s primary activity is the development of its fast growing business in bioplastics. The Group comprises two divisions: Biome Bioplastics and Stanelco RF Technologies.
