Biome Technologies' shares surge on confident FY outlook

Shares in Biome Technologies are up almost a fifth after it confirmed continued progress against its strategy, with its board confident in the outlook for the rest of the year.

Total group revenues achieved for the first three months of the year were £1.5m, up 34% on the same quarter last year.

With both of Biome's divisions delivering a profitable performance, it made a small profit before interest, tax, depreciation, amortisation, and share option charges in this quarter.

Its cash position as at March 31 was £1.8m, from £1.5m, reflecting the current trading activity and receipt of £0.45m under the settlement agreement reported previously.

"Biome Technologies continues to make progress against the strategy as set out in the group's full year results in March 2017 and against this background the board remains confident in the group's outlook for the remainder of the year."

At 11:29 BST, shares in AIM-quoted Biome were up 18.85% to 154.5p.