Biome Technologies PLC Trading Update (1458T)
13 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMBIOM
RNS Number : 1458T
Biome Technologies PLC
13 November 2023
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
13 November 2023
Biome Technologies plc
("Biome", the "Company" or the "Group")
Trading Update
Biome Technologies plc, a leading bioplastics and radio
frequency technology business, today provides an unaudited trading
update for the quarter ended 30 September 2023.
Group revenues for the nine months to 30 September 2023 were
GBP5.2m, a 19.6% increase over the same period last year (2022 Q3
YTD: GBP4.3m). The results are in line with management
expectations. Performance in 2023 Q3 reflects lower revenue
recognition in the RF Technologies division, offset by an increase
in revenues from the Bioplastics division where, year-to-date, we
are seeing a strong improvement in trading.
The Group had a cash balance at 30 September 2023 of GBP0.9m (30
September 2022: GBP0.65m) and had 2026 convertible loan notes
outstanding of GBP0.85m and no bank debt.
Bioplastics Division
The division's revenues in 2023 Q3 were GBP1.3m, an 18% increase
on 2022 Q3 (2022 Q3: GBP1.2m). 2023 year to date revenues were
GBP4.4m, 36% ahead of the prior year (2022 Q3 YTD: GBP3.2m).
The Bioplastics division is seeing continued success,
particularly in North American markets. Several new customers,
particularly for packaging films, have been adopting our materials
and are initiating larger volume manufacturing. We have also seen
increased demand from more established customers than in 2022. We
are seeing some variation in quarterly demand as our newer
customers ramp up their production. However, we believe that the
breadth of customers and applications is taking us towards a more
resilient business model.
RF Technologies Division
Revenues in the RF Technologies division for 2023 Q3 were
GBP0.3m, compared to GBP0.7m in Q3 2022 and in line with 2023 Q2
(2023 Q2: GBP0.3m). Revenues for the nine months to 30 September
2023 were GBP0.8m (2022 Q3 YTD: GBP1.1m).
The division continues to be in extended discussions with
several potential customers regarding contracts that would have
revenue and profit recognition potential of significance for
2024.
Management is pleased with the novel market sectors in which the
division is building a pipeline of potential new business and the
scale of some of these opportunities. We remain cautious on the
precise timing of converting these opportunities into orders and
the associated revenue recognition, as much of this work requires
considerable new collaborative designs with customers.
Group Outlook
The Board is pleased with the strong progress of the Bioplastics
division which continues to grow. It is particularly encouraging to
see the ongoing diversification of the customer base that will
provide a broader platform for potential growth in due course in
line with our stated strategy.
The RF Technologies division's team is working hard to convert
the pipeline of sizable opportunities they have building. Detailed
contract discussions on several projects are proving extended and
some uncertainty as to timing remains.
The Board remains confident in its revenue expectations for the
Group as a whole due, in particular, to the robust performance of
the Bioplastics division. However, the finalisation of discussions
in relation to two of the RF division's projects, whilst
progressing and expected to complete in due course, is taking
longer to finalise than originally expected. As a result, and given
the proximity to the year-end, there is an increasing risk that
these delays will impact on the level of adjusted LBITA and cash
receipts in the 2023 financial year. Whilst this is not the
position the Board would have wished for, it remains confident that
these two projects will be delivered, albeit now in the 2024
financial year.
-Ends-
For further information please contact:
Biome Technologies plc
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
www.biometechnologiesplc.com Tel: +44 (0) 2380 867 100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner/Tony Quirke (Sales and Corporate Broking)
www.allenbycapital.com Tel: +44 (0) 20 3328 5656
About Biome
Biome Technologies plc is an AIM listed, growth-orientated,
commercially driven technology group. Our strategy is founded on
building market-leading positions based on patented technology and
serving international customers in valuable market sectors. We have
chosen to do this by developing products in application areas where
the value-added pricing can be justified and are not reliant on
government legislation. These products are driven by customer
requirements and are compatible with existing manufacturing
processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics and RF
Technologies.
Biome Bioplastics is a leading developer of highly-functional,
bio-based and biodegradable plastics. The company's mission is to
produce bioplastics that challenge the dominance of oil- based
polymers.
RF Technologies designs, builds and services advanced radio
frequency (RF) systems. Dielectric and induction heating products
are at the core of a product offering that ranges from portable
sealing devices to large furnaces for the fibre optics and other
industrial markets.
www.biometechnologiesplc.com www.biomebioplastics.com and
www.thinkbioplastic.com www.stanelcorftechnologies.com
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