Biome Technologies PLC on Wednesday said its annual loss narrowed amid higher revenue, while its 2023 outlook remains unchanged following a rise in sales in the first quarter.
Shares in Biome were down 18% at 120.25 pence each in London on Wednesday morning.
Biome Technologies is a Southampton, England-based plastic material and resin manufacturing company.
Pretax loss in 2022 was £802,000, narrowed from £1.2 million in 2021, as revenue rose by 8.8% to £6.2 million from £5.7 million. This reflected an increase in sales in its RF Technologies division, Biome said.
Looking ahead, Biome said it is well-positioned for further growth in the current year and in future years. The RF Technologies division had a ‘good pipeline’ of opportunities going into 2023, the company said. It is ‘confident’ it will receive new orders, but remains cautious in light of ‘difficult economic times’.
Revenue in the first quarter of 2023 was £1.9 million, Biome said, up 73% from £1.1 million a year prior. The results were in line with company expectations, it said, and its 2023 outlook remains unchanged.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
