News blog

Biome Technologies

BY: Andrew Hore |
POSTED: 20/01/2012 |
COMMENTS: Add yours

Bioplastics company Biome Technologies says that 2011 revenues increased by more than 40%.

Growth has slowed from 55% in the first half to around 24% in the second half as supply chain constraints eased. House broker Daniel Stewart forecasts revenues of £18.8m and a pre-tax loss of £1.1m.

The order level for bioplastics is strong despite the economic uncertainties in Europe. At the end of 2011 Biome converted a €1.25m loan into shares in its Germany-based Biotec manufacturing joint venture. This enabled Biome to receive accrued interest of €406,000. There are still loans to Biotec of €6.37m outstanding. Biome has net cash of £2.4m and an unutilised debt facility of £2m.

The RF technologies division continues to grow as it diversifies into new markets. It has signed a contract with Durapipe UK to develop a portable induction welding system. This will generate revenues of £2m over three to four years.

Daniel Stewart forecasts 2012 revenues growing to £26.6m and a reduced loss of £200,000.

At 0.14p a share, Biome is valued at £8.53m.

The full year figures will be published on 29 March.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf