WGN Wogen

    RNS Number : 3521J
  Wogen PLC
  02 December 2008
   
    Wogen plc - Further update on trading

    2 December 2008

    Wogen plc ("Wogen"; AIM: WGN), the international specialty metals and minerals trader, announces a further update on trading ahead of
its results for the year ended 30 September 2008.

    Since the trading update announced on 24 October 2008, the lack of confidence in the financial markets and world economies has had a
substantial impact on a number of the key markets in which the Company trades. Materially lower liquidity has led to a significant reduction
in metal prices and an increase in counterparty risk. 

    As a consequence, the Board expects to have to make significant writedowns in the value of the Company's inventories at the year end.
The results for the year ended 30 September 2008 are therefore now expected to be materially lower than the previous year. 

    Allan Kerr, CEO, said: "In the last two months, the collapse in the price of many of our traded metals, has been extreme.  However in
its 35-year history, Wogen has successfully traded through several significant market corrections. We are well funded to see out this period
of uncertainty and to take advantage of the opportunities that will arise in the future."

    As previously announced, Wogen's Preliminary Results for the year ended 30 September 2008 will be released on 15 January 2009. 


    Enquiries:

    Wogen plc:                          Tel: 020 7222 2171
    Allan Kerr, CEO

    Teathers Limited:                Tel: 020 7426 9000
    Dan Webster

    Media:                                  Tel: 020 7317 3194
    Charles Gorman        


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