3rd Nov 2015 08:59
LONDON (Alliance News) - Bioplastics and radio frequency technology company Biome Technologies PLC on Tuesday said it looks set to outpace market expectations for the year as trading continues to be strong across the business.
Biome shares were up 17% to 149.50 pence on Tuesday morning, one of the best performers in the AIM All-Share.
Biome said revenue in the third quarter rose to GBP1.3 million, more than double the GBP500,000 it made a year earlier. Bioplastics revenue rose to GBP500,000 from GBP100,000 thanks to a more-stable US single-serve coffee market in the half, while its Stanelco radio frequency technology arm saw revenue rise to GBP800,000 from GBP400,000 as it benefited from a second-half weighting.
Order visibility in the Bioplastics unit remains strong going into the fourth quarter, while Stanelco order levels remain high, leaving Biome confident on the outlook for the rest of the year and into 2016.
Revenue and order flows in both divisions have continued to be strong, Biome said, giving it confidence its revenue for the full year will outpace market expectations and cut its operating loss.
"Revenue generation is strong in both divisions and, coupling this with the achievement of a small group EBITDA profit in the quarter, we are increasingly confident that 2015 will become a very significant milestone in Biome's development," said Paul Mines, Biome's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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