Biome Technologies 2017 Loss Narrows, Reports "Encouraging" Backdrop

27th Mar 2018 12:39

LONDON (Alliance News) - Biome Technologies PLC said on Tuesday that revenue rose during 2017 as its loss narrowed, and it reported an encouraging background for both its divisions thus far in 2018.

Biome, which develops biodegradable natural polymers, said revenue for 2017 rose to GBP6.2 million from GBP4.6 million in 2016, as its pretax loss narrowed to GBP442,000 from GBP576,000.

Gross margins were "robust" at 50%, compared to 51% in 2016, and the group said it made an earnings before interest, tax, depreciation and amortisation profit of GBP100,000 compared to a GBP200,000 loss in 2016 on a like-for-like basis.

The company said it has seen a "very encouraging background" for both its divisions - Bioplastics and radio frequency - in the first quarter of 2018.

Bioplastics' revenue increased to GBP2.3 million from GBP1.6 million, while the Stanelco RF Technologies division saw revenue rise to GBP4.0 million from GBP3.0 million, as the unit benefited from an upturn in the fibre optic market.

"The group has made substantial progress throughout the year across both divisions which resulted in an Ebitda profit for the group. Strong demand across the RF division's existing product range and the change of public perception on plastic waste provide a supportive environment. As a result, the board is confident in the group's outlook for 2018," said Chief Executive Paul Mines.

Shares in Biome were down 1.6% at 408.20 pence on Tuesday.

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