Biome Technologies (BIOM ) said it expects to see further substantial revenue growth from its bioplastics division throughout 2022 as some previously reported logistics issues are cleared.
In a trading update for the quarter to 31 March 2022, the bioplastics and radio frequency technology business said unaudited revenues in 1Q were £1.1m and in line with expectations while the Board’s view of its performance is also in line with current market expectations.
Biome comprises two divisions, Biome Bioplastics and Stanelco RF Technologies. During Q122, revenues for the Bioplastics division came to £1.0m compared to £1.2m in 1Q21.
Looking ahead, the company said it expects to see further substantial revenue growth from this division during 2022 as some of the previously reported logistics issues clear and “a number of important customer positions accelerate or move into a commercial phase.”
RF Technologies’ revenues in 1Q stood at £0.1m compared to £0.2m in Q121, and Biome said the division currently has a strong order book that is currently in production and that this is expected to deliver revenue both in 2Q and into the second half of the financial year.
The company added that a solid pipeline of opportunities from its target markets are currently under discussion and that continued good order intake for the division remains “encouraging.”
As at 31 March 2022, the company had a cash balance of £0.9m, down from £1.6m as at 31 March 2021.. As at 19 April 2022, the company had cash of £0.9m and remains debt free.
Since Biome’s unaudited revenues in 1Q remain in line with current expectations, as does the Board’s outlook for the business, analysts have made no changes to their current forecasts.
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