26th Jan 2016 08:30
LONDON (Alliance News) - Biome Technologies on Tuesday said its trading for 2015 was above market expectations, as it reported a rise in group revenue for the year which look set to continue into 2016.
The bioplastics and radio frequency technology company's shares were up 12% on Tuesday morning to 145.00 pence after the group announced its revenue would be 37% higher for 2015, to GBP4.9 million from GBP3.6 million in 2014.
Biome said it made a small profit before interest, tax, depreciation, amortisation and incentive scheme charges in the second half of the year, with the group's cash position at December 31 GBP1.6 million, slightly down from GBP1.7 million last year.
Revenue in the bioplastics division was up 29% to GBP1.9 million from GBP1.4 million, as new temperature resistant material provided an additional revenue stream, Biome said, while radio frequency saw a 42% increase to GBP3.0 million. The company added this was down to growth across a broader spread of equipment types.
Biome said a robust order book was in place for the first half of 2016 and that trading had started well.
Its preliminary results for the full year are scheduled to be published on March 30.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Biome Tech