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Pre-close Trading Statement

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RNS Number : 6658U
Biome Technologies PLC
20 January 2017
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

20 January 2017

 

Biome Technologies plc

("Biome" or "the Group")

 

 

Pre-close Trading Statement

 

 

Biome Technologies plc's pre-close trading statement for the financial year ended 31 December 2016 is set out below.

 

Group revenues for the year were £4.6m, slightly behind the 2015 revenues of £4.9m.

 

Revenues in the Bioplastics division were £1.6m, a decrease of 15% on the 2015 turnover of £1.9m due to the lower levels of campaign runs in the first half of 2016. The second half of 2016 saw sales of £1.0m which is 18% higher than the 2015 comparative.  The second half of the year also saw some initial quantities of the new BiomeMesh filter product sold.

 

The RF division finished the year strongly and achieved full year revenues of £3.0m, which is the same as the 2015 revenues of £3.0m. This revenue was once again achieved across a broad spread of equipment types and included the delivery of the previously announced advanced analytical equipment to a regulated industry. Encouragingly, as we move into 2017, the division has a good order book which is underpinning a positive start to 2017.  

 

The Group's cash position at 31 December 2016 was £1.5m (30 September 2016: £1.2m). This increase in cash is a mixture of trading performance and the timing of deposits within the RF division.

 

The recently announced settlement agreement will result in a further cash receipt of £0.45m in the first quarter of 2017. This amount, not included in the Group revenues shown above, will be recorded as other income in the 2016 accounts.

 

The Board expects the loss before interest, tax, depreciation and amortisation for the full year of 2016 (excluding the other income of £0.45m) to be similar to the level achieved in 2015. Trading in 2017 has started in an encouraging manner across both divisions.

 

The audited results for the year ended 31 December 2016 are scheduled to be published on 29 March 2017.

 

-Ends-

 

 

 

For further information please contact:

 

Biome Technologies plc


Paul Mines, Chief Executive Officer


Declan Brown, Group Finance Director


www.biometechnologiesplc.com  

Tel: +44 (0) 2380 867 100

Allenby Capital


David Hart (Nomad)

Chris Crawford/Kelly Gardiner (Broker)


www.allenbycapital.com

Tel: +44 (0) 20 3002 2070

FTI Consulting


Oliver Winters

www.fticonsulting.com

Tel: +44 (0) 20 3727 1535

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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