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Biome Technologies division wins induction furnace contract

June 22, 2023 at 04:56 am EDT

Biome Technologies PLC - Southampton, England-based bioplastics and radio frequency technology company - Says Stanelco RF Technologies division has been awarded a GBP452,000 contract to supply an unnamed global scientific glass product manufacturer with a novel induction furnace system. System will be designed and built at Stanelco's Marchwood, England facility. Final completion is expected in 2024 but some revenue may be recognised this year depending on the availability of key components. Stage payments will be received against milestones. Project's revenue and cash flows are included in Biome's existing guidance.

Biome Chief Executive Officer Paul Mines says: "This contract win is a significant achievement for our Stanelco RF division and the first major contract with this customer and in the sub-sector of the scientific glass industry. This order results from Stanelco's ongoing strategy of diversification into adjacent markets and is one of a number of opportunities that are currently in contract discussions."

Current stock price: 142.00 pence, up 11% on Thursday in London

12-month change: down 21%

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
GOLD	2,304 USD	-0.86%	-1.14%	-
S&P GSCI GOLD INDEX	1,345 PTS	-0.06%	-1.23%	-
BIOME TECHNOLOGIES PLC	77.5 GBX	0.00%	-22.50%	3.66M
SILVER	26.66 USD	-0.36%	-2.58%	-

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