Southampton-based Biome Technologies posts reports of increased revenues

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Tom Kilkelly

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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'.

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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.''

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.