Bioplastic Division Reaches Breakeven

29 March 2012

Biome Bioplastics’ parent company (Biome Technologies) has reported its results for 2011. This includes news that Biome Bioplastics grew 81% in the year and the Bioplastics Division made a maiden profit.

A presentation on the results can be found here.

Financial Highlights

  • 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 £2.4m.
  • Two year debt facility of up to £2.0m agreed in May 2011 to support the continued growth of the Group.

Business Highlights

    • 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 on the Biome Technologies website here.