Biome Technologies, a bioplastics and radio frequency technology business, has published a trading update for the six months ended 30th June 2018.
The unaudited interim results are expected to be announced on 3rd September 2018.
Total Group revenues for the first half of the year were £4.3million, a 43 per cent increase compared to the same period last year (2017: £3.0m).
The Directors expect that the Group will report an increased profit before interest, tax, and amortisation for the half year compared to the first half of 2017, reflecting the increase in revenues, which has been based on unaudited management accounts.
The update shows on 30th June 2018, The Group's cash position was £2.3m (31 December 2017: £2.3m, 31 March 2018 £2.4m), reflecting a combination of positive trading activity, balanced by the unwinding of advance customer deposits previously received by the Company.
Bioplastics Division
Revenues in the Bioplastics division in H1 2018 were £0.9m compared to £1.2m in H1 2017, with turnover in the second quarter returning to a more encouraging pattern.
The division continues to work on the development of new projects, this includes two projects which could lead to substantial additional revenues in 2019 and 2020.
The report suggests positive interest remains in the UK, with the Government looking to progress innovative material solutions to the problem of single use plastics in the medium term.
This may provide an opportunity to accelerate the company’s work in industrial biotechnology solutions and Biome is engaged with numerous parties in this area
Stanelco RF Technologies Division
Revenues for H1 2018 in the RF Technologies division were double those of the comparative period at £3.4m (H1 2017: £1.7m).
The update reveals the increase in revenues is reflective of the increased sales of fibre optic furnaces for the Far East market.
The forward order book for the remainder of 2018 shows it will remain exceptionally strong with good enquiry levels going into 2019 and the team has been expanded to deal with these increased levels of activity.
Revenues for the full year 2018 are now anticipated to be significantly higher than 2017.
Outlook Biome says it continues to make progress against the strategy as set out in the Group’s full year results announced in March 2018 and against this background the Board remains confident in the Group’s outlook for the remainder of the year.