3rd Sep 2018 09:59
LONDON (Alliance News) - Shares rose in Biome Technologies PLC on Monday as it swung to a profit after revenue increased in the first half of 2018, due to "exceptional" growth in its RF Technologies division.
Shares in the technology firm rose 18% to 535.00 pence on Monday.
For the six months to the end of June, Biome Technologies reported a pretax profit of GBP216,000, swinging from a loss of GBP219,000 the same period a year before, on revenue that rose to GBP4.4 million from GBP3.0 million.
Revenue was boosted by "exceptional" growth in the Stanleco RF Technologies division, which saw sales double to GBP3.5 million from GBP1.7 million, coming from high demand for fibre optic furnaces.
With a widening customer base and an increased marketplace, Biome Technologies said it remains confident in its outlook for the rest of 2018.
"The group had an outstanding first half to 2018 delivering an operating profit in the period. Opportunities within the Bioplastics division are increasing with substantial revenue potential in the medium term whilst the Stanelco RF division has delivered an exceptional start to the year. It is against this backdrop that board remains confident in the group's outlook for 2018," said Chief Executive Officer Paul Mines.
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