Biome Technologies PLC Trading update (7070R)
31 Octubre 2019 - 1:00AM
UK Regulatory
TIDMBIOM
RNS Number : 7070R
Biome Technologies PLC
31 October 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
31 October 2019
Biome Technologies plc
("Biome", "the Company" or "the Group")
Biome Technologies plc, a leading bioplastics and radio
frequency technology business, today provides a trading update for
the nine months ended 30 September 2019.
Bioplastics Division
Revenues in the Bioplastics division in Q3 were GBP0.9m,
representing the best quarter of 2019 to date and a 50% increase on
the prior year comparative (Q3 2018: GBP0.6m). The division's
revenues in the first nine months of the financial year stand at
GBP2.3m (2018: GBP1.5m), 21% higher than the full year 2018
revenues of GBP1.9m.
Revenues in Q3 reflected strong underlying demand for products
that have been commercialised for some time (e.g. outer packaging
and non-woven filter mesh for the US coffee pod market) coupled
with continuing revenues in materials for both cutlery and a single
serve nutrition pod that are in the early stages of their market
deployment.
The Bioplastics team continues to work on a strong product
development pipeline of opportunities with a variety of existing
and new customers. Encouragingly, the final testing for a heat
stable and compostable material for coffee pod rings has now been
completed and commercial revenues are expected to commence in
Q4.
The division's medium-term Industrial Biotechnology research
continues, with two of its government grant backed projects having
been completed at the end of the quarter, which has delivered a
number of important technical results and initial techno-economic
assessments to guide future work. Key focuses in this area continue
to be the development and testing of several novel bio-based and
biodegradable polymers and their supporting bio-based monomers.
Stanelco RF Technologies Division
Revenues in the RF Technologies division in Q3 were GBP0.6m (Q3
2018: GBP2.0m), resulting in revenues in the first nine months of
the financial year of GBP2.8m (2018: GBP5.5m), as the division
returns to a more normalised turnover level from the previously
reported exceptionally high levels of 2018.
The Board continues to expect full year revenues for this
division to be in line with those achieved in 2017, with the final
quarter underpinned by a multiple furnace order for delivery in Q4,
as reported in previous announcements.
Group Performance
Total Group revenues in Q3 were GBP1.5m (2018: GBP2.6m), taking
Group revenues for the nine months to 30 September 2019 to GBP5.1m
(2018: GBP7.0m), with the Bioplastics division's revenues at
GBP2.3m, already above those of full year 2018.
The Group's cash position as at 30 September 2019 was GBP0.6m
(30 June 2019: GBP1.7m). In Q3, the principal utilisers of cash
were the RF division, as it was building the multiple furnaces for
delivery in Q4, and the Bioplastics division, as it increased its
working capital utilisation in line with its anticipated trading
performance going forward. The Group year end cash position is
anticipated to be in line with current market expectations.
The Group announced in September that it had raised GBP1.3m
(GBP1.2m net of costs) to support the increased working capital
requirements of the Bioplastics division's growth. Shareholder
approval was obtained on 30 September and the funds were received
in early October.
Group Outlook
The Group has continued its upward momentum in the Bioplastics
division and the fund raise of GBP1.2m (net) that completed in
early Q4 will support both existing business positions and a more
vigorous approach to this fast growing market. Trading conditions
for the RF division remain as expected. It is against this backdrop
that the Board expects the full year results to be in line with
current market expectations.
- Ends -
For further information please contact: Biome
Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Broker)
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 that 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 Limited and
Stanelco RF Technologies Limited. 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. Stanelco 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 markets.
In 2018, the Board has adopted the following three high level
KPIs for the next three years to continue its ambitious
momentum:
-- Compound revenue growth of 25% per annum across the Group and
40% compound revenue growth in the Bioplastics division
-- Diversify the Group's turnover by product and market to
ensure that no one product or end customer contributes more than
15% of revenues by 2020
-- Increase investment in the Group's next generation of
products by spending significantly more per annum on average than
the GBP0.3m per annum average spend over the previous strategic
objective cycle
www.biometechnologiesplc.com
www.biomebioplastics.com and www.thinkbioplastics.com
www.stanelcorftechnologies.com
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END
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