Biome Technologies books Q1 revenue drop

Commercial technology group Biome provided investors with a customary trading update on Wednesday in place of its delayed annual general meeting.

Biome, which was scheduled to hold its AGM on Wednesday, said group revenues for the first three months of the year came to £1.3m, down from the £2.1m recorded a year earlier, reflecting a very strong revenue performance from its bioplastics division and subdued demand in its Stanelco RF unit.

The AIM-listed group remained debt-free as of 31 March and had cash of £1.7m on hand as of 14 April, with no debt.

Biome added that impact of Covid-19 during the first quarter was only "limited", with trading in the quarter being in line with management's expectations.

Looking forward, Biome said the focus of actions taken as a result of the pandemic was to maximise its commercial opportunities whilst managing its cost base and cash resources.

As of 1005 BST, Biome shares were up 1.23% at 165p.