Shares in Biome Technologies PLC sank on Monday, after the company reported a sharp dip in revenue for the first quarter of 2024.
Shares in Biome were down 25% at 75.03 pence each in London on Monday afternoon.
The Southampton-based biotechnology company said that revenue was £1.1 million for the three months ended March 31.
This marked a 44% drop from £1.9 million in the first quarter of 2023, and the result came in ‘slightly below’ Biome’s expectations.
Biome’s Bioplastics division delivered £900,000 in revenue, a decrease of 44% from £1.6 million a year before.
Biome credited the decline to extended material transit times due to knock-on effects from the Red Sea shipping crisis, as well as ‘production and regulatory difficulties at two end customers that reduced offtake of material’.
The company’s RF Technologies segment reported a drop in revenue to £200,000 from £300,000, though the final amount surpassed management’s expectations for the quarter.
‘Whilst trading in the first quarter was below the previous quarter, contract wins and ongoing business are improving and the board is confident that the group will achieve its expectations for the 2024 full year,’ Biome said.
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