Southampton’s Biome Technologies PLC reports increased group revenues
Southampton-based bioplastics and radio frequency technology business Biome Technologies plc has announced reports of encouraging group revenue growth in its Trading Update for the quarter ended March 31 2023.
Group revenues were up to £1.9 million, which is a 77 per cent increase on the same period last year (£1.1 million). The Bioplastics Division of the company reported revenues of £1.6 million this quarter, which is an increase of 32 per cent on Q4 2022 (£1.2 million) and a 65 per cent increase on Q1 2022 (£1.0 million).
A spokesperson for Biome said: ‘’The performance of the Bioplastics Division is encouraging for both the scale of continuing supplies of compostable coffee filtration materials to two US end-customers and also the supplies of filmic products to a wider range of end-customers.’’
The RF Technologies Division of Biome reported a 211 per cent increase in revenue on the Q1 2022 (£100,000 to £300,000) but also reported that this is a 57 per cent decrease from Q4 2022 (£700,000). The company has noted that commercial customer discussions and their completion will be important for the division's performance in the remainder of this year.
Biome’s outlook for the year is that the first quarter has been encouraging whilst also acknowledging that there is ‘much to do’ if growth plans are to be realised.
Read more – Buckinghamshire’s Focusrite reports decreased revenue in Half Year 2023
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