Biome Technologies PLC has reported a more than one-third drop in revenue for the first half of 2024.

The Marchwood-based bioplastics and radio frequency technology business saw its revenue fall to £2.3 million from £3.6 million in the same period last year.

This decline, reported for the period ending June 30, was attributed to "continued production and regulatory difficulties" at two bioplastics division customers, and the timing of revenue from four radio frequency technology projects, which were in the design and assembly phases during the first half of 2024.

Despite this, the company managed to narrow its pretax loss to £829,000 from £1.1 million the previous year.

The radio frequency technologies division secured contracts worth £1.7 million during the six-month period, with most of this expected to contribute to revenue in the second half of the year.

The bioplastics division is also expected to see increased revenues in the latter half of 2024 from its end-customers experiencing difficulties.

Following the first-half challenges, Biome Technologies has made a "small revision" to its revenue and contribution expectations from the bioplastics division for the second half of 2024.

Biome Technologies' shares fell 4.7 per cent to 6.67 pence each in London on Friday morning.

Chief executive officer, Paul Mines, said: "The challenges encountered by the bioplastics business in the first half are progressing towards resolution, albeit some hurdles remain to achieve the revenue run-rate we expect in the near term.

"We have successfully completed the first major radio frequency technologies division project of the year and achieved customer acceptance. We remain on track to deliver three further projects by the end of the year."