Biome Bioplastics announced several key milestones, including a 50 percent 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 commercialization of the next generation of sustainable polymers.
To help capitalize on the new funding and achieve future growth targets, Biome Bioplastics has appointed Sally Morley as its new managing director. Until recently the company’s commercial director, Morley’s promotion will strengthen the Biome Bioplastics’ leadership team and enable other organizational changes, as the business supports heightened levels of activity in both manufacturing and development.
Published in the October 2019 Edition