Biome Technologies plc announces its Preliminary Results for the year ended 31 December 2016.
- Group revenues in 2016 of £4.6m (2015: £4.9m)
- Group EBITDA of £0.2m (2015: EBITDA loss of £0.3m), including one-off benefit of £0.4m settlement income
- Gross margin improvement resulting in reduced EBITDA loss, on a like-for-like basis, to a loss of £0.2m (2015: loss £0.3m), excluding settlement income
- Gross margin increased to 51% (2015: 43%)
- Group cash position at 31 December 2016 of £1.5m (31 December 2015: £1.6m), excluding £0.45m received under the settlement agreement following the period end
Paul Mines, Chief Executive Officer said:
“The Group delivered a solid performance in 2016 and has carried significant momentum into 2017. Within the Stanelco RF division the order book is robust and also has a strong enquiry pipeline to support our aims. The Biome Bioplastics division has made significant progress in the launch of its filter material and the Board expects this new product to move into the commercialisation phase in 2017.
The Group’s cash position remains robust and the Board remains confident in the Group’s outlook for 2017.”