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Biome Technologies

  • BY: Andrew Hore |
  • POSTED: 31/03/2013 |

Bioplastics and RF products supplier Biome Technologies is seeking to develop new products in order to move towards profit.

During the year Biome sold its stake in stake in manufacturer Biotec for £5.2m and this boosted its cash pile. Biome has not been using its debt facility so this has been cancelled. There was £6.3m in the bank at the end of 2012. A capital restructuring would be required to create distributable reserves.

Bioplastics still lose money. New bioplastic products include single use food packaging and single-use coffee capsules but they will not start generating significant revenues until the end of 2013.

Delayed Asian orders meant that the RF business reported a lower operating profit in 2012. The overall group operating loss increased from £1.41m to £2.06m. That was before the loss on discontinued activities.

Chairman John Standen will receive a reduced annual salary of £18,000, down from £38,250, for 12 months from 1 March 2013. However, a consulting company where Standen is majority shareholder has been given a consultancy job of assessing corporate strategy. Biome will pay a maximum of £28,000 in three stages for this advice. The last payment is at the end of October 2013.  The payments will be used to acquire existing Biome shares from the employee share scheme.

At 0.065p a share, Biome is valued at £3.83m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2013_42.pdf

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