Biome revenues weaken in line with expectations

Bioplastics and radiofrequency company Biome Technologies reported revenues in line with management expectations for the March quarter on Wednesday, at £1.1m, down from £1.4m year-on-year.

The AIM-traded firm said the bioplastics division's revenues for the quarter were £1m, down from £1.2m a year earlier.

It said further “substantial” revenue growth from the division was expected during 2022, as some of the previously-reported logistics issues cleared, and a number of important customer positions accelerated or moved into a commercial phase.

In the Stanelco radiofrequency technologies division, meanwhile, Biome reported quarterly revenues of £0.1m, down from £0.2m year-on-year.

It said the division had a strong order book, as previously announced, that was currently in production and expected to deliver revenue both in the second quarter and into the second half.

The board said a “solid pipeline” of opportunities from the company’s target markets were under discussion, adding that continued good order intake was “encouraging”.

Biome had a cash balance as at 31 March of £0.9m, down from £1.6m year-on-year, and as at 19 April, the group had cash of £0.9m and no debt.

“The board's view of the group's performance remains in line with current market expectations,” the directors said in their statement.