Biome Technologies, a London-listed company specializing in bioplastics and radio-frequency technology, has announced that its revenue for the first half of the year and second quarter has risen. The company attributes this growth to strong demand in the bioplastics division, particularly from new and existing customers in North America.
In the second quarter, revenue reached £1.7 million ($2.2 million), up from £1.4 million in the same period last year. For the first half of the year, revenue increased to £3.6 million from £2.4 million. This positive performance has put Biome Technologies on track to meet market expectations for the full year.
The RF technologies division is also making progress, holding discussions with potential customers about contracts that could generate revenue recognition in the coming months. Despite changes in the sales mix between divisions and caution due to the current macroeconomic environment, management remains confident in the overall performance of Biome for 2023.
As of 0840 GMT, shares were up 2.50 pence, representing a 1.8% increase, reaching 142.50 pence.
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