LONDON (ShareCast) - Shares rose in bioplastics and radio frequency (RF) heating group Biome Technologies after an encouraging increase in first quarter revenues, boosted by sales of compostable single-serve coffee pods.

Total group revenues of £1.1m were up 175% on the same period in 2013 and up 120% on the last quarter of 2013, leading to a cash position at March 31st of £3.2m.

Biome said the improvement reflected increased activity, receipt of deposits for its radio frequency technologies division and working capital movements.

The Bioplastics division made revenues of £0.5m, with increasing volumes of Biome's materials were purchased in the period for use in the US single-serve coffee market among other applications.

The company said further progress was made in the development of the pipeline of new products with trials continuing in both the food service and board coating sectors.

The Stanelco RF Technologies division saw revenues triple to £0.6m and cited the abating of previously reported signs of uncertainties in the Asian fibre market.

"The unit's order book is growing in an encouraging manner with 2014 orders now in excess of the revenues achieved in 2013," the group said in a statement.

Biome shares were up 14% to 162.5p at 13:45 on Wednesday.

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