News blog
Biome Technologies
- BY: Andrew Hore |
- POSTED: 19/07/2012 |
Bioplastics and RF products supplier Biome Technologies says that second quarter revenues from its bioplastics division were little more than half of the first quarter figure.
Management is hopeful that this is just a blip in a growing market. The first quarter generated £4.3m, while the second quarter revenues were £2.2m. The main reason behind this was sharply lower third-party sales by manufacturing joint venture Biotec due to weak demand in southern Europe. Italy has delayed financial penalties for non-compliance for use of biodegradable shopping bags until the end of 2013.
The radio frequency division had a stronger second quarter but it was still not as strong as the second quarter of 2011. The second half order book is worth £1.2m. The prototype of a new industrial product should be delivered in the near future.
Overall first half group revenues were 28% lower at £7.5m, with nearly two-thirds of that generated in the first quarter.
There was £1.1m in the bank at the end of June 2012, down from £1.5m two months earlier. Biotec has recently paid back €255,000 of Biome’s loan.
The interims are due to be published on 3 September.
Annualised costs are being reduced by £600,000. A full year loss of £2.2m is forecast.
At 0.085p a share, down 0.015p, Biome is valued at £5m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
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