- Group financial performance in line with expectations
- Operating loss reduced to £1.7m (2012: £2.1m)
- Cash position at 31 December 2013 was £3.3m
- Considerable new revenue streams generated in Biome Bioplastics division with further promising technical progress on pipeline of products
- Stanelco Radio Frequency (RF) Technologies division’s order-book improving. Recently signed a substantial contract to supply advanced analytical equipment based on the Group’s induction heating technology
- Settlement of legacy leases and capital reorganisation has ensured the Group is in robust structural shape.
Paul Mines, Chief Executive, said:
“The Board’s confidence in the Group’s near term revenue growth potential is improving as illustrated by the recent contract award for our RF Division. Both the Bioplastics and RF Technologies’ order pipelines are currently well ahead of 2013 levels, with increasing testing and development work being undertaken by our customers providing us with confidence in the potential commerciality of a number of products.
The Group is in good structural shape and we are already seeing our technology begin to exhibit some of its exciting potential. We look forward to improving the Group’s performance through 2014 and beyond.”