Biome makes 'small' profit as revenues improve on Q4
Technology group Biome saw revenues improve quarter-on-quarter, helping it carve out a small pre-tax profit.
In the three months ended 31 March, Biome recorded revenues of £2.1m, putting it 11% ahead of the previous quarter and flat year-on-year.
Bioplastics revenues rose 50% to £600,000 as increased sales of outer packaging for the US single serve coffee market and initial sales of a novel material for a single serve pod boosted numbers.
First quarter revenues for Biome's Stanelco RF division were flat quarter-on-quarter at £1.5m.
Given the RF unit's current order book and general market outlook, Biome believes that revenues will be in line with previous guidance but more likely to be closer to those of 2017 than 2018, which it said was "an exceptional year".
Biome also revealed it had been successful in making a "small profit before interest, tax, depreciation, amortisation and share option charges", based on unaudited management accounts.
The AIM-listed outfit saw its cash position decrease 19.2% to £2.1m.
Looking forward, Biome told investors 2019 had kicked off in an encouraging manner, particularly for its bioplastics division.
As of 1000 BST, Biome shares had shot up 11.02% to 393p.