Southampton’s Biome Technologies sees ten per cent revenue increase
Biome Technologies plc, a Southampton based bioplastics and radio frequency technology business, has had a ten per cent revenue increase according to an unaudited pre-close trading update for 2022.
The group had a cash balance of 0.8million at the year end, which is ahead of market expectations. The group revenue for the company was £6.2million, which was in line with market expectations for 2022 and an increase from the figure in 2021, which was £5.7million.
The board at Biome predict, subject to audit, that the group will generate a loss before interest, taxation, depreciation, and share option charges for the year. This loss is again in line with market expectations.
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The company’s Bioplastics Division revenue was £4.4million in 2022, which is £0.4 million less than in 2021. The loss reflects large scale reductions in demand for Biome’s materials from an unnamed, long-standing customer. The division saw this loss somewhat buffered by interest in the company’s film products from customers in both North America and Europe.
Another division of the company, the Stanelco RF Technologies Division, saw its revenues double to £1.8million in 2022 (£0.9million in 2021). This increase was spurred by substantial orders for both fibre optic furnaces and wider industrial applications won in late 2021 and early 2022. The division enters 2023 with several significant prospects for 2023, but with a much lower confirmed order book than at this time in 2022.
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