Biome Technologies plc announces its Preliminary Results for the year ended 31 December 2018.
- Substantial 44% increase in Group revenues in 2018 to £8.9m (2017: £6.2m)
- Exceptionally strong year for revenues in the Stanelco RF division whilst Bioplastics' division's revenues decreased
- Bioplastics' division ended the year with a substantial increase in the number of projects underway and consequent widening of its customer base and expects this to lead to growth in 2019
- Group EBITDA profit of £0.6m (2017: EBITDA profit of £0.1m) with Group operating profit of £0.1m (2017: loss of £0.4m)
- Cash generation takes Group cash position at 31 December 2018 to £2.6m (31 December 2017: £2.3m)
Paul Mines, Chief Executive Officer said:
"2018 saw an exceptionally good performance from the Group's Stanelco RF division in both revenues and profitability. For the Bioplastics division, the public's change in perception of plastic waste has ushered in an increase in the number of customer-led projects that will lay the foundations for growth for 2019 and the coming years. As a result, the Board is confident in the Group's outlook for 2019."