Losses soar at Bioganix
Food waste composter Bioganix saw the losses pile up as fuel costs and regulatory compliance expenses mounted.
Pre-tax losses n 2007 widened to £1.1m in 2007 from £0.07m in 2006, on revenue that grew from £1.6m to £2.1m.
Cash outflow from operations was £0.18m, compared with an inflow of £0.7m the preceding year.
As at 31 December 2007, the Group had bank borrowings amounting to £286,848 and had asset related borrowings of £365,798.
(Article continues below)Advertisement
As previously reported, a settlement of around £1m was reached with a major customer to compensate Bioganix for a much lower volume of business from the customer than the company had been led to expect. Around £70,000 of this compensation has been reflected in the 2007 results, with the remainder to be recognised in Bioganix's future financial statements in respect of the periods up to September 2010.
Planning for the proposed new plant for Aylesbury is underway and, subject to planning permission being granted, construction is expected to start in 2009.
The board is currently considering options for the financing of the Aylesbury plant.
