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Biome Technologies jumps as year-to-date revenues surpass those for whole of 2017

The firm said in a trading update that group revenues were £7mln, up 56% on the same period a year ago
Fibre optic
“Exceptional” demand for fibre optic furnaces caused revenues in the radio frequency division to nearly double

Biome Technologies PLC (LON:BIOM) saw its shares jump in mid-morning trading Thursday after its revenues for the nine months to 30 September rose over 50% and above those for the whole of 2017.

The firm, which develops both natural plastics and radio frequency (RF) systems, said in a trading update for the period that group revenues were £7mln, up 56% on the same period a year ago, while revenues in the third quarter had risen to £2.6mln from £1.5mln last year.

READ: Biome Technologies shares boosted as spotlight brightens on bioplastics and recycling

Biome added that year-to-date revenues for 2018 had already exceeded those of the full 2017 year of £6.2mln, with 78% of these coming from the RF division, and had also made an underlying (EBITDA) profit in the third quarter.

The group reported a significant uptick in revenues in its RF division as “exceptional” demand for fibre optic furnaces caused revenues to nearly double to £2mln from £1.1mln in the third quarter.

Looking ahead, the firm said it expected the momentum experienced in the third quarter to continue into the remainder of the year.

Shares were up 9.5% at 690p.

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