It’s hard to tell what the market didn’t like about the latest trading update from Biome Technologies PLC (AIM:BIOM) with shares off 15% in the first hour of trade.
Perhaps there was some profit-taking on an investment that has grown 69% in value in the year to date.
Failing that, the product mix mentioned in its statement may not have been quite what followers of the stock had expected.
Whatever the reason, the shares shed 21.5p to 126p on Wednesday.
Earlier, the group reported first-quarter revenues of £1.9mln, a 77% increase compared with the same period in 2022.
The bioplastics division saw its sales grow to £1.6mln, up 65% year over year, driven by compostable coffee filtration materials and filmic products.
The RF Technologies unit’s revenue reached £0.3mln, a 211% YoY increase but a 57% drop from the previous quarter.
Despite the positive start to the year, the company remains cautious about its growth ambitions and said the outlook for the business is in line with market expectations.