BGX Sofix Ucits Etf

    RNS Number : 3853D
  Bioganix PLC
  15 September 2008
   

    Bioganix Plc ("Bioganix" or "the Group")

    Trading Update

    The Group's trading performance over recent weeks has been disappointing principally for the following reasons:

 *    Volumes of waste material being processed at Parham have been lower than
         expected due to delays in securing a number of key contracts for food
                                                                        waste.

 *    The anticipated increase in volumes of waste material being processed at
     Sharpness has been slower than expected. Although the Group is continuing
       to pitch for new waste material, the Board now considers it likely that
          the ramp-up to acceptable levels of operation at Sharpness will take
                                              longer than previously expected.

 *  Operating costs at both Parham and Sharpness have been generally higher
    than expected particularly in respect of chemicals and fuel.

    As a result of lower revenues and higher costs, the Group's cash position has deteriorated.  The Group is currently trading within its
existing bank overdraft facility and is in discussions with its bankers over providing enhanced facilities. 

    The Board is continuing to work on securing planning permission for the proposed new Bioganix plant at Aylesbury and continues to
consider options for its financing.

    The Company expects to announce its interim results for the six months ended 30 June 2008 on 26 September 2008.

    Contacts:

 Nick Helme                                      01568 619 115
 Managing Director - Bioganix Plc

 Julian Morgan                                   01568 619 101
 Finance and Commercial Director - Bioganix Plc

 Mike Coe                                        0117 933 0020
 Blue Oar Securities Plc

 Tom Cooper / Paul Vann                          020 3043 4162
 Winningtons Financial                           0797 122 1972


This information is provided by RNS
The company news service from the London Stock Exchange
 
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