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 2023.
The year has started robustly with Group revenues for the quarter ended 31 March 2023 at £1.9m, 77% ahead of the same period last year (2022 Q1: £1.1m) and in line with management’s expectations. Whilst total revenues for the Group were similar to the preceding quarter (2022 Q4: £1.9m), they were weighted further towards the Bioplastics division.
Bioplastics Division
The division’s revenues for the quarter ended 31 March 2023 were £1.6m, an increase of 32% compared to the prior quarter (2022 Q4: £1.2m) and 65% higher than the first quarter of 2022 (2022 Q1: £1.0m). This performance in Q1 2023 matches the revenue of the highest previous quarter (Q3 2020) recorded by the Bioplastics division. This performance is encouraging for both the scale of continuing supplies of compostable coffee filtration materials to two US end-customers and also the supplies of filmic products to a wider range of end-customers.
RF Technologies Division
Revenues in the RF Technologies division for the quarter ended 31 March 2023 were £0.3m, 211% higher than the first quarter of 2022 (£0.1m) but 57% lower than the previous quarter (2022 Q4: £0.7m).
The division entered 2023 with several significant prospects for the year, but with delivery and associated revenues expected in the second half. Commercial customer discussions and their completion will be important for the division’s performance in the remainder of this year.
Group Outlook
Whilst trading in the first quarter has been encouraging with good sales mix, we remain cautious as there is much to do to realise our growth ambitions. Our outlook for the year remains unchanged and inline with current market expectations.
