4th Nov 2014 10:25
LONDON (Alliance News) - Biome Technologies PLC Tuesday reported a slowdown in revenue growth in the third quarter, hit by a drop in its Bioplastics division, but said it remains confident of meeting full-year market expectations.
Revenue in the three months to September 30 fell to GBP500,000 from GBP600,000 a year earlier, taking the company's nine-month revenue to GBP2.8 million, up from GBP1.5 million in the same period in 2013. The company's cash position at the end of the period was GBP2.8 million, down from GBP3.1 million at the end of June.
Revenue in Bioplastics fell to GBP100,000, down from GBP400,000 a year earlier and from the previous two quarters due to technical challenges in the single-serve coffee market in the US, and destocking. The company expects growth to resume in the near future and said it had made progress in pipeline development of new bioplastic polymers with technical and customer trials continuing in both the food service and paper-board coating sectors.
The division also launched a new product in September to improve speed and performance in 3D printing applications, and the initial response from customers has been encouraging, the company added.
Revenue in Stanelco RF Technologies doubled to GBP400,000, with demand from the optical fibre furnace market in Asia underpinning revenue and orders for 2015.
Biome shares were down 6.4% at 140 pence Tuesday morning.
By Ian Edmondson
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