Source - LSE Regulatory
RNS Number : 2181V
Bion PLC
13 April 2021
 

13 April 2021

 

BiON plc

("BiON" or "the Company")

 

Trading Update

 

BiON (AIM: BION), an environmental engineering, wastewater treatment and renewable energy solutions company, provides an update on trading for the year ended 31 December 2020 ahead of announcing its annual audited results in June 2021.

 

As noted in the Company's interim results announcement, during the first half of 2020, BiON was active in sourcing and securing engineering, procurement, construction and commissioning ("EPCC") contracts and this momentum increased through the second half of the year. The Company also succeeded in recommencing power sales at its Malpom biogas power plant in December 2020. As a result of this progress, the Company expects to report revenue for full year 2020 of at least RM100m, representing growth of more than 310% over 2019.  As noted above, these results remain subject to audit.

 

In particular, the growth has been driven by the expansion of the Company's EPCC activities in Indonesia in the second half of the year, where BiON completed a number of projects under eco-infrastructure initiatives. BiON continued the upgrading works at its Kahang (2MW) and Malpom (2MW) biogas power plants as well as progressing its Seberang Perak (2MW) and Nasaruddin (1MW) plants that it acquired in the second half of the year. This enabled Malpom to recommence supplying electricity (at an initial reduced capacity) to Tenaga Nasional Berhad ("TNB"), Malaysia's largest integrated electricity company, at the end of the year. 

 

Post period, at the end of January 2021, BiON commenced commercial operations at Seberang Perak. This followed the receipt of the certificate of initial operation date ("IOD") from the regulatory authorities, which enables the Company to sell electricity to TNB at a discount tariff rate. The Company expects to receive the certificate of commercial operation date, which will allow it to receive the full Feed-in-Tariff rate, as well as the IOD for Nasaruddin in the coming weeks, subject to government restrictions on travel related to the COVID-19 pandemic. BiON has continued to pursue EPCC contracts in Malaysia and Indonesia and to progress the upgrading works at Kahang and Malpom that will enable full operations to resume. In addition, the Company is engaged in seeking to convert and expand its pipeline of renewable energy and waste-to-value projects in line with its stated strategy.  

 

The Company will provide further information at the time of its annual results announcement.

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 

Enquiries:

 

BiON plc


Datuk Syed Nazim bin Syed Faisal, CEO 

Fakrizzaki Ghazali, CFO

+603 6413 1085

Elle Sia, UK Country Manager

www.bionplc.com

+44 203 633 0891



Beaumont Cornish Limited (Nominated Adviser)


Roland Cornish, Felicity Geidt    

+44 20 7628 3396



VSA Capital Limited (Joint Broker)


Andrew Raca, Maciek Szymanski, Vivian Papasotiriou (Corporate Finance)

+44 203 005 5000

Andrew Monk (Corporate Broking)




Optiva Securities Limited (Joint Broker)


Vishal Balasingham

+44 20 3137 1903



Luther Pendragon (Financial PR Adviser)


Claire Norbury

+44 20 7618 9100

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTDKBBDDBKBKQD
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.