15th Mar 2024 11:17
(Alliance News) - Biome Technologies PLC shares got a boost on Friday, after it said its RF Technologies division won a half million pound contract.
Share in the Southampton, England-based bioplastics and radio frequency technology company were up 11% to 116.25 pence each in London on Friday morning. It has a market capitalisation of GBP4.4 million.
The contract, which is valued at GBP536,000, is to supply two radio frequency welding systems for use by an unnamed "international corporation in the medical supply sector".
"The systems will use a modular machine platform which integrates automation and RF welding. They will be built and tested at the Company's Marchwood, UK, facility and subsequently combined with other production line equipment supplied by the end-customer's chosen contractor before final installation in a UK facility," Biome said
Completion of the systems is scheduled within financial 2024, with stage payments being received against milestones during the contract.
Chief Executive Paul Mines said: "This important order results from the division's ongoing strategy of diversification beyond its traditional strength into new high-value medical market areas. The division continues to work on further potential opportunities and we remain confident in bringing another of these opportunities to a similar conclusion in the coming months."
By Sophie Rose, Alliance News senior reporter
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