Biome Technologies announces strong quarter of growth
Ahead of its Annual General Meeting, Biome Technologies has announced a positive trading update for the three months ending on 31st March 2019.
Group revenues achieved for the first three months of the year with £2.1 million, which is 11 per cent ahead of the previous quarter, and in line with those achieved in Q1 2018.
The Group made a small profit before interest, tax, depreciation, amortisation and share option charges in this quarter.
The Group’s cash position as at 31st March 2019 was £2.1 million, reflecting working capital movements.
Revenues in the Bioplastics division for the first quarter rose significantly to £0.6 million.
The improved performance was helped by both increased sales of outer packaging for the US single serve coffee market and by initial sales for a novel material for a single serve pod being launched into the nutrition market, previously reported as being under development.
It is anticipated that sales for this latter application will gradually increase through the remainder of this year.
Progress on other projects, such as the rigid ring material and a plastic film based product for the North American market, remain on track with revenues for the rigid ring continuing to be anticipated to commence in Q2 2019 following completion of final testing.