Biome Technologies plc announces its audited Final Results for the year ended 31 December 2020.
· Another strong year for the Bioplastics division with revenue growth of 65% building on the 81% revenue growth achieved in 2019. The division enters 2021 with a healthy pipeline of customer positions and prospects.
· RF Technologies division revenues reduced to £0.8m due to the ongoing over-capacity in the division's core fibre optics manufacturing market.
· Reported Group loss before interest, interest, taxation and amortisation (LBITDA) of £0.9m (2019: LBITDA of £0.5m), in line with market expectations, with Group operating loss of £1.6m (2019: loss of £1.0m).
· Group cash position as at 31 December 2020 was £1.7m (31 December 2019: £2.1m) with no debt.
Paul Mines, Chief Executive Officer said: "2020 saw further strong revenue growth from the Group's Bioplastics division reflecting the conversion of the pipeline of opportunities that it entered the year with. New opportunities from both existing and new customers continue to present themselves both for bioplastic packaging from the coffee sector and other segments of the food and beverage packaging market. We will continue to work our cash resources to maximise our ability to overcome the challenges posed by Covid-19 and deliver good medium-term growth for shareholders".