31st Oct 2019 14:11
(Alliance News) - Biome Technologies PLC expects its full year results to be in line with market expectations, as the group's Bioplastics division "continued its upward momentum."
The bio-plastics and radio frequency technology business said for the nine months ending September 30, group's revenue was GBP1.5 million, compared to GBP2.6 million in 2018, taking its revenues for the period to GBP5.1 million, compared to GBP7.0 million in 2018.
The company said revenues in Bioplastics division in the third quarter were GBP900,000, "representing the best quarter of 2019 to date" and a 50% increase from a year ago. Revenues in the third quarter reflected strong demand for commercialized products and continuing revenues in materials for cutlery and single serve nutrition pod.
Meanwhile revenues in the RF Technologies division in the third quarter were GBP600,000 compared to GBP2.0 million a year ago, as the division returns to a more normalized turnover level from the "exceptionally high" levels of 2018.
In September, Biome said it had raised GBP1.3 million to support the increased working capital requirements of the Bioplastics division's growth. The company said shareholder approval was received on September 30 and the funds were received in early October.
"It is against this backdrop that the board expects the full year results to be in line with current market expectations," Biome Technologies said.
Biome Technologies shares untraded in London at 294.00 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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