13. Sep 2019
Biome Bioplastics reports growth, hires a new managing director
Biome Bioplastics revenues for the first half of 2019 are up by 50% due to increased sales of existing products and the launch of new materials. The company has raised £1.3 million via a placing on the AIM market to fund further growth and development.
The company has reported a 50% increase in revenues for the first half of 2019 following increased sales of existing products, as well as the launch of new bioplastic materials for customers in the U.S. and Europe.
Sensing the opportunity for further significant growth of the Biome Bioplastics business, parent company Biome Technologies plc has also announced that it has conditionally raised £1.3 million by way of a placing on the AIM market of the London Stock Exchange.
These funds will be used for extra resources and to support a number of projects that are planned to scale-up over the next 18 months, as manufacturing is increased in both Europe and the U.S. The funding will also help to deliver higher levels of sales activities and further accelerate the company’s research and development in industrial biotechnology, which is focused on the scaling and commercialisation of the next generation of sustainable polymers.
To help capitalise on the new funding and achieve future growth targets, Biome Bioplastics has appointed Sally Morley as its new managing director. Sally was until recently the company’s commercial director,. Her promotion will strengthen Biome Bioplastics’ leadership team and enable other organisational changes.
Commenting on the fundraising activities and future plans, Sally said:
“The continued spotlight on plastics is causing consumers, brands and converters to take a fundamental look at the plastics they use, why they use them and how they can be disposed of at end of life. With growing interest in our bioplastic materials, these additional funds will enable our business to accelerate multiple projects to deliver on ambitious revenue growth targets, as well as invest in the research and development of the next generation of high-performance products.”
“Currently, we have a strong focus on the U.S. market where brand interest, volumes of scale and supportive composting infrastructure are already in place. In fact, we have a pipeline of approximately 15 key development projects with customers that range from mid-sized companies to multi-nationals.”