Biome Technologies secures £490,000 contract
By Michele Maatouk
Date: Thursday 15 Feb 2024
(Sharecast News) - Biome Technologies said on Thursday that its RF Technologies division has secured a contract with a revenue value of £490,000 to supply a second novel induction furnace system ('The System') to a global manufacturer of scientific glass products.
The System will use key elements of the RF Technologies division's induction furnace technology, in another new application field, providing enhanced performance attributes and improved operational effectiveness, particularly in relation to energy efficiency, it said.
As with the previous system announced in June 2023, it will be designed and built at the company's Marchwood facility in the UK, with installation and commissioning being completed at the customer's overseas production site.
Completion of the System is scheduled in the 2024 financial year. However, specific revenue timing and revenue recognition under IFRS-15 will depend on the availability of key components that will be identified during the design phase.
Stage payments will be received against milestones during the contract.
Chief executive Paul Mines said: "This further contract win is an important achievement for our RF Technologies division and the second significant contract in this sub-sector of the scientific glass industry.
"This order results from the division's ongoing strategy of diversification and is one of several opportunities where negotiations have advanced significantly since the start of the year. We remain confident in bringing other opportunities to a similar conclusion in the relatively short-term."
At 1530 GMT, the shares were up 17% at 129.00p.
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