Biome Technologies enjoys strong revenue growth during first nine months
Biodegradable plastics firm Biome Technologies (LON:BIOM) saw its revenue for the first nine months of the year increase by almost half thanks largely to a strong improvement in its Bioplastics division, the firm reported this morning.
Biome said that its group revenue for the nine months to September 30 was greater by 49 per cent at £15.3 million. This reflected a 110-per cent increase in bioplastic sales made by its UK-based Biome Bioplastics business, a 34-per cent increase in sales at the firm's Stanelco RF Technologies and a 29-per cent increase in third-party sales at its Germany-based Biotec division - which it jointly owns with SPhere (one of Europe's largest plastic bag producers).
Revenue from the Bioplastics division during the first nine months increased from £8.5 million in 2010 to £12.9 million this year. This comprised revenue of £5.3 million at Biome Bioplastics and £7.6 million from third-party sales at Biotec.
During the third quarter, the Bioplastics division's revenue was, at £4.3 million, 61 per cent ahead of that for Q3 2010. Biotec's revenue was £2.7 million (Q3 2010: £1.7 million) thanks to it benefiting from further abatement of capacity constraints in its supply chain and allowing some stock build within the business.
Biome Bioplastics achieved "substantial growth" with Q3 2011 sales almost doubling to £1.7 million (Q3 2010: £0.9 million). But the firm warned that it continues expect some quarterly volatility as the market reacts to the easing of supply constraints.
Meanwhile, Biome said that its Stanelco business continues to perform in line with management expectations.
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