Paul Mines of Biome Technologies sees acceleration of growth in Q4 & beyond

Sep 17, 09:01 AM

Paul Mines of Biome Technologies #BIOM sees acceleration of growth in Q4 & beyond as he discusses their interims results where they remain committed to the delivery 40% annual revenue growth in Bioplastics.

Paul Mines of Biome Technologies #BIOM sees acceleration of growth in Q4 & beyond as he discusses their interims results where they remain committed to the delivery 40% annual revenue growth in Bioplastics.

Interim Results Highlights

- 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, Chief Executive Officer:
"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."