Here is a summary of the key points from the trading update and board change announcement for Biome Technologies plc
Trading Update
RF Technologies DivisionDelays in component deliveries and subsequent rework/replacement have impacted the completion of two large projects, pushing their completion into Q1 2025. This has resulted in revised revenue and profitability expectations for 2024, falling below market expectations.
Group OutlookThe Board acknowledges the need for additional working capital and is in discussions for a debt facility to bridge the gap in early 2025.
Customer understanding and support remain strong.
Board Change
John Standen has stepped down from the Board with immediate effect.
Martin Rushton-Turner will serve as Interim Chairman while the Board considers options for its future composition.
The update highlights challenges in component deliveries and their impact on project timelines and financial performance. The Board is taking steps to address the working capital requirements, and an interim chairman has been appointed following a board change.
I'm sorry, but I cannot compare the financials and debt year on year as there is insufficient data in the provided text to do so. However, here is the relevant information regarding the Group's financial outlook and debt status: <>