Southampton-based Biome Technologies posts reports of increased revenues
Southampton-based Biome Technologies, a bioplastics and radio frequency technology business, released its unaudited trading update for the quarter ended 30 June 2023.
The company posted encouraging reports of growth in revenue. Biome reported that group revenues were £3.6 million, a 47 per cent increase on the £2.4 million posted in H1 2022.
This group revenue covers both the Bioplastics division, which posted revenues of £3 million, a 50 per cent increase on 2022 H1's £2 million; and the RF Technologies division, which posted revenues of £0.5 million, a 25 per cent increase on the £0.4 million posted in 2022 H1.
Biome has said that this increase was 'driven by continued robustness of demand in the Bioplastics division from existing and new customers in North America, both for flexible film and filtration mesh applications'.
Visit Hampshire Biz News for bright, upbeat and positive business news from the county
Management at Biome has announced that it is 'pleased with the novel market sectors in which the division is building a pipeline of new and potential new business and the scale of some of the opportunities in this pipeline'.
A spokesperson for the company's management said: ''We remain cautious on the precise timing of revenue recognition, given much of this work requires considerable new collaborative design with customers and draws on components from supply chains that remain somewhat uncertain.''
The company's board recognized the performance of the Bioplastics division and also outlined its confidence in the RF Technologies division ' winning further business of a similar nature'.
A spokesperson for the Biome board said: ''Whilst we continue to be cautious in light of the current macroeconomic environment and despite the changes in the sales mix between the divisions, management's outlook for the overall performance of Biome for 2023 remains unchanged and in-line with current market expectations.''
Read more - Brands Hatch Performance expands offering with new financing facilities from Paragon Bank