Biome Technologies Q3 revenues buoyed by bioplastics unit

29th Oct 2020 08:10

(Sharecast News) - Biome Technologies said on Thursday that group revenues had improved in the third quarter, driven by a strong performance in its bioplastics unit.
Total group revenues for the three months ended 30 September were £1.8m, up from £1.3m a year earlier, taking year-to-date group revenues to £4.3m - a slight drop on the £4.7m recorded for the first nine months of 2019.

Revenues in the bioplastics division were £1.6m, 48% ahead of the previous quarter and 131% ahead of last year, offsetting a drop in radio frequency technology revenues from £600,000 to £200,000.

Biome also highlighted that cash from its recent £1.1m fundraises would support "a vigorous approach" to growing its bioplastics business and noted it now expects full-year results to be in line with current market expectations.

In a separate announcement, Biome named Robert Smith, formerly of Filtronic, as chief financial officer, effective 30 November.

As of 1350 GMT, Biome shares were up 1.29% at 157.0p.