Biome cuts pre-tax loss as US interest in bioplastics grows

On a like-for-like basis, revenues rose 40% to £6.7m, while reported pre-tax losses fell 35% to £1.7m.

Chief executive Paul Mines told Packaging News he was optimistic about the performance in the remainder of the year.

“I think we need to continue to drive the products and expand applications, such as improved barriers, and find customers who want to work with us,” he said.

“Interestingly, despite worries about a double dip recession there continues to be interest in what we are doing, although we are still very small in the total market.”

Mines said that while UK had growth had not been spectacular, growth was coming from northern Europe and the US.

“We now over in the US a lot more than we were a few years ago, talking to and working with businesses,” he said.

Biome previously reported 100% of Biotec’s results but as of this year only reports 50% reflecting its stake in the joint-venture company.

Revenue 6,732 (8,058 in 2009)
Revenue on a like-for-like basis 6,700 (4,800)
Operating loss 1,162 (1,474)
Pre-tax loss 1,744 (2,681)

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