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Biome Technologies reveals progress in the second quarter

Published: 03:06 18 Jul 2013 EDT

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Biome Technologies (LON:BIOM) posted a 25% quarter on quarter rise in revenues and said it has a solid cash base to the business.

A pre-close update revealed turnover for the three months ended June 30 was £500,000, up from £400,000 in the first quarter of 2013. Biome benefited from a strong performance from Stanelco RF, which makes furnaces used to produce optical fibre. Revenues in the second quarter were double those of the first quarter at £400,000.

The bioplastics division saw its sales fall to £100,000 from £200,000 in the same period a year earlier, but Biome told investors: “As previously noted, this year is anticipated to be second half weighted and the board expects revenue growth in both divisions as the year progresses.”

The group had £3.9mln of cash on the balance sheet as at June 30.

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