Biome Technologies plc (LON:BIOM) has announced its unaudited Interim Results for the six months ended 30 June 2021.
·The Group generated revenues of £2.6m (H1 2020: £2.5m) and gross profit of £0.9m (H1 2020: £0.8m)
·The Biome Bioplastics division was the principal revenue generator for the Group, with growth of 7.3% on H1 2020 despite the logistics disruption caused by ongoing issues in the global shipping industry
·Biome Bioplastics continued to grow its end-customer base and received a contractual commitment to accelerate the commercialisation of its proprietary compostable filtration mesh with a US customer. Whilst implementation was constrained by a site utility issue, an engineering solution is being implemented and we expect to see the acceleration of offtake during Q4 2021
·The Stanelco RF Technologies division saw tendering activity increase, contract wins in induction heating and an improvement in the leading demand indicators of the cyclical fibre optic market
·Current trading continues in line with the Board’s expectations set out in the trading updates of 1 and 29 July 2021
Paul Mines, Biome Technologies Chief Executive Officer said:
“We continue to see a healthy level of orders and enquiries for Biome Bioplastics’ products and our opportunity pipeline is increasing. The ongoing delays in shipping and transportation constrained the first half and we have been investing in inventory to mitigate the effects as we progress through H2. Demand for our biodegradable filtration mesh from our new end-customer is already encouraging and the further conversion of this customer in Q4 2021 should provide significant long-term benefits. We continue to trade in line with the Board’s expectations set out in the trading updates of 1 and 29 July 2021.”