17th Nov 2021 11:50
(Alliance News) - Biome Technologies PLC on Wednesday said the expected acceleration of production in its Bioplastics division will not occur until next year, resulting in a slip in revenue.
The plastics material and resin manufacturing company said engineering limitations at its US customer for filtration mesh have been removed, allowing a ramp up of their additional manufacturing lines. However, Biome said the client faces issues with management of "conflicting production priorities". As a result, Biome said the expected acceleration of further offtake will not occur until next year.
Revenue for the three months to September 30 was GBP1.1 million, down from GBP1.8 million recorded a year ago, while revenue for the first nine months of 2021 was GBP3.6 million, down from GBP4.3 million in the first nine months of 2020.
The company said it now expects its revenue in the three months to December 31 to be lower than it previously guided and that therefore its revenue for 2021 will be significantly below current market expectations. Revenue in 2020 was GBP5.7 million, down 17% from GBP7.0 million in 2019.
However, loss before interest, tax, depreciation and amortization for 2021 is seen only slightly greater than current market expectations.
Biome Technologies shares were trading 18% lower in London on Wednesday morning at 309.00 pence each.
By Evelina Grecenko; [email protected]
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