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.
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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.