Biome Technologies Announces Preliminary Results for 2011 Wednesday, 28th March 2012
Group revenue up 42% to £19.1m.
Loss from operations reduced to £1.0m (2010: loss £1.9m), ahead of expectations.
Loss before tax reduced to £1.1m (2010: loss £2.3m).
Closing Group cash position £2.4mTwo year debt facility of up to £2.0m agreed in May 2011 to support the continued growth of the Group.
47% growth in Bioplastics Division revenue which includes:
- 82% growth in revenue made by Biome Bioplastics, the wholly owned UK headquartered bioplastics business
- 31% growth in Biotec's third party revenue
21% growth in revenue in Stanelco RF Technologies with a new contract signed with Durapipe UK in January 2012
Bioplastics Division reaches annual breakeven for the first time and Stanelco RF Technologies improves profitability Significant progress made in broadening the Group's customer base in both applications and geography
Board strengthened with the appointment of Declan Brown as Group Finance Director.
Full details of these results can be found in the RNS section of the website. A presentation on the results can be found here