27th Apr 2015 08:09
LONDON (Alliance News) - Biome Technologies PLC Monday said it anticipates trading in line with market expectations in 2015, as it posted flat revenue in its first quarter.
According to forecasts provided by Morningstar, Allenby Capital Ltd expects the company to post a pretax loss of GBP900,000 for the year, and Daniel Stewart expects it to post a pretax loss of GBP700,000.
Biome said its revenue for the first quarter of 2015 was GBP1.1 million, flat on the previous year.
The company has two divisions, one which develops and makes plastic from renewable energy sources called bioplastics, and one which builds and services advanced radio frequency systems called Stanelco RF Technologies.
In the bioplastics division, revenue levels recovered in the first quarter after a weaker end to 2014, as more normal levels of activity returned in the US single-serve coffee market. It said it made further progress in new product development, continuing trials in both the food service and coffee spaces.
In Stanelco the company cited "encouraging signs that the supply demand balance in the Asian fibre optics market is changing".
"The board remains confident of the prospects for the remainder of the year with group trading expected to be in line with market expectations," the company said in a statement.
Shares in Biome were trading down 4.0% at 108.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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