Biome Technologies revenue falls slightly in 2016

Biome Technologies issued its pre-close trading statement for the financial year to 31 December 2016 on Friday, reporting group revenues of £4.6m, slightly behind the 2015 revenues of £4.9m.

The AIM-traded company said revenues in its bioplastics division were £1.6m, a decrease of 15% on the 2015 turnover of £1.9m due to the lower levels of campaign runs in the first half of 2016.

It said the second half of 2016 saw sales of £1.0m which was 18% higher than the 2015 comparative.

The second half of the year also saw some initial quantities of the new ‘BiomeMesh’ filter product sold.

Biome’s RF division finished the year strongly, the board said, and achieved full year revenues of £3.0m, which was exactly the same as the 2015 revenues.

“This revenue was once again achieved across a broad spread of equipment types and included the delivery of the previously announced advanced analytical equipment to a regulated industry,” the firm’s board said in a statement.

“Encouragingly, as we move into 2017, the division has a good order book which is underpinning a positive start to 2017.”

The group's cash position at 31 December was £1.5m - up from £1.2m at the end of September.

“This increase in cash is a mixture of trading performance and the timing of deposits within the RF division.”

The board said its recently-announced settlement agreement would result in a further cash receipt of £0.45m in the first quarter of 2017, and that amount - not included in the group revenues shown - would be recorded as other income in the 2016 accounts.

It said it expects the loss before interest, tax, depreciation and amortisation for the full year of 2016 - excluding the other income of £0.45m - to be similar to the level achieved in 2015.

“Trading in 2017 has started in an encouraging manner across both divisions,” the board added.

Biome’s audited results for the year were scheduled to be published on 29 March.