Biome Technologies revenues for the first half were £2.3m, representing an increase of 7.3%

Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has provided an unaudited Trading Update for the six months ended 30 June 2021. The Company’s unaudited interim results are expected to be announced on 15 September 2021.

Group revenues for the first half ended 30 June 2021 were £2.6m (H1 2020: £2.5m) and the Group had a cash balance of £1.4m as at 30 June 2021 (30 March 2021: £1.6m) with no debt.

Bioplastics Division

The division’s revenues for the first half were £2.3m, representing an increase of 7.3% compared to the comparative prior year first half (H1 2020: £2.1m).

Whilst encouraging directionally, revenues and growth in the first half were constrained by ongoing turbulence in the global container shipping industry that delayed deliveries from Europe to North America. As detailed in the trading statement dated 1 July 2021 (the “Trading Statement”), these delays, continue to be a constraint on the division’s ability to quickly undertake the new business development work that is required to support rapid growth with customers. We factored these delays into the Group’s expectations when we published the Trading Statement and we are working hard to further mitigate their impact.

The second US end-customer of scale to deploy Biome’s proprietary compostable coffee-pod filtration material has identified an engineering solution for the delay detailed in the recent Trading Statement.  The customer is now proceeding with suitable procurement and rectification work and Biome’s team is working closely to support the customer’s current offtake levels and anticipated ramp-up following this remedial work.

Our reputation for innovative biodegradable solutions continues to rise and further new business opportunities have been under assessment in the half year; we will keep shareholders informed of progress on these opportunities as the year progresses.

Stanelco RF Technologies Division

Revenues in the RF Technologies division for the first half of 2021 were £0.3m, marginally lower than the comparative first half 2020 (H1 2020: £0.4m) being modestly constrained by component delivery delays.

There continues to be encouraging signs of a recovery within the division’s core fibre optic furnace market, with several large equipment enquiries received and contractual discussions underway.

Group Outlook

The Board’s view of the Group’s performance remains in line with revised market expectations following the Trading Statement. Demand for the Group’s products and materials continues to rise and our reputation is strong. Whilst the Group’s rate of growth will be constrained by the factors described above in the shorter-term, the Board expects a return to the higher rates of growth indicated in its Key Performance Indicators (KPIs) in due course.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Biome Technologies

More articles like this

Biome Technologies

Introducing Vigilis-Bio tree shelters

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.

Biome Technologies

Vigilis Tree Shelters achieves ISO 9001 certification for quality management

Vigilis Tree Shelters Ltd has been awarded ISO 9001 certification. This internationally recognised standard demonstrates our commitment to quality management and continuous improvement. Achieving ISO 9001 demonstrates our dedication to: – Consistent product quality: We have robust quality control

Biome Technologies

The rise of Compostable Packaging

Most in the packaging industry agree that circularity is the way forward. Many are employing innovative materials and design techniques to create packaging that is either reusable or recyclable, but there is a third route to

Biome Technologies

What is Biodegradable Packaging?

As the world becomes more environmentally conscious, there is an increasing demand for sustainable packaging solutions that reduce waste and minimize environmental harm. Biodegradable packaging is one such solution, gaining popularity across industries. Biodegradable packaging is

Biome Technologies

Assessing the potential of Bioplastics

Plastic waste has led the global conversation on recycling and solid waste for decades. Bioplastics are a plastic derived from biological substances, and can be an effective alternative in reducing the environmental impacts of plastic usage. Research

Biome Technologies

Bioplastics economic growth and market forecast

The economic volume generated by the bioplastics industry was estimated at approximately 2,470.6 kilotons in 2021. This economic output is an amalgamation of businesses that are involved in the raw material suppliers, compounding of bioplastics &

Biome Technologies

Bioplastics: A sustainable alternative to conventional packaging

In recent years, the global push towards sustainability has significantly influenced various sectors, with the packaging industry standing at the forefront of this transformative wave. Amidst growing environmental concerns, such as plastic pollution and greenhouse gas

Biome Technologies

Benefits of Bioplastics for sustainable packaging

Bioplastics are a type of plastic that is made from renewable resources, such as corn starch, sugarcane, or potato starch, rather than traditional petroleum-based materials. These materials are biodegradable and often compostable, making them a more

Biome Technologies

The rise of Bioplastics in the packaging industry

Introduction In an era where sustainability is not just a preference but a necessity, the U.S. packaging and plastics industries are experiencing a pivotal shift towards eco-friendly alternatives. Bioplastics, crafted from renewable resources, are at the

Biome Technologies

Bioplastics: The future of sustainable materials

As the world faces environmental challenges, the demand for sustainable materials has never increased. Biochemicals and bioplastics are two emerging technologies that hold significant promise for reducing the environmental impact of plastic production and waste. This article will