Biome Bioplastics is set to take advantage of the continued fast growth of the bioplastics market following the announcement of several key milestones.
Following increased sales of existing products, as well as the launch of new bioplastic materials for customers in the U.S. and Europe, the company has reported a 50 per cent increase in revenues for the first half of 2019.
Parent company Biome Technologies plc has also announced that it has conditionally raised £1.3 million by way of a placing on the AIM market of the London Stock Exchange.
These funds will be used for extra resources and to support various projects that are planned to scale-up over the next 18 months, as manufacturing is increased in both Europe and the U.S.
Biome Bioplastics has also appointed Sally Morley as its new Managing Director to help capitalise on the new funding and achieve future growth targets.
Sally Morley
The company says the promotion will strengthen the Biome Bioplastics’ leadership team and enable other organisational changes, as the business supports heightened levels of activity in both manufacturing and development.
Sally Morley said: “The continued spotlight on plastics is causing consumers, brands and converters to take a fundamental look at the plastics they use, why they use them and how they can be disposed of at end of life. With growing interest in our bioplastic materials, these additional funds will enable our business to accelerate multiple projects to deliver on ambitious revenue growth targets, as well as invest in the research and development of the next generation of high-performance products.”
“Currently, we have a strong focus on the U.S. market where brand interest, volumes of scale and supportive composting infrastructure are already in place. In fact, we have a pipeline of approximately 15 key development projects with customers that range from mid-sized companies to multi-nationals.”