Biome Technologies Q1 revenues in line with management expectations

Bioplastics and radiofrequency technology business Biome Technologies said on Wednesday that its revenue performance for the three months ended 31 March had been in line with management expectations at £1.4m.

Biome said its bioplastics division's revenues were £1.2m in the first quarter, 18% firmer year-on-year, and comparable to the preceding quarter's print.

The AIM-listed firm added that "significant further revenue growth" from the division was anticipated during 2021, with necessary drivers for growth being "successfully assembled" in the first half.

Over in the group's RF unit, revenues were £200,000 for the quarter, flat year-on-year but lower than the preceding quarter's figure of £300,000.

"There are encouraging signs of a pick-up in activity within the division's core fibre optic furnace market, with small spares orders and some larger equipment enquiries received. Whilst encouraging, this has yet to translate into more significant order intake," said Biome.

Looking forward, Biome stated its view of the group's performance remained in line with current market expectations.

As of 1020 BST, Biome shares were down 3.92% at 365.10p.