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Biome Technologies PLC - Southampton, England-based bioplastics and radio frequency technology company - Says revenue for year to December 31 is in line with current market expectations at £7.0 million, up 13% from £6.2 million the prior year. Cash balance at December 31 was around £600,000, down from around £800,000. Bioplastics division’s revenue surges 36% to £6.0 million from £4.4 million, driven by existing customers placing larger orders and a broadening customer and application base in North America. Sales are down in RF Technologies division, reflecting ‘the timing of receipt of contracts and revenue recognition in line with IFRS 15.’ Company is ‘pleased’ with Bioplastics’ ‘strong progress’; says division ‘continues to grow strongly in the face of some global headwinds, evidencing the division’s resilience.’ Remains ‘confident’ that delayed RF projects of scale will ‘successfully complete in the short term’. Expects current year to build on this trading momentum. Current stock price: 119.00 pence, up 16% on Tuesday 12-month change: up 30% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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