Biome Technologies posts lower revenues due to delay in phasing of shipments

Bioplastics and radio frequency group Biome Technologies saw its revenues decline during the first six months of the year.

Revenues fell to £2.1m for the six months ended 30 June 2015 from £2.3m same time last year due to a delay in phasing of shipments from the RF Technologies division.

Its bioplastics division also saw its revenues decline to £1m from £1.1m but expects a more positive second-half thanks to a new product line and encouraging initial order rates.

Meanwhile, the RF Technologies subsidiary also reported a decline in turnover to £1m from £1.2m but a new £1.1m contract to supply optic fibre is expected to help the division.

On the bright side, the group added its trading is in line with expectations with a reduced operating loss.

"The board is confident that momentum in revenue growth should accelerate in the second half of the year," it said.

Shares fell 4.47% to 139p on Thursday at 14:58.