Biome Technologies sees full-year revenue beating consensus

Biome Technologies said it is confident revenue for the year ending 31 December will be significantly better than current market expectations thanks to strong trading in both of its divisions.

The bioplastics and radio frequency technology business said third-quarter revenue rose to £1.3m from £500,000 in the same period last year, taking revenue for the nine months to the end of September to £3.3m, up 18% from last year.

Revenue in the bioplastics division advanced to £500,000 from £100,000 in the third quarter of 2014, in part reflecting stability in the US single-serve coffee market compared to the downturn seen in the second half of last year.

Revenue at the company’s Stanelco radio frequency technology business increased to £800,000 from £400,000 as orders and shipments were weighted towards the second half.

Chief executive Paul Mines said: “Revenue generation is strong in both divisions and, coupling this with the achievement of a small group EBITDA profit in the quarter, we are increasingly confident that 2015 will become a very significant milestone in Biome's development."

At 1548 GMT, Biome shares were up 13% at 144.10p.