Biome provides Q3 update on bioplastics development

U.K.-based bioplastics company Biome Technologies plc has released financial results for the first nine months of the year, reporting an 85 percent increase in revenues compared to the same period of 2013.

The company reported third quarter revenues of £500,000 ($784,165), compared to £600,000 for the same period of 2013. Revenues for the first three quarters of the year reached £2.8 million, up from £1.5 million during the same period of the prior year.

Biome’s bioplastics division reported £100,000 in revenue for the third quarter, down from the previous two quarters. In its statement, the company attributed the drop to reduced offtake to the single-serve coffee market in the U.S., as the main customer responded to technical challenges in the marketplace and ran down stocks ahead of relaunches. Biome indicated the effects are expected to be temporary with resumed revenue growth expected in the near future.

Biome also reported that it is making process in the development of new bioplastic polymers, with technical and customer trials continuing in the food service and paper-board coating sectors. The company launched a new product in September in the 3D printing space. It is the division’s first foray into the emerging 3D printing space. According to Biome, the initial response from end-use customers has been encouraging.

A separate project is under development for the production of bacterially derived lignin-based alternatives for use in bioplastics manufacturing. The material would offer an alternative to oil-based chemicals currently used. According to Biome, a feasibility study has been completed and the company is exploring options for scale-up. The company is awaiting results of a grant application for funding that would support the initiative.