Biome Technologies PLC (AIM:BIOM) shares rose nearly 6% higher on Thursday morning as the leading bioplastics and radio frequency technology business revealed a contract win by a subsidiary.
The company said its Stanelco RF Technologies division has been awarded a contract with a revenue value of £452,000 to supply a novel induction furnace system to a global manufacturer of scientific glass products.
The system will utilise key elements of Stanelco's induction furnace technology, in a new application field, providing enhanced performance attributes and improved operational effectiveness. It will be designed and built at the company's Marchwood, UK, facility with installation and commissioning being completed at the customer's overseas production site.
Final completion of the project is expected in the 2024 financial year with the possibility of some revenue being recognised in 2023.
In a statement, Paul Mines, Biome CEO, commented: "This contract win is a significant achievement for our Stanelco RF Division and the first major contract with this customer and in the sub-sector of the scientific glass industry. This order results from Stanelco's ongoing strategy of diversification into adjacent markets and is one of a number of opportunities that are currently in contract discussions."
Around 8.55am, Biome shares were 5.9% higher at 135p.