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Highlights:
- Biome Technologies secured a £0.19 million contract to upgrade analytical equipment for a UK-regulated industry.
- The contract follows a £50,000 design phase, with most of the revenue to be recognized in 2025.
- Shares in Biome Technologies were down 12.71% at 6.11p after the announcement.
Biome Technologies (LSE:BIOM) has announced that its RF technologies division has secured a £0.19 million contract to upgrade advanced analytical equipment previously supplied to a UK-regulated industry. The equipment, which is based on Biome’s induction heating technology, was originally delivered under a contract announced in March 2014.
The new contract follows an initial design and scoping phase valued at £50,000, completed in recent months. Biome Technologies stated that the majority of the revenue from this upgrade project would be recognized in 2025. The deal is not expected to impact the company’s financial outlook for that year.
Biome’s RF technologies division focuses on developing and supplying induction heating systems, and this latest contract highlights the division’s ongoing relationship with UK-regulated industries. The upgrade will enhance the functionality and longevity of the original equipment, demonstrating Biome’s ability to provide advanced solutions and support for its long-standing clients.
Despite the positive news of the contract, shares in Biome Technologies were down 12.71% at 6.11p as of 1333 BST. The drop in share price may reflect broader market trends or other factors unrelated to the contract announcement.
Biome Technologies continues to focus on driving growth and innovation across its divisions, with a particular emphasis on leveraging its expertise in advanced technologies like induction heating. The company's ability to secure contracts and long-term relationships with industry partners reinforces its position in the market.
