14th Jun 2019 10:06
(Alliance News) - Biome Technologies PLC said Friday it expects its second-quarter revenue to be around 50% higher than the year prior after it began commercial production of bioplastics in the US.
For the three months ending June, Biome expects revenue to grow to around GBP750,000 from GBP500,000 the year prior and GBP600,000 over the three months prior.
This is because it expects revenue from its new heat stable bioplastics production to "commence imminently" for use in disposable cutlery.
Biome explained that commercial production of its bioplastics product has started in the US. This material has a number of uses including previously announced projects for cutlery and a rigid ring for the coffee pod market.
In 2018, Biome generated GBP8.9 million in revenue of which GBP19 million - or 21% - was delivered by its bioplastics unit. The remainder was generated by its radio frequency technologies unit.
Shares in Biome were 8.8% higher at 370.00 pence in London on Friday.
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