Biome Technologies warns on revenues
By Iain Gilbert
Date: Wednesday 13 Nov 2024
(Sharecast News) - Bioplastics and radiofrequency technology business Biome Technologies warned on Wednesday that full-year revenues now looked set to be lower than originally expected.
Biome said group revenue for the nine months ended 30 September had fallen 39% year-on-year to £3.2m, with revenue from its bioplastics division crashing 38% to £2.7m and RF technologies revenue halved to £400,000.
The AIM-listed group also noted that after more than 17 years with Biome, chairman John Standen had indicated his intention to retire and step down from the board in "the reasonably near term", with the company now "discussing various options" in relation to the composition of the board following his departure.
Biome also made further revisions to its expectations for both revenue and contribution from its bioplastics division in Q424 and the group as a whole in FY24. Revenues were now seen be below current market expectations with a consequential impact on profitability.
"Despite this, the board is encouraged by the progress being made in both divisions to improve revenue run rates, albeit this improvement is now likely to occur in 2025," said Biome.
As of 1030 GMT, Biome shares had sunk 13.04% to 5.0p.
Reporting by Iain Gilbert at Sharecast.com
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