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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Betbrokers | LSE:BETB | London | Ordinary Share | GB00B1C4T436 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:6927E
Betbrokers PLC
28 September 2007
Press Release 28 September 2007
Betbrokers plc
("Betbrokers" or "the Company")
Interim Results
Betbrokers plc, (AIM: BETB), the UK's first retail and wholesale brokerage and
clearing house for the sports betting industry, announces today its audited
Interim Results for the six months ended 30 June 2007.
Financial Highlights
* Turnover increased 229% to #772,000 (H1 2006: #235,000)
* Gross Profit increased 178% to #565,000 (H1 2006: #203,000)
* Costs only increased by 37% to #1.973 million (H1 2006: #1.439 million)
* Loss of #1.38 million (H1 2006: #1.22 million)
Operational Highlights
* Retail clients increased by 110% to 1092 at 30 June 2007 (from 519 at
31 December 2006)
* Wholesale clients increased by 28% to 272 (H1 2006: 213)
* Web site hits up by 381% to 243,343 in September 2007 (December 2006:
50,642)
Commenting on the Interim Results, Wayne Lochner, Chairman and Chief Executive,
said: "We have had an extremely busy first six months of 2007, achieving the
objectives we set ourselves and preparing the business for the next stage of our
development. We have worked rigorously to control our cost base, whilst
considerably growing our client base and revenues from the voice broking and
clearing operations. The next stage of our development will be to bring the
first phases of our data services to our client base (Winning Edge and Gold
Sheet), and to introduce Spread Betting, Binary Betting and Casino services.
These services will allow clients to fully utilise our ''one account'' clearing
service.
"We established our Sports Risk Management service in 2007, which offers
sponsors and sports club owners the ability to hedge or ''insure'' their
financial risks of player bonuses and similar outlays; we already have had
significant interest shown in this area. This, coupled with our plans to launch
a Fund which will invest in strategic Sports Risk Hedging opportunities such as
those offered by Sports Risk Management, means that the next 12 months promises
further significant growth for Betbrokers.''
- Ends -
For further information, please contact:
Betbrokers plc
Wayne Lochner, Chairman and Chief Executive Tel: +44 (0) 8448552100
wlochner@betbrokers.com www.betbrokers.com
Hanson Westhouse Limited
Tim Metcalfe Tel: +44(0) 20 7601 6100
tim.metcalfe@hansonwesthouse.com www.hansonwesthouse.com
Media enquiries:
Abchurch
Chris Lane / Franziska Boehnke Tel: +44 (0) 20 7398 7700
franziska.boehnke@abchurch-group.com www.abchurch-group.com
Chairman and CEO's statement
Voice Broking Division
The Voice Broking and Clearing House were the main drivers of the first half of
2007. By controlling costs and focusing on high quality client acquisition, we
were able to increase our gross profit by some 178%.
The strong underlying core of the business is demonstrated by the like for like
performance. The anticipated growth of the business was held back partly by
external factors such as the weather; 18% of all racing fixtures were cancelled
in the four weeks to 24 July 2007. This has had a temporary impact on the growth
rate of the business, although the Board remains confident that the core
business is strong.
The average deal size has remained stable at #1,300 (H1 2006: #1,340), and the
number of transactions has increased by 64%, from 12,523 in H1 2006 to 20,540 in
H1 2007. Growth is also apparent in the traded volumes, which are up to #26.6
million from #8.6 million in H1 2006, the Company's retail client base has
expanded from 519 at 31 December 2006 to 1092 at 30 June 2007, and wholesale
clients (bookmakers) have also shown strong growth from 213 at 31 December 2006
to 272 at 30 June 2007.
% change H1 2007 H1 2006
Average deal size -3% #1,300 #1,340
Number of client +64% 20,540 12,523
transactions
Traded volumes 211% 26.6 million 8.6 million
Retail clients 110% 1092 519
Wholesale clients 28% 272 213
The main drivers for client acquisition both retail and wholesale, have been
client referrals, as well as our series of innovative Racing Post
advertisements. In order to illustrate the parallels between sports betting and
the financial markets, we have worked with the Racing Post to develop a format
for reporting on closing prices on sports betting which reflects the layout of
newspapers reporting on closing prices for shares. Continuing that format, we
secured the rights every day for the next two years to the central box for
advertising on both the closing prices pages. This very valuable positioning
will allow us to advertise each of our new services on a rolling basis -
refreshing the adverts daily and promoting new services.
Sports Risk Management Limited (SRM) launch
SRM is a unique service enabling clubs and sponsors to hedge their liabilities
based upon the result of a particular sports event and thereby offering
protection by hedging bets in the same way that city traders hedge financial
positions.
Clubs and sponsors can now moderate the negative impact of uncertain events and
with the increasing convergence of the financial and gambling markets, SRM can
offer a vast range of applications that can be applied to suit individual needs.
SRM was launched in January 2007 and has completed two deals for hedging player
bonuses, and should complete further transactions this year which have already
been negotiated. One of the completed deals so far was for Macclesfield in last
season's FA cup where Betbrokers sponsored coach travel for Macclesfield Town
supporters to Stamford Bridge, with a #1 million win bonus built in.
SRM offers a way to hedge the exposure created by performance incentives. SRM
locks in the cost so that no matter what the outcome, the outlay is fixed. Clubs
can enjoy the security of a fixed budget whilst offering incentive packages.
Sponsors can employ high impact campaigns to attain their marketing objectives.
Data Provision
In line with the Company's stated strategy of providing and selling data,
Betbrokers has completed the acquisition of the assets of Winning Edge
International, Inc. ("Winning Edge").
Las Vegas-based Winning Edge is America's only publicly traded sports
information and tipping service, known as handicapping in the US. Winning Edge
specialises in developing and marketing sports handicapping advice and
information via television, radio and the Internet. The company also produces
high quality sports, television and radio programming and sells advertising as
well as sponsorship and marketing opportunities to its exclusive database of
more than one million sports and gaming fans. Following the acquisition, Winning
Edge's television show is now available through the Betbrokers' website,
offering Betbrokers' clients access to this highly regarded information service
on US sports. Winning Edge will also be in a position to create a sports
handicapping business which provides advice on UK sports based on the US model,
which will be executed through an online site, as well as television shows.
Betbrokers has also recently acquired the exclusive rights to distribute 'The
Gold Sheet', an American handicapping information service, in all territories
outside of North America.
The Gold Sheet has been established for over 50 years and draws on a wide range
of established connections, experts, and handicappers on US sports. Available to
both Betbrokers' wholesale and retail clients, the Gold Sheet is accessible
every Tuesday through the Company's website www.betbrokers.com or by email at a
charge of #5 per week, giving customers access to this highly regarded
information service across US sports such as NFL, NBA, NHL. Soon, this will also
include MLS and USPGA Golf.
Together with the acquisition of Winning Edge, Betbrokers is now the foremost
source of handicapping data on US sports outside North America.
Website
Since its re-launch at the beginning of this month, Betbrokers new website has
proven to be very popular. The site has received over 243,000 hits so far,
representing an impressive increase of 1200 per cent since the beginning of the
year.
The Board expects the website to be an additional source of new clients over the
coming months, particularly for the Company's new services as they are launched.
The Board intends to continue to tightly control the cost base, with most of
these new businesses sharing the same cost base as the voice broking business.
Client services, Finance, Sales & Marketing, and Management will all support the
new businesses with their current headcount and capacity. The revenue derived
from these new businesses, therefore, will have a strong profit margin attached
to them.
Markets
Sports Wagering continues to emulate and grow into a major financial market. We
continue to observe similar innovation and product development which reflects
the development of the financial markets; for example, insurance based products,
options, short / long hedging and fund management. Volumes traded are estimated
to have grown in the UK from #7 billion in 2001 to #100 billion in 2006, and it
is widely recognised within the industry that the vast majority of the growth in
these numbers is attributable to trading (i.e. the buying and selling of Odds in
the same manner that one can buy and sell currencies, commodities or Equities).
We believe this significant growth in trading will continue and expand globally,
ultimately providing similar turnover to other financial markets. Sports betting
and wagering is a new asset class for traders with all the opportunities new
products bring.
Financial review
This is the first period for which consolidated group accounts have been
prepared in accordance with the requirements for AIM companies. The
non-statutory financial statements that follow show the group results for
Betbrokers plc for the six months ended 30 June 2007 with comparatives shown for
the six month period to 30 June 2006 of Betbroker Limited, Betbrokers plc's
trading subsidiary. We audited the financial statements of Betbroker Limited for
the six months ended 30 June 2006.
Net revenues for the period increased from #235,000 to #772,000 or 229%. There
has been a continued growth in turnover since the period end, with August 2007
being a record month both in terms of bets placed and commissions earned.
During the period, the number of traded clients increased by 115%, to 224 (H1
2006: 104).
The loss for the period was #1,384,000 (H1 2006 #1,336,000).
Operating costs for the period were #1,973,000 (H1 2006: #1,439,000). This
increase was due to increased regulatory costs and the costs associated with our
AIM quotation, increased advertising and marketing expenditure and other
consultancy spend.
Depreciation for the six months to 30 June 2007 rose from #30,000 in H1 2006 to
#118,000, as the Betbroker2 Trading System came online. The period's losses
represent the bulk of the #1,760,000 cash worsening in the period, augmented by
increased working capital needs.
Since the period end, Betbrokers acquired all of the operating assets of Winning
Edge for a consideration of US$6.5 million satisfied through the issue of
64,356,436 new Betbrokers' shares at 5 pence per share ("Consideration Shares").
In addition, the Company issued 21,723,614 new shares (together with the
Consideration shares the 'New Shares'). 6,250,000 were issued at 4 pence per
share and 15,473,614 were issued at 4.5 pence per share for cash proceeds of
#810,000.09 which will provide the company with additional working capital, and
3,029,168 were issued, at a deemed consideration of 4.5 pence, in lieu of
payment to its ambassadors and consultants. The New Shares will be issued and
allotted and rank pari passu with the existing Ordinary Shares of 0.25 pence
each in the Company. Trading of the New Shares on AIM is expected to commence on
Wednesday 3 October 2007. The total number of Ordinary Shares in issue following
the acquisition will be 297,166,317.
Outlook
The focus for H2 2007 is to bring the revenues for Voice Broking to cover the
operating costs for the entire business, which means all new businesses will
enter service with their operating costs already covered, which will enable the
Company to realise the maximum profit margin. We plan to launch the first stage
of our data services with Winning Edge and Gold Sheet data, financial betting
with our Binary betting service, and on line gambling with our Casino Service.
All of these services will be utilised through the single account clearing for
the benefit of our clients.
Further acquisitions are being considered, but only where they can advance our
strategic targets and have an immediate improvement on our profitability.
The first half of 2007 saw Betbrokers plc establishing itself at the centre of
the one of the world's newest and fastest growing financial industries, in the
second half Betbrokers will continue to innovate and maximise that opportunity.
Last year Betbrokers won ''Start Up'' company of the year at the E-gaming
awards, and this year Betbrokers is a finalist for ''Hotshot'' company of the
year, recognising the speed at which the Company has grown and the innovation it
has brought the industry. We are proud of such strong praise which has come from
our peers within the industry.
Wayne Lochner
Chairman and CEO
25 September 2007
Income statement for the Period Ended 30 June 2007
Notes Group Betbroker
Limited
6 months to 6 months to 30
30 June 2007 June 2006
# #
Revenue 2 771,887 234,752
Cost of sales (206,955) (31,731)
---------- ----------
Gross profit 564,932 203,021
Administrative
expenses (1,973,129) (1,439,332)
------------ ------------
Operating loss (1,408,197) (1,236,311)
Investment income 33,107 15,759
Finance costs (8,553) -
------------ ------------
Loss for the period (1,383,643) (1,220,552)
============ ============
The amounts contained in the comparatives for the 6 months ended 30 June 2006
represent the income and expenditure of Betbroker Limited, the trading
subsidiary of Betbrokers plc.
The income statement has been prepared on the basis that all operations are
continuing operations.
There are no recognised gains and losses other than those passing through the
income statement.
Consolidated Balance sheet at 30 June 2007
Notes # Group # Betbroker
Limited
30 June 30 June 2006
2007 #
#
ASSETS
Non-current assets
Intangible fixed assets 3 8,262,833 -
Property, plant and 4 613,752 329,566
equipment
-------- ---------
8,876,585 329,566
Current Assets
Trade and other receivables 5 1,987,842 1,349,357
Cash and cash equivalents 6 395,309 969,962
---------- ---------
2,383,151 2,319,319
---------- ----------
Total assets #11,259,736 #2,648,885
=========== ==========
EQUITY AND LIABILITIES
Equity capital and reserves
attributable to equity
holders
Share capital 7 527,716 424,455
Share premium 8 30,046,761 3,692,587
Equity reserve 9 26,700 433,299
Retained earnings 10 (20,077,413) (3,251,847)
------------ ----------
10,523,764 1,298,494
Current liabilities
Trade and other payables 11 735,972 1,305,351
Financial liabilities 12 - 45,040
---------- ----------
735,972 1,350,391
---------- -----------
Total equity and #11,259,736 #2,648,885
liabilities
=========== ==========
The financial statements were approved by the Board of Directors and authorised
for issue on 27 September 2007
They were signed on its behalf by:
W Lochner - Director
Consolidated Statement of changes in equity for the Period Ended 30 June 2007
Share Share Equity Retained Total
Notes capital Premium reserve earnings equity
Group for 6 # # # # #
months ended 30
June 2007
Balance at 31
December 2006 527,716 30,046,761 - (18,693,771) 11,880,706
---------- ------------ ------ ------------ ------------
Changes in equity
for the period
ended 30 June
2007
Net loss for
the period 10 - - - (1,383,642) (1,383,642)
---------- ------------ ------ ------------ ------------
Total
recognised
income and
expense for
the period - - - (1,383,642) (1,383,642)
---------- ------------ ------ ------------ ------------
Equity share
options issued - - 26,700 - 26,700
---------- ------------ ---------- ------------ ------------
#527,716 #30,046,761 #26,700 #(20,077,413) #10,523,764
======== ============ ========== ============ ============
Betbroker Limited
- 6 months ended
30 June 2006
Balance at 31
December 2005
brought
forward 345,223 2,521,478 49,644 (2,031,295) 885,050
---------- ------------ ---------- ------------ ------------
Changes in equity
for the period
ended 30 June
2006
Net loss for
the period - - - (1,220,252) (1,220,552)
---------- ------------ ---------- ------------ ------------
Total
recognised
income and
expense for
the year - - - (1,220,552) (1,220,552)
---------- ------------ ---------- ------------ ------------
Issue of share
capital 79,232 1,171,109 - - 1,250,341
Equity share
options issued - - 383,655 - 383,655
---------- ------------ ---------- ------------ ------------
At 30 June
2006 carried
forward #424,455 #3,692,587 #433,299 #(3,251,847) #1,298,494
========== ============ ========== ============ ============
Of the total equity, #4,117,042 was not available for distribution.
Cash Flow Statement for the Period Ended 30 June 2007
Notes Group Betbroker
Limited
6 months to 6 months to
June 2007 June 2006
# #
Net cash from operating
activities 13 (1,904,417) (1,181,287)
Investing activities
Interest received 33,107 15,759
Purchases of property,
plant and equipment (198,226) (223,979)
------------ ------------
Net cash used in
investing activities (165,119) (208,220)
------------ ------------
Financing activities
Issue of ordinary share
capital - 792,000
Cash received in advance
for shares 310,000 258,000
------------ ------------
Net cash inflow from
financing activities 310,000 1,050,000
------------ ------------
Net decrease in cash and
cash equivalents #(1,759,536) #(339,507)
============ ============
Cash and cash
equivalents at beginning
of the period 2,154,844 1,264,429
------------ ------------
Cash and cash
equivalents at end of
the period #395,308 #924,922
============ ============
BETBROKERS PLC
Notes to the Financial Statements
For the 6 months Ended 30 June 2007
1 SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of accounting and preparation
These financial statements comply with International Financial Reporting
Standards and IFRIC interpretations and with those parts of the Companies Act
1985 applicable to companies reporting under IFRS. The financial statements have
been prepared under the historical cost convention.
These financial statements present the results of the group only for the period
ended 30 June 2007 and contain no information on the results of the company.
(b) Consolidation
The underlying financial statements comprise a consolidation of the accounts of
the company and all its subsidiaries. The financial statements of the group's
subsidiaries are made up to 31 December.
Betbrokers plc was formed on 10 July 2006. On 5 October 2006 it acquired 100% of
the issued share capital of Betbroker Limited (formerly known as Global
Betbrokers Limited). The results for the period 10 July 2006 to 31 December 2006
including the results of Betbroker Limited from the date of acquisition to 31
December 2006 are not included in the figures reported here. Note 15 reconciles
the group's profit from 10 July 2006 to 30 June 2007.
(c) Subsidiaries
Subsidiaries are all entities over which the group has control. Control is
achieved where the company has the power to govern the financial and operating
policies of an entity so as to obtain benefits from its activities. Subsidiaries
are fully consolidated from the date on which control is transferred to the
group.
The group uses the purchase method to account for the acquisition of
subsidiaries. The cost of an acquisition is measured as the fair value of the
assets given, equity instruments issued and liabilities incurred or assumed at
the date of exchange, plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured initially at their fair values at the
acquisition date, irrespective of the extent of any minority interest. The
excess of the cost of acquisition over the fair value of the group's share of
identifiable net assets acquired is recorded as goodwill. If the cost of
acquisition is less than the fair value of the group's share of the net assets
of the subsidiary acquired, the difference is recognised directly in the income
statement.
(d) Revenue recognition
Commission revenue represents amounts receivable from commission earned on bets
backed and placed on behalf of its retail and wholesale clients. Commission is
calculated on the basis of stake value or winnings less discounts where
relevant. Commission revenues are exempt from VAT.
Commission on the basis of stake is recognised at the date a bet has been
accepted by a counterparty and confirmed with the client. Commission on the
basis of winnings is recognised at the date of the outcome of the bet.
Interest receivable is accrued on a time basis by reference to the principle
outstanding and the effective interest rate applicable.
(e) Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
The tax currently payable is based on taxable profit for the period. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
group's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary
differences arises from goodwill or from the initial recognition (other than in
a business combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
year when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.
(f) Property, plant and equipment
Plant and machinery is stated at cost less accumulated depreciation and any
recognised impairment loss.
Depreciation is charged so as to write off the cost or valuation of assets over
their estimated useful lives using the straight line method, on the following
annual bases:
Plant and machinery 33%
Software 33%
Fixtures, fittings and equipment 33%
The gain or loss arising on the disposal or retirement of an asset is determined
as the difference between the proceeds and the carrying amount of the asset and
is recognised in income.
(g) Trade receivables
Trade receivables do not carry interest and are stated at their nominal value as
reduced by appropriate allowances for estimated irrecoverable amounts.
(h) Trade payables
Trade payables are not interest bearing and are stated at their nominal value.
(i) Equity instruments
Equity instruments issued by the company are recorded at gross proceeds.
(j) Share-based payments
In accordance with IFRS2 Share-based payment, the group reflects the economic
cost of awarding shares and share options to employees by recording an expense
in the income statement equal to the fair value of the benefit awarded, fair
value being determined by reference to option pricing models. The expense is
recognised in the income statement over the vesting period of the award.
(k) Cash and cash equivalents
Cash and cash equivalents are included in the balance sheet at cost.
(l) Client and counterparty accounts
The group has a credit committee which agree the granting of credit to clients.
The general rule, subject to credit being approved, is that the company will
receive money from a client in advance of the bet being placed. The company
recognises commission when the bet is placed. The group's main trading company
Betbroker Limited has accounts with several bookmakers which may be in debit or
credit at any point in time. These accounts will be settled periodically. As a
bookmaker can also be a client it is treated as such.
Client and counterparties accounts are held outside of the company's primary
financial statements on the basis that the group is acting as a broker. Where
the group has provided credit to its clients these are represented as trade
receivables within the primary financial statements.
(m) Share issue costs
Costs of issuing shares and start up costs have been offset against the share
premium account.
(n) Intangible assets - goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value
of the group's share of the net identifiable assets of the acquired subsidiary
at the date of acquisition. Goodwill is tested annually on 31 December for
impairment and carried at cost less accumulated impairment losses.
2 REVENUE
All of the group's revenue is attributable to the principle activity of
brokerage for bettors and is wholly derived in the UK.
Group Betbroker
Limited
30 June 2007 30 June 2006
# #
Gross sales 916,010 330,572
Less discounts at sources (144,123) (95,820)
------------ ------------
#771,887 #234,752
============ ============
3 INTANGINBLE FIXED ASSETS - GOODWILL GROUP
Goodwill
COST #
At 1 January 2007 and 30 June #25,786,853
2007
============
ACCUMULATED AMORTISATION
At 1 January 2007 and 30 June #17,524,020
2007
============
NET BOOK VALUE
At 30 June 2007 and 31 December #8,262,833
2006
============
4 PROPERTY, PLANT AND EQUIPMENT GROUP
Software Plant and Fixtures, Total
machinery fittings &
equipment
COST # # # #
At 1 January
2007 377,418 200,311 41,700 619,429
Additions 122,775 37,693 37,758 198,226
------------ ---------- ------------ ------------
At 30 June 2007 #500,193 #238,004 #79,458 #817,655
============ ========== ============ ============
ACCUMULATED DEPRECIATION
At 1 January
2007 1,384 68,450 15,834 85,668
Charge for the
period 73,978 32,028 12,229 118,235
------------ ---------- ---------- ------------
At 30 June 2007 #75,362 #100,478 #28,063 #203,903
============ ========== ========== ============
NET BOOK VALUE
At 30 June 2007 #424,831 #137,526 #51,395 #613,752
============ ========== ========== ============
At 31 December
2006 #376,034 #131,861 #25,866 #533,761
============ ========== ========== ============
Betbroker Limited Net Book
Value
At 30 June 2006 # - #296,248 #33,318 #329,566
============ ========== ========== ============
5 TRADE AND OTHER RECEIVABLES
Group Betbroker
Limited
30 June 2007 30 June 2006
# #
Trade receivables 1,677,598 534,416
Prepayments and accrued income 158,332 55,231
Other receivables 151,912 759,710
------------ ------------
#1,987,842 #1,349,357
============ ============
Included within 'Other receivables' at 30 June 2007 is an amount of #50,000
in respect of unpaid share capital in Betbroker Limited. 'Other receivables'
at 30 June 2006 included #698,040 relating to irrevocable commitments for
shares made by investors before the period end.
6 CASH AND CASH EQUIVALENTS
Group Betbroker
Limited
30 June 2007 30 June 2006
# #
Bank balances 395,309 287,962
Short term bank deposits - 682,000
------------ ------------
#395,309 #969,962
============ ============
The effective rate of interest on short term deposits was 3.365% and these
deposits had an average maturity of 31 days.
7 SHARE CAPITAL Group
30 June 2007
#
Authorised
500,000,000 Ordinary 0.25p shares #1,250,000
===========
Allotted, called up and fully paid
211,086,267 Ordinary 0.25p shares #527,716
========
8 SHARE PREMIUM
#
Balance at 31 December 2006 and 30 June 2007 #30,046,761
===========
9 EQUITY RESERVE Group
#
Balance at 31 December 2006 -
Share options granted in the period 26,700
---------
Balance at 30 June 2007 #26,700
=========
Betbroker Limited for the period ended 30 June 2006
#
Balance at 31 December 2005 49,644
Share options granted in the period 383,655
----------
Balance at 30 June 2006 #433,299
==========
This represents the equity value of share options granted in the period and is a
distributable reserve.
10 RETAINED EARNINGS
#
Group for the period ended 30 June 2007
Balance at 31 December 2006 (18,693,770)
Net loss for the period (1,383,643)
------------
Balance at 30 June 2007 #
(20,077,413)
============
Betbroker Limited for the period ended 30 June
2006
Balance at 31 December 2005 (2,031,295)
Net loss for the period (1,220,552)
------------
Balance at 30 June 2006 #(3,251,847)
============
11 TRADE AND OTHER PAYABLES
Group Betbroker
Limited
30 June 2007 30 June 2006
# #
Trade payables 176,535 71,802
Other taxation and social security 53,058 36,135
costs
Other payables 506,379 1,197,414
------------ ------------
#735,972 #1,305,351
============ ============
'Other payables' at 30 June 2007 includes an amount of #310,000 that was
received in cash in respect of anticipated future share issues.
'Other payables' at 30 June 2006 included an amount of #258,000 that was
received in cash and #211,903 in respect of services performed before the year
end for shares that were issued and allotted after the period end. 'Other
payables' for the period ended 30 June 2006 also included irrevocable
commitments of #693,040 given by investors before the year end in relation to
shares that were issued and allotted after the year end.
12 FINANCIAL LIABILITIES
Group Betbroker
Limited
30 June 2007 30 June 2006
# #
Bank overdraft #- #45,040
========== =========
The bank overdraft is secured over the company's assets and is repayable on
demand.
13 NOTES TO THE CASH FLOW STATEMENT
(a) Reconciliation of operating loss to net cash from operating activities
Group Betbroker
Limited
Period ended Period ended
30 June 2007 30 June 2006
# #
Operating loss (1,408,197) (1,236,311)
Share based payment -
non cash movement 26,700 383,655
Depreciation of
property, plant and
equipment 118,235 29,704
Share capital financed
by barter transactions
of fair value - 150,840
Increase in
receivables (552,543) (899,083)
(Decrease) Increase in
payables (80,059) 389,908
Interest paid (8,553) (29)
------------ ------------
#(1,904,417) #(1,181,287)
============= ============
(b) Analysis of net funds
1 January 2007 Cash flow 30 June
2007
# # #
Net cash:
Cash and cash equivalents 75,048 320,261 395,309
Bank overdrafts (39,204) 39,204 -
-------------- ---------- ----------
35,844 359,465 395,309
-------------- ---------- ----------
Short term bank deposits 2,119,000 (2,119,000) -
-------------- ---------- ----------
Net funds #2,154,844 1,759,535 #395,309
============== ========== ==========
14 POST BALANCE SHEET EVENT
On 27 September 2007, Betbrokers plc announced the acquisition of Winning Edge
International, Inc for a consideration of US$6.5 million satisfied through the
issue of 64,356,436 new Betbrokers plc shares at 5p per share.
15 GROUP PROFIT FOR THE PERIOD 10 JULY 2006 TO 30 JUNE 2007
Group (unaudited) Group
6 months to Group 10 July to
30 June 2007 10 July to 31 30 June
December 2006 2007
# # #
Cost of sales (206,955) (48,340) 255,295
---------- ---------- ----------
Gross profit 564,932 225,520 790,452
Administrative expenses (1,973,129) (1,405,108) (3,378,237)
Exceptional write off of
goodwill - (17,524,021) (17,524,021)
------------ ------------ ------------
Operating loss (1,408,197) (18,703,609) (20,111,806)
Investment income 33,107 9,839 42,946
Finance costs (8,553) - (8,553)
------------ ------------ ------------
Loss for the period (1,383,643) (18,693,770) (20,077,413)
============ ============ ============
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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