Sofix Ucits Etf Regulatory News (BGX)

19 Sep 2006 07:02

Bioganix PLC19 September 2006 BIOGANIX PLC ('Bioganix' or 'the Group') 19th September 2006 INTERIM RESULTS Bioganix plc, the AIM listed waste management services group, announces itsresults for the six months ended 30th June 2006. OVERVIEW •Successful flotation on AIM resulting in the raising of £2.52 million (net of expenses) and considerable strengthening of the Balance Sheet. •Business trading profitably during a period of significant expansion. •First phase of Suffolk plant fully operational with second phase due to be completed by the end of the year. •Received in cash £1 million contribution from Suffolk County Council towards the capital cost of the Parham plant. •Plans for the next plant are at an advanced stage. •Awarded commercial contract from DEFRA to undertake research under the New Technologies Demonstrator Programme. •Management team strengthened to enable continued development of the business. Enquiries:Nick Helme, Managing DirectorBioganix plc Tel: 01568 610033 Barrie NewtonRowan Dartington & Co Tel: 0117 933 0010(Part of Corporate Synergy Group Plc) Ken Rees/Tom CooperWinningtons Financial PR Tel: 0117 920 0092 CHAIRMAN'S STATEMENT Financial Performance Turnover for the six months ending 30th June 2006 was £826,681 compared with£294,512 for the period ending 30th June 2005 and £696,735 for the full 2005year. Pre-tax profits for the period were £8,038 compared with £24,376 for thecomparable period in 2005 and £6,936 for the full 2005 year. Net assets at 30thJune 2006 were £4,494,429 (30th June 2005 net liabilities were £802,560). Priorto the flotation, the Group raised £1,901,500 of convertible unsecured loannotes which were converted into ordinary shares upon flotation. As at 30th June2006, the Group held £1,011,134 in its bank accounts and had asset relatedborrowings of £267,511. The freehold Parham site and plant are not securedagainst any loans. Activities Turnover growth reflects gate fee and tonnage increases at the Wharton plant,commencement of the DEFRA research contract and the start of operations at theSuffolk plant. Tonnage throughput in the first half of the year was boosted by aheavy flush of garden waste following the wet weather in the Spring. Themanagement team was considerably strengthened during the first half of the yearto assist with the building of the Parham plant and the continuing developmentof the business. Wharton (Herefordshire) Plant The Wharton plant continues to process waste material from the food industry andmixed garden and kitchen waste from Bioganix's contract with South ShropshireDistrict Council. The plant is now also being used to conduct contract researchwork for DEFRA which has involved trial work on various screening techniques andin carrying out crop growing experiments utilising the resultant fertiliserproduct. Parham (Suffolk) Plant Building and plant installation work on the Parham site commenced in January2006. Construction work on the main building was carried out concurrently withfitting out of plant and equipment. The rapid progress on the site meant thatthe plant was able to achieve sufficient operational capability in April toenable the drawing down of the £1 million capital contribution from SuffolkCounty Council. The very rapid building programme, the purchase of additionalland, construction of extra yard space and the installation of additionalweighbridges led to an 8% increase on budgeted cost. The plant is now processingup to 500 tonnes per week of material. The second phase of the Parham plant,being the construction of another 250 tonne per week processing line, has nowbeen brought forward and will commence in mid September with initial operationof the new line anticipated during November 2006. The Parham plant benefits fromthe 10 year contract with Suffolk County Council for about 12,000 tonnes peryear of green and kitchen waste. Three and four year contracts for commercialfood waste have been agreed for a further 20,000 tonnes with the result that 90%of the enhanced plant capacity is now contracted for. Outlook Construction of the second phase at Parham will inevitably compromise the smoothoperation of the plant during the second half of the year. Despite this, theboard expects trading to remain in line with expectations. Gate fee prospects atboth plants are looking firm and the company is exploring a number ofopportunities including the third plant which is at an advanced stage. Andrew WalkerChairman 19 September 2006 FINANCIAL STATEMENTS OF BIOGANIX PLC GROUP PROFIT AND LOSS ACCOUNT 6 months Year to 31 6 months ended 30 December ended 30 June 2006 2005 June 2005 (unaudited) (audited) (unaudited) £ £ £ GROUP TURNOVER 826,681 696,735 294,512 Cost of sales (354,766) (294,490) (83,450) --------- --------- --------Gross profit 471,915 402,245 211,062 Distribution costs (53,823) (84,838) (40,580)Administrative expenses (389,799) (305,459) (141,424) --------- --------- --------- OPERATING PROFIT 28,293 11,948 29,058 Interest receivable 2,481 9,326 85 Interest payable and similar charges (22,736) (14,338) (4,767) -------- --------- ------- PROFIT ON ORDINARY ACTIVITIESBEFORE TAXATION 8,038 6,936 24,376 Taxation - 83,798 - -------- -------- -------- PROFIT FOR THE FINANCIAL PERIOD 8,038 90,734 24,376 -------- -------- -------- GROUP BALANCE SHEET 30 June 31 30 June 2006 December 2005 (unaudited) 2005 (unaudited) (audited) £ £ £FIXED ASSETSTangible assets 4,661,091 1,651,163 896,853 --------- --------- ---------CURRENT ASSETSStocks 159,981 90,205 43,028Debtors 300,528 295,560 60,860Cash at bank 1,011,134 491,794 - --------- --------- --------- 1,471,643 877,559 103,888CREDITORSAmounts falling due within one year (526,974) (3,052,984) (1,535,790) --------- ---------- ---------NET CURRENT ASSETS/(LIABILITIES) 944,669 (2,175,425) (1,431,902) --------- ---------- ---------TOTAL ASSETS LESS CURRENT LIABILITIES 5,605,760 (524,262) (535,049) CREDITORSAmounts falling due aftermore than one year (161,369) (211,940) (267,511) --------- --------- --------- 5,444,391 (736,202) (802,560) Government grants (949,962) - - --------- --------- ---------NET ASSETS/(LIABILITIES) 4,494,429 (736,202) (802,560)(LIABILITIES) --------- --------- --------- CAPITAL AND RESERVESCalled up equity share capital 645,834 11 11Share premium account 4,576,771 - -Profit and loss account (728,176) (736,213) (802,571) --------- --------- --------- SHAREHOLDERS' FUNDS/(DEFICIT) 4,494,429 (736,202) (802,560) --------- --------- --------- GROUP CASHFLOW 6 months Year to 31 6 months ended 30 December ended 30 June 2006 2005 June 2005 (unaudited) (audited) (unaudited) £ £ £NET CASH (OUTFLOW)/INFLOW FROMOPERATING ACTIVITIES 258,138 (166,759) (60,239) RETURNS ON INVESTMENTS AND SERVICING OF FINANCEInterest received 2,481 9,326 85Interest paid (22,736) (14,338) (4,767) --------- --------- ---------Net cash flow for returns oninvestments and servicingof finance (20,255) (5,012) (4,682) Taxation 57,818 (85) - CAPITAL EXPENDITURE AND FINANCIALINVESTMENTPayments to acquire tangible fixedassets (3,182,977) (1,480,130) (589,060) --------- --------- ---------Net cash flow for capitalexpenditure and financialinvestment (3,182,977) (1,480,130) (589,060) --------- --------- ---------CASH OUTFLOW BEFORE FINANCING (2,887,276) (1,651,986) (653,981) FINANCING Issue of equity share capital 5,222,593 - -(Repayment of)/increase inconvertible unsecured loan notes (1,760,406) 1,760,406 -(Repayment of)/increasein bank loans (55,571) 278,082 333,653Repayment of amounts owedto groupundertakings (1,000,000) - -(Repayment of)/increasein directors'loans - (20,000) 52,474New grants received 1,000,000 - - --------- --------- ---------Net cash inflow fromfinancing 3,406,616 2,018,488 386,127 --------- ---------- ---------INCREASE /(DECREASE) INCASH IN THE PERIOD 519,340 366,502 (267,854) --------- --------- --------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Increase/(decrease) in cashin the period 519,340 366,502 (267,854) Net cash outflow from/(inflow)fromconvertible unsecured loan notes 1,760,406 (1,760,406) -Net cash outflow from/(inflow)from bank loans 55,571 (278,082) (333,653)Net cash outflow from amounts owedto group undertakings 1,000,000 - -Net cash outflow from/(inflow)from directors'loans - 20,000 (52,474) --------- --------- ---------CHANGE IN NET FUNDS / (DEBT) 3,335,317 (1,651,986) (653,981) --------- --------- --------- --------- --------- ---------NET DEBT AT START OF PERIOD (2,591,694) (939,708) (939,708) --------- --------- ---------NET FUNDS /(DEBT) AT ENDOF PERIOD 743,623 (2,591,694) (1,593,689) --------- --------- --------- Notes to the Interim Results: 1 The results for the periods to 30 June 2006 and 30 June 2005 areunaudited and do not constitute statutory accounts in accordance with section240 of the Companies Act.2 Copies of the interim results can be obtained from the Group's website,www.bioganix.co.uk, or by email request to the Company Secretary atwayne.symonds@bioganix.co.uk. 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