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Biome Technologies FY revenues 'significantly below' current market expectations
17th Nov 2021 09:07
(Sharecast News) - Plastics material and resin manufacturing company Biome Technologies warned on Wednesday that full-year revenues would be "significantly below" current market expectations and its underlying loss was expected to be "only slightly greater" than forecasts.
Biome highlighted global logistics difficulties as having hampered normal delivery patterns and leading to customer delays as the firm attempted to manage supply chain problems.
The AIM-listed firm also cautioned that an expected acceleration of further offtake with a US customer would now not occur until next year.
"Due to these factors, and the resulting revenue slippage into the 2022 financial year, despite not losing any orders, nor new projects, the directors now believe revenues in the final quarter of the year will be lower than they previously envisaged and that therefore Group revenues for the year ending 31 December 2021 will be significantly below current market expectations," said the group.
As of 1140 GMT, Biome shares had slumped 20% to 300.0p.
Biome highlighted global logistics difficulties as having hampered normal delivery patterns and leading to customer delays as the firm attempted to manage supply chain problems.
The AIM-listed firm also cautioned that an expected acceleration of further offtake with a US customer would now not occur until next year.
"Due to these factors, and the resulting revenue slippage into the 2022 financial year, despite not losing any orders, nor new projects, the directors now believe revenues in the final quarter of the year will be lower than they previously envisaged and that therefore Group revenues for the year ending 31 December 2021 will be significantly below current market expectations," said the group.
As of 1140 GMT, Biome shares had slumped 20% to 300.0p.