Biome Technologies division wins £0.54m contract

15th Mar 2024 13:15

(Sharecast News) - Bioplastics and radiofrequency technology specialist Biome Technologies announced a new contract for its RF technologies division Stanelco on Friday.

The AIM-traded firm said the contract, boasting revenue of £0.54m, would entails th provision of two radiofrequency welding systems to an unnamed international corporation operating within the medical supply sector.

It said the systems, designed with a modular machine platform that integrates automation and RF welding, would be constructed and tested at Biome's Marchwood, UK facility.

Following rigorous testing, they would be combined with additional production line equipment sourced from the end-customer's designated contractor.

Final assembly would also occur at a facility in the UK.

Expected to be completed within the 2024 financial year, the project's progression would be marked by stage payments aligned with predefined milestones throughout the contract.

"This important order results from the division's ongoing strategy of diversification beyond its traditional strength into new high-value medical market areas," said chief executive officer Paul Mines.

"The division continues to work on further potential opportunities and we remain confident in bringing another of these opportunities to a similar conclusion in the coming months."

At 0808 GMT, shares in Biome Technologies were up 10.71% at 116.25p.

Reporting by Josh White for Sharecast.com.