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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cyberview | LSE:CYBV | London | Ordinary Share | COM SHS USD0.001 (REGS) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 193.50 | 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:6950E
Cyberview Tech Inc
28 September 2007
28 September 2007
INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2007
Cyberview Technology, Inc. ("Cyberview" or "the Company"), a leading provider of
server-based gaming systems ("SBG") to the gaming industry, today announces its
interim results for the six months ended 30 June 2007.
Financial Highlights
*Revenue for the 6 month period increased by 41% to #16.1m (2006: #11.4m).
*Profit after tax for the period was #537k (2006: #2.6m, which included
#5.5m of license fees from the WMS agreement).
*Cash balance at 30 June 2007 was #14.1m (2006: #15.9m) and net funds
stood at #14.0m (2006: #15.3m).
*Basic earnings per share of 3.54 pence (2006: 17.24 pence).
Business Highlights
*Delivered the remaining 4,000 'Lara' terminals to Ladbrokes of 7,000
ordered in 2006 plus an additional 100 terminals ordered in early 2007.
*Received additional order for 1,500 'Lara' terminals which will be used
to replace Amusement With Prize machines (AWPs) in UK Licensed Betting
Offices (LBOs).
*Amended agreement with Ladbrokes in order to incorporate changes in
commercial and compliance terms to reflect the requirements under new gaming
regulations.
*Successfully adapted our server-based platform to comply with the new UK
gaming regulations, which came into effect on 1 September 2007.
*Granted UK Gaming License under the new Gaming Act.
*Upgraded a number of independent UK LBO client estates with new 'Lara'
terminals.
*Sold a further 440 'Lara' terminals in the Czech Republic.
*Progressed trials using SBG technology with Codere in Colombia and other
regions.
*Order received for 200 'Lara' terminals to be used in Spain and Italy as
self service betting terminals.
*Gaming license applications in key US jurisdictions are progressing to
advanced stage of completion.
*New 'Zena' casino style cabinet being launched at G2E show in November
2007 in Las Vegas, Nevada.
*Completed business review and restructure of operations, which will
result in annualised savings of #0.7m.
*Changes in UK gaming regulations since 1 September 2007 have been very
encouraging in terms of increased transaction levels and recurring revenue
potential.
For further information, please contact:
Cyberview Technology, Inc. 020 7761 3000
Mark Nanovich
Hogarth Partnership 020 7357 9477
Fiona Noblet
Arbuthnot Securities 020 7012 2000
Nick Marsh
Paul Vanstone
Chairman's Statement
The first half of 2007 was important for Cyberview, and we achieved several key
objectives, namely:
*Preparing for the new UK gaming legislations introduced in September and
continuing to Provide our UK clients with market leading server-based gaming
solutions;
*Forging 'partnership' relationships with existing and new customers;
*Optimising our international opportunities, including those with Codere
in South America;
*Restructure and reorganise our management team;
*Making progress with our North America strategy - market launch expected
in 2008; and,
*Further strengthening our portfolio of server-based gaming technology
products.
I am pleased to report that we have made considerable progress with these
objectives, and we will continue building on these objectives throughout the
remainder of this year.
People and Management
In the early part of this year, our senior management team conducted a thorough
review of both the Company's structure and business effectiveness. As a result
of this review, the Company has restructured its staffing and management levels.
The key business drivers for change will put Cyberview in the most efficient and
effective position for business growth.
The Company has also made key appointments in human resources, information
technology and operations during the first half of 2007.
Markets
In the first half of 2007, we continued to focus our attention in 4 key market
territories, namely:
* UK
* Europe;
* Czech Republic; and
* North America
Our overall view of the above markets is that SBG solutions are being explored
by incumbent operators and suppliers. Cyberview is well positioned to optimise
the opportunities as they emerge.
Summary
Cyberview has proven the power of its technology and innovative capabilities to
lead the way in server-based gaming.
As the market for server-based gaming solutions expands and the regulators are
now receptive to this new technology, Cyberview is extremely well positioned to
capitalise on its leading position.
Armed with a strong cash position and growing client base, we look forward to
converting this leading edge technology into a highly profitable business.
Chief Executive Officer's Statement
Strategic Overview
Following a thorough business review in 2006 and the resulting road map and
budgets, we focused our efforts during the first half of 2007 on adapting
Cyberview to the new challenges set by the management team, with the goal of
financial growth and long term strategic positioning.
This review, which involved our management team, had the following key
objectives to achieve:
* Creation of a strong and focused team;
* Cost restructuring and elimination of non profitable ventures;
* Improvement of our recurring revenue model and margins;
* Positioning Cyberview as the preferred choice in the SBG market;
* Enhancing our technology solutions and Intellectual Property (IP)
portfolio;
* Focusing on client relationships and strategic partnerships; and
* Enhancing shareholder value.
Along with the management team, I have been working closely with Jean-Marie
Gatto and Sylvie Linard, our co-founders, to achieve Cyberview's 2007
objectives.
We have made great progress in building a foundation of improved recurring
revenue growth and margin, which will bring us the rewards throughout the
remainder of 2007 and beyond.
Our Business Model
Our business model remains, as previously reported, to supply our patented
server-based gaming technology to clients on a 'recurring revenue' basis:
*Either as a complete 'turnkey' solution to gaming operators in various
markets, such as Casinos, Licensed Betting Shops (LBOs), Bingo Halls,
dedicated gaming locations, Lottery venues; or
*Supply either key components of our technology or IP under licensing
agreements to gaming operators or manufacturers.
Business Overview
UK
We have continued to strengthen our position in UK LBOs, with the supply of a
'best of breed' terminal ('Lara') to this market. We supplied 4,100 to Ladbrokes
during the first half of 2007, which completes their orders of 7,100.
We are pleased to report that we received orders for 2,000 additional Lara
terminals from various UK clients during the first half of this year, 1,500 of
these terminals will replace AWP type machines.
We continue to receive strong interest in our server-based platform from some of
the UKs leading LBO operators, and have installations planned for Q1 2008.
During the first half of this year, we undertook considerable development in the
area of UK compliance, in preparation for the new gaming laws effective on 1
September 2007.
We have amended our agreement with Ladbrokes in order to incorporate changes in
commercial and compliance terms to reflect the requirements under new gaming
regulations.
We released our UK regulatory compliance solution successfully and on time for
the 1 September deadline. The new UK gaming regulations allowed jackpot style
content (slot games) classified as Category B3, which features faster games (2.5
seconds bet cycle vs. 20 seconds for B2 content). In addition, the regulations
allow new Category B2 content such as Poker, Dice and Blackjack. We have
selected and integrated the best available gaming content, both internally and
through international third party suppliers.
Cyberview is currently testing self-service betting terminals (SSBTs) in UK
LBOs. So far, the results have been encouraging and we expect orders commencing
from.
Sales and orders of Bet Capture units for the UK and European markets continue.
International
We have continued to make progress with SBG trials in Colombia and other regions
with Codere, a leading international gaming operator. These trials are intended
to prove our 'retrofit' technology concept which converts legacy standalone
gaming machines into modern video terminals with server-based downloadable gaming
capabilities, as an alternative to the purchase of a new machine. We are making
progress with our trials in South and Central America. By the end of this year,
we should be well positioned to work with more companies like Codere, who wish
to deploy a SBG strategy to their operation.
In the Czech Republic we supplied an additional 440 'Lara' terminals in the
first half of 2007. The rollout in the Czech Republic has been slower than
anticipated. Sazka, our partner who is the largest lottery operator in this
market, is committed to accelerate this process. Sazka has announced new
commercial terms with its clients and is focusing on increasing the quality of
locations where the terminals are sited. The expected result should improve our
recurring revenue model for that market.
Our trial in Slovakia with Gaver, a subsidiary of Slov-Matic, the leading gaming
operator in the market is continuing with 80 terminals currently installed.
The roll-out under agreements to license Cyberview's platform to provide
security and audit capabilities to current AWP type machines in Italy is on hold
following governmental and regulatory changes of policies.
As part of the changes to the gaming regulations in Spain and Italy to allow
additional betting locations, Cyberview has received orders for 200 'Lara' type
terminals which will be deployed as SSBTs. Further orders are expected.
We have been working on the placement of SBG technology in other international
markets, and are optimistic in being able to convert these opportunities into
commercial agreements.
US market
The US is the world's largest regulated gaming market. We have invested
considerable time and effort in preparing for a full commercial product launch
early in 2008.
We plan a 'commercial' launch of Cyberview's SBG platform for the US market at
the world's leading gaming exhibition (G2E) in Las Vegas in November 2007. We
anticipate receiving licensing approvals in the coming months, which will allow
Cyberview to trade in major US jurisdictions. Several leading gaming operators
are continuing to evaluate our systems in their test laboratories.
Building on our past efforts, we focused our attention on the following areas
* Product : design of a new casino style cabinet ('Zena');
* Technology : enhancing our platform and client tools;
* Gaming : submitted applications to major gaming jurisdictions in
Licensing the US; and
* Business : finalised a competitive business model for the US
model gaming market.
Technology
The Company has been enhancing its server-based platform, built on Microsoft
operating systems, enabling compliance with new regulations as well as delivery
of key functionalities to its clients.
Cyberview is considered as the technology leader for server-based gaming and we
are working continuously to improve our leading edge technology and remain
compliant with market and regulatory requirements. It is our intention to lead
the way in providing our clients with SBG solutions which are not only market
compliant, robust and expandable but also end-to-end secure.
We have also improved our range of technology tools to manage, remote diagnose,
schedule and adapt SBG solutions and, importantly, our downloadable digital
gaming content to our client's gaming locations.
We are now receiving strong interest for our award winning Remote Diagnostic
Application (RDA) from existing clients who see this tool as a potential cost
saving instrument.
We have improved our award winning Game Development Kit (GDK), which has proven
extremely successful in helping us and third party developers to integrate new
games on our platform.
We strengthened our technology team with key appointments within game content
and software departments.
Intellectual Property
As has been previously reported, one of Cyberview's strategic cornerstones is
its Intellectual Property (IP) patent portfolio - this underpins our technology
provision to the gaming industry. We remain focussed on building and protecting
our portfolio of IP.
In the first half of 2007, we were granted further patents and several more are
pending. We intend to make available to our clients all of our patented
innovative technologies at the G2E exhibition in November.
Commercial success in gaming markets, particularly North America, is dependent
on a protected IP base. The Company's portfolio of IP is key to its ability to
succeed as the shift to server-based gaming takes place in the North American
market.
Outlook
As a business, Cyberview have made considerable progress in a number of key
areas this year such as:
* Improvement of recurring revenue model in the UK from existing clients;
* Roll-out of thousands of new terminals; and
* Review and restructuring of Company costs.
For the remainder of 2007, Cyberview's management team is focussed on the
delivery of our strategic objectives, the detail of which I referred to in my
opening remarks.
Our range of SBG technology solutions continues to lead the way in the global
gaming industry. I firmly believe that Cyberview is well positioned for success
in the UK, Internationally and in North America as we forge further partnerships
with key operators.
In summary, our 2007 objectives remain:
* Keep on improving our recurring revenue model and margins
* Consolidate our position as the preferred choice in the SBG market;
* Optimise our technology solutions and Intellectual Property (IP)
portfolio;
* Continue our client relationships and strategic partnerships; and
* Enhance shareholder value.
I am extremely confident that our efforts in the first half of this year,
coupled with the achievement of the above objectives by year end, will position
Cyberview for great success in 2008 and beyond.
I wish to thank our customers, employees and investors for their continued
support.
Finance Director's review
Turnover
In the six months to 30 June 2007 turnover was #16.1m (2006: #11.4m). This
increase was primarily attributable to the UK business and related to the sale
of 4,100 Lara terminals.
In the second half of this year, Cyberview will benefit from the recent order of
a further 1,500 Lara terminals for the UK market and 200 Lara terminals for the
Spanish and Italian markets.
Revenues from VLT operations fell slightly to #2.6m from #2.7m. A further 440
Lara terminals were supplied to this market in the first six months of 2007.
The 2006 comparative revenue included non-recurring licence fees of #5.5m from
WMS Gaming Inc.
Gross profit
Gross profit for the 6 months was #4.9m compared with #7.5m in the same period
of 2006. This difference was attributable to the WMS license fee as mentioned
above which was partly offset by the one-off margin on the sale of the 4,100
Lara terminals.
Operating expenditure
Research and development expenditure, including capitalised product development
costs, during the period totalled #2.9m (2006: #2.9m). This expenditure was
primarily focused on adapting our server-based platform for the new UK gaming
regulations, the development of a casino style Zena terminal and platform and
associated tools for the US market. Sales and marketing expenditure declined in
the period to #1.1m (2006: #1.4m) as a result of management focussing on
commercially sound projects. Administration costs of #1.0m were broadly in line
with the prior period of #1.0m.
Headcount as at 30 June 2007 was 132 compared to 146 as at 31 December 2006.
This reduction was a result of the business review undertaken during the period.
Share-based payment charge
A compensation charge of #203,000 (2006: #157,000) arose on options issued to
employees and directors. There is no cash impact from this new expense, and no
impact on net assets, since the charge in the profit and loss account is
balanced by a credit in reserves.
Balance Sheet
The cash balance at 30 June 2007 was #14.1m and net funds stood at #14.0m. The
marked decrease in the balances for inventories, trade receivables, trade
payables and customer deposits from 31 December 2006 to 30 June 2007 resulted
from the timing of the delivery of the 4,100 Lara terminals to Ladbrokes.
IFRS
The financial statements have been prepared in accordance with International
Reporting Standards ('IFRS') as adopted by the European Union and the
comparative figures in this Interim Report have been restated to reflect the
anticipated IFRS accounting policies that are expected to be applied in the
Annual Report and Accounts for the year ended 31 December 2007. Details on the
restatements to the comparative figures are given in the notes to this Interim
Report.
CONSOLIDATED INCOME STATEMENTS
For the six months ended 30 June 2007
Unaudited Unaudited Audited
six months to six months to year ended
30 June 2007 30 June 2006 31 Dec 2006
(restated) (restated)
Notes #'000 #'000 #'000
--------------------- ------- ---------- ---------- ---------
Revenue 5 16,076 11,394 24,575
Cost of sales (11,144) (3,826) (14,461)
---------- ---------- ---------
Gross profit 4,932 7,568 10,114
Research & development costs (2,411) (2,703) (5,454)
Sales & marketing (1,088) (1,379) (2,422)
Administration expenses (956) (1,000) (2,159)
Share-based compensation (203) (157) (281)
---------- ---------- ---------
Impairment of plant & equipment and
provision against business assets - - (543)
---------- ---------- ---------
Operating profit/(loss) 5 274 2,329 (745)
--------------------- ------- ---------- ---------- ---------
Operating profit before impairment
of plant & equipment, business asset
provisions and share-based
compensation 477 2,486 79
Impairment of plant & equipment - - (331)
Provision against business assets - - (212)
Share-based compensation (203) (157) (281)
---------- ---------- ---------
Operating profit/(loss) 274 2,329 (745)
--------------------- ------- ---------- ---------- ---------
Finance costs (6) (5) (11)
Finance income 275 292 633
---------- ---------- ---------
Profit/(loss) before taxation 543 2,616 (123)
Income tax expense 3 (6) (5) (19)
---------- ---------- ---------
Profit/(loss) for the period 9 537 2,611 (142)
---------- ---------- ---------
Earnings/(loss) per share (pence)
Basic 4 3.54 17.24 (0.94)
Diluted 4 3.03 15.20 (0.94)
---------- ---------- ---------
The above results relate to continuing
operations.
CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE
For the six months ended 30 June 2007
Unaudited Unaudited Audited
six months to six months to year ended
30 June 2007 30 June 2006 31 Dec 2006
(restated) (restated)
Notes #'000 #'000 #'000
--------------------- ------- ---------- ---------- ---------
Exchange differences on translation
of foreign operations (328) (331) (1,208)
---------- ---------- ---------
Net expense recognised directly
in equity (328) (331) (1,208)
Profit/(loss) for the financial
period 537 2,611 (142)
---------- ---------- ---------
Total recognised income/(expense)
for the financial period 209 2,280 (1,350)
---------- ---------- ---------
CONSOLIDATED BALANCE SHEETS
As at 30 June 2007
Unaudited Unaudited Audited
30 June 2007 30 June 2006 31 December
2006
(restated) (restated)
Notes #'000 #'000 #'000
--------------------- ------- ---------- --------- ------------
Non-current assets
Intangible assets 1,481 825 974
Property, plant & equipment 6 2,020 745 1,673
---------- --------- ------------
3,501 1,570 2,647
---------- --------- ------------
Current assets
Inventories 2,435 3,391 7,112
Trade receivables 1,176 3,953 4,029
Other receivables 323 162 363
Prepayments 900 607 1,758
Cash & cash equivalents 14,080 15,998 15,885
---------- --------- ------------
18,914 24,111 29,147
---------- --------- ------------
Total assets 22,415 25,681 31,794
---------- --------- ------------
Current liabilities
Trade payables 1,960 1,652 7,120
Other payables 375 147 1,172
Customer deposits - 61 3,415
Accruals & deferred income 934 1,311 1,129
Current tax liabilities 3 3 10
Provisions for liabilities & - 80 80
charges
Borrowings - 161 -
Obligations under finance leases 48 65 42
---------- --------- ------------
3,320 3,480 12,968
---------- --------- ------------
Non-current liabilities
Obligations under finance leases 19 40 50
Provisions for liabilities & 120 - 120
charges ---------- --------- ------------
139 40 170
---------- --------- ------------
Total liabilities 3,459 3,520 13,138
---------- --------- ------------
Net assets 18,956 22,161 18,656
---------- --------- ------------
Shareholders' equity
Called up share capital 9 9 9 9
Share premium account 9 34,014 34,125 34,126
Equity option reserve 9 587 260 384
Currency translation reserve 9 (958) 247 (630)
Retained earnings 9 (14,696) (12,480) (15,233)
---------- --------- ------------
Total equity 9 18,956 22,161 18,656
---------- --------- ------------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2007
Unaudited Unaudited Audited
six months to six months to year ended
30 June 2007 30 June 2006 31 Dec 2006
(restated) (restated)
Notes #'000 #'000 #'000
--------------------------- ------ ---------- --------- ---------
Cash flows from operating activities
Profit/(loss) from operations 274 2,329 (745)
Adjustments for:
Depreciation of property, plant & 362 204 569
equipment
Amortisation of intangible assets 108 42 136
Impairment loss on rental equipment - - 331
Impairment loss on business assets - - 212
Share-based compensation 203 157 281
(Decrease)/increase in provisions (80) 20 20
---------- --------- ---------
Operating cash flows before
movements
in working capital 867 2,752 804
Decrease/(increase) in inventories 4,557 (431) (5,119)
Decrease/(increase) in receivables 3,698 (2,445) (4,420)
(Decrease)/increase in payables (9,471) (220) 10,019
---------- --------- ---------
Cash (used in)/generated from (349) (344) 1,284
operations
Income taxes paid (12) (14) (20)
Interest paid (6) (6) (11)
---------- --------- ---------
Net cash (used)from operating (367) (364) 1,253
activities ---------- --------- ---------
Investing activities
Interest received 281 313 664
Purchase of property, plant & 6 (720) (176) (1,526)
equipment
Expenditure on patents & trademarks (100) (130) (236)
Expenditure on product development (544) (240) (384)
---------- --------- ---------
Net cash used in investing (1,083) (233) (1,482)
activities ---------- --------- ---------
Financing activities
Proceeds on issue of shares 10 5 6
Loans from directors - (16) (175)
Repurchase of shares (122) - -
repayment of obligations under
finance leases (23) (29) (53)
---------- --------- ---------
Net cash used in financing (135) (40) (222)
activities ---------- --------- ---------
Net decrease in cash & cash (1,585) (637) (451)
equivalents ---------- --------- ---------
Cash & cash equivalents at beginning 2 15,885 16,732 16,732
of period ---------- --------- ---------
Effect of foreign exchange rate (219) (97) (396)
differences
---------- --------- ---------
Cash & cash equivalents at end of 2 14,081 15,998 15,885
period ---------- --------- ---------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2007
1. Basis of accounting
This interim report does not constitute statutory accounts of the Group within
the meaning of section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 December 2006 were prepared under the historical cost convention
and in accordance with applicable accounting standards in the United Kingdom.
The auditor's report on those accounts was unqualified and did not contain a
statement under section 237 of the Companies Act 1985.
The AIM Rules for Companies require that the annual consolidated financial
statements of the company for the year ending 31 December 2007 be prepared in
accordance with International Financial Reporting Standards adopted for use in
the EU ("IFRS").
Consequently these interim financial statements have been prepared on the basis
of the recognition and measurement requirements of IFRS in issue that are either
endorsed by the EU and effective (or available for early adoption) at 31
December 2007, the Group's first annual reporting date at which it is required
to use IFRS. Based on these IFRS, the directors have made assumptions about the
accounting policies expected to be applied when the first annual IFRS financial
statements are prepared for the year ending 31 December 2007.
The IFRS that will be effective in the annual financial statements for the year
ending 31 December 2007 are still subject to change and to additional
interpretations and therefore cannot be determined with complete certainty.
Accordingly, the accounting policies for that annual period will be determined
finally only when the annual financial statements are prepared for the year
ending 31 December 2007.
In preparing the 2007 unaudited consolidated interim financial statements
management has amended certain accounting and valuation methods applied in the
UK GAAP financial statements to comply with IFRS. The Group's transition date is
1 January 2006 and the comparative figures for 2006 were restated to reflect
these adjustments.
An explanation of how the transition to IFRS has affected the reported financial
position and financial performance of the group together with a summary of
significant accounting policies is provided in Appendix 1 - Restatement of
Financial Information under International Financial Reporting Standards. This
includes reconciliations of equity and profit or loss for the comparative
periods under UK GAAP to those reported for those periods under IFRS.
The preparation of the interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses. Actual
results may differ from these estimates. This interim statement is unaudited.
2. Significant accounting policies
Basis of consolidation
The consolidated financial statements incorporate the financial information of
the Company and all of its subsidiaries which are all wholly owned as at the end
of the period.
The purchase method is used to account for the acquisition of subsidiaries by
the Group. 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
are measured initially at their fair values on the date of acquisition,
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,
including intangible assets acquired, is recorded as goodwill. If the cost of
acquisition is less than the fair value of the Group's share of net assets of
the subsidiary acquired, the difference is recognized directly in the income
statement.
All inter-company transactions are eliminated as part of the consolidation
process. Where necessary, adjustments are made in the financial statements of
subsidiaries to bring accounting policies used into line with those used by the
Group.
Significant accounting estimates and judgements
The preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expense. Actual results
may differ from these estimates. Estimates and underlying assumptions are
considered to be reasonable and appropriate and are based upon management's best
judgement having consideration to historical experience and other relevant
factors. Estimates and underlying assumptions are reviewed on an ongoing basis,
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
The key estimates and assumptions relate to the capitalisation of development
costs, dilapidation provisions and IFRS 2 share-based payments. Details are set
out as appropriate in the accounting policies and detailed notes.
Revenue recognition
The Group recognises revenue when persuasive evidence of an arrangement exists,
the seller's price to the buyer is fixed or determinable, collectability is
reasonably assured and delivery has occurred.
Product sales:
Product sales are accounted for separately from license and transaction fees.
The Group generally recognises revenue upon delivery of its products to
customers and upon fulfilment of acceptance terms, if any, and when no
significant contractual obligations remain and collection of the related
receivable is reasonably assured. Amounts received prior to recognition of
revenue are recorded within creditors as customer deposits.
License and transaction fees:
Transaction fees are based on either a predetermined percentage of the net win
of each machine or a usage fee based on the return to player on a game by game
basis, over an agreed period of time and are recognised as revenue when the
transaction takes place. Amounts not invoiced at the year end are included
within debtors as accrued income.
License fees consist of a flat fee for the provision of services and are
recognised rateably over the term of the contract. However, the Group defers
recognition of revenue for software license agreements that include multiple
elements until the fair value of the delivered elements can be fairly
established or all essential elements of the arrangement have been delivered.
Amounts received for license fees prior to revenue recognition are recorded as
deferred revenue. Amounts not invoiced at the year end are included within
debtors as accrued income.
Rental fees:
Revenue under operating type rental agreements, which specify a fixed fee, is
recognised rateably over the term of the agreement.
Property, plant and equipment
All property, plant and equipment is shown at cost less subsequent depreciation
and impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items.
Depreciation on assets is calculated using the straight-line method to allocate
the cost of each asset less its residual value over its estimated useful life as
follows:
Furniture, fixtures and fittings - 25% per year
Computer equipment - 33.3% per year
Rental and trial machines - 25% per year
Plant and machinery - 33.3% per year
Leasehold improvements - 20% per year
Motor vehicles - 25% to 33.3% per year
Impairment
Property, plant and equipment and intangible assets in use with a definite
useful life are assessed at each reporting date to determine if there is any
indication that an asset may be impaired. If any such indication exists, an
impairment review will be undertaken.
For intangible assets not yet in use, intangible assets with definite useful
life and goodwill an impairment review is undertaken both annually and when
there is any indication regarding the recoverability of the carrying amount.
Where necessary, an adjustment will be made to reduce the carrying value of the
asset to its recoverable value for an impairment loss.
An assessment is made at each reporting date to determine if there is any
indication that an impairment loss recognised in prior periods for an asset
other than goodwill may no longer exist or may have decreased. Where necessary,
an adjustment will be made to reverse an amount previously impaired up to the
recoverable amount of that asset. The increased carrying amount of an asset
other than goodwill attributable to a reversal of an impairment loss shall not
exceed the carrying amount that would have been determined (net of amortisation
or depreciation) had no impairment loss been recognised for the asset in prior
years. No reversal of an impairment loss for goodwill is made.
Deferred income
Represents licence fees payable by customers for the provision of various
services subject to third party finance arrangements. The third party funds in
advance the licence fees due over the term of the contract. The Group recognises
the licence fees as revenue rateably over the term of the contract.
Intangible assets
Patents
The legal and filing costs in the registering of patents and trademarks are
treated as intangible assets. Amortisation is provided in order to write off
these costs over the life of the patent on a straight line basis. The Directors
review the carrying values for impairment annually.
Research and development expenditure
Expenditure on research and development is recognized as an expense in the
period in which it is incurred with the exception of expenditure on the
development of certain major new products where the outcome of these products is
assessed as being reasonably certain as regards to economic viability and
technical feasibility. Such expenditure is recognised as an intangible assets
and amortised on a straight line basis over the useful economic life once the
related product or enhancement is available for use.
Computer software costs
Where computer software is not integral to an item of property, plant or
equipment, its costs are capitalised and categorized as intangible assets.
Amortisation is provided on a straight-line basis over its economic useful life
being three years.
Inventories
Inventories are stated at the lower of cost incurred in bringing each product to
its present location, and net realisable value. Provision is made for obsolete,
slow moving or defective items where appropriate. Net realisable value is based
upon estimated selling price less any further costs expected to be incurred to
completion and sale.
Pension costs
An approved stakeholder pension scheme to which the Group does not contribute is
available to all UK employees. As at 30 June 2007 no employees had joined the
scheme. Contributions to a defined contribution pension scheme are made on
behalf of two senior employees.
For US employees, the Group operates a 401(k) retirement plan scheme.
Contributions into the scheme by the Group match the employee's contribution up
to a maximum of 3% of the employee's salary, the assets of the scheme are held
separately from those of the Group in an independently administered fund.
No pension scheme or contributions are available for employees outside the UK or
US.
The Group's pension contributions are charged to the profit and loss account in
the period in which they become payable.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer
substantially all of the risks and rewards of ownership to the lessee. All other
leases are classified as operating leases.
Assets held under finance leases are recognized as assets of the Group at their
face value or, if lower, at the present value of the minimum lease payments,
each determined at the inception of the lease. The corresponding liability to
the lessor is included in the balance sheet as a finance lease obligation. Lease
payments are apportioned between finance charges and the reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance
of the liability. Finance charges are charged directly against income. Such
assets are depreciated over the shorter of their estimated useful lives or the
length of the lease. Assets purchased under hire purchase are accounted for
similarly, except that these assets are depreciated over the estimated useful
lives.
Rentals under operating leases are charged to income on a straight-line basis
over the term of the relevant lease
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date; where transactions or
events result in an obligation to pay more tax in the future; or where a right
to pay less tax in the future has occurred at the balance sheet date. A net
deferred tax asset is recognised as recoverable and therefore recognised only
when, on the basis of all available evidence, it can be regarded as more likely
than not that there will be suitable taxable profits against which to recover
the carried forward tax losses and from which the future reversal of underlying
timing differences can be deducted. Deferred tax is measured at the average tax
rates that are expected to apply in the periods in which the timing differences
are expected to reverse based on tax rates and laws that have been enacted or
substantively enacted by the balance sheet date. Deferred tax is measured on a
non discounted basis.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents includes
cash at hand, deposits held at call with banks and other short term highly
liquid investments with original maturities of three months or less.
Trade and other receivables
Trade receivables are measured at fair value which is the invoice value less any
provision for bad debts.
All other receivables are measured at amortised cost. Appropriate allowance for
estimated irrecoverable amounts is recognized in the income statement when there
is objective evidence that the asset is impaired. The allowance recognized is
measured as the difference between the asset's carrying amount and the present
value of the estimated future cash flows discounted at the effective interest
rate computed at initial recognition.
Trade and other payables
Trade and other payables are measured at fair value which is the invoice value.
Foreign currencies
Assets and liabilities of subsidiaries in foreign currencies are translated into
sterling at rates of exchange ruling at the end of the financial period or the
contracted rate where appropriate and the results of foreign subsidiaries are
translated at average rates of exchange for the period. Differences on exchange
arising from retranslation of the opening net investment in subsidiary
companies, and from the translation of the results of those companies at average
rates, are taken directly to a separate component of equity, the currency
translation reserve.
Transactions in foreign currencies are recorded at the rate of exchange ruling
at the date of transaction. Monetary assets and liabilities denominated in
foreign currencies at the balance sheet date are translated at the rate of
exchange prevailing at that date. Gains and loses arising on translation are
included in the income statement.
Financial instruments
All borrowings are initially stated at the fair value of the consideration
received. Accrued finance costs attributable to borrowings are included in
accrued charges within current liabilities, unless finance cost is only
repayable on redemption, in which case the accrued finance costs are included
within the carrying value of borrowings.
Share-based payments
The Group has applied the requirements of IFRS 2 'Share-based payment'. In
accordance with the transitional provisions, IFRS 2 has been applied to all
grants of equity instruments after 7 November 2002 that were unvested at 1
January 2006.
The Group grants share options and warrants to Directors, employees and certain
consultants. Equity-settled share-based payment transactions are measured at
fair value at the date of grant and expensed on a straight-line basis over the
expected life of the option or warrant, based on the estimated number of options
or warrants that will eventually vest. The share options or warrants granted
have varying performance criteria required for the option or warrants to vest
and these are considered in the method of measuring the fair value. Where it is
considered appropriate, the fair value is measured using the Black Scholes
model.
Provisions policy
Provisions are recognised when the Group has a present obligation as a result of
a past event. It is probable that a transfer of economic benefits will be
required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation.
3. Taxation
As at 30 June 2007, the Group has significant tax losses, that will be carried
forward for the utilisation against future taxable income.
4. Earnings per share
Unaudited Unaudited Audited
Six months to Six months to Year Ended
30 June 30 June 31 December
2007 2006 2006
(restated) (restated)
#'000 #'000 #'000
------------------------- ---------- --------- ----------
Earnings
Profit/(loss) attributable to equity
holders of the parent 534 2,611 (142)
------------------------- ---------- --------- ----------
Number of shares
Basic weighted average number of 15,150,518 15,144,718 15,147,238
shares
Dilutive effect of share options and
warrants 2,595,281 2,036,906 2,151,206
------------------------- ---------- --------- ----------
Diluted weighted average number of
shares 17,745,799 17,181,625 17,298,444
------------------------- ---------- --------- ----------
Basic earnings per share (pence) 3.54 17.24 (0.94)
Fully diluted earnings per share
(pence) 3.03 15.20 (0.94)*
------------------------- ---------- --------- ----------
Earnings per share is calculated by dividing the profit attributable to equity
holders of the Group by the weighted average number of common shares in issue.
Fully diluted earnings per share is calculated by adjusting the weighted average
number of common shares by existing share options and warrants, assuming
dilution through conversion of all existing options and warrants.
* The loss and weighted average number of shares for the purpose of calculating
the diluted loss per share are identical to those used for the basic loss per
share, as the exercise of share options and warrants would have the effect of
reducing the loss per share and is therefore not dilutive.
5. Segmental Reporting
The Group's principal activity is the provision of gaming equipment
(server-based systems) and associated services to the gaming industry, and the
licensing of its technology.
Analysis of revenue and operating profit/(loss) by business activity
---------------------------- ---------- ---------- ----------
Unaudited Unaudited Audited
Six months to Six months to Year Ended
30 June 30 June 31 December
2007 2006 2006
(restated) (restated)
#'000 #'000 #'000
---------------------------- ---------- ---------- ----------
Revenue
Supply of gaming equipment & services 16,076 5,928 19,109
Sales of licenses - 5,466 5,466
---------- ---------- ----------
16,076 11,394 24,575
---------- ---------- ----------
Operating profit/(loss)
Supply of gaming equipment & services 274 (3,317) (6,211)
Sale of licenses - 5,466 5,466
---------- ---------- ----------
274 2,329 (745)
---------- ---------- ----------
Whilst the Directors recognise there is no requirement to disclose within the
interim financial statements any further secondary segmental analysis, the Group
gives an additional geographical analysis of revenue by destination.
Geographical analysis of revenue by destination
---------------------------- ---------- ---------- ----------
Unaudited Unaudited Audited
Six months to Six months to Year Ended
30 June 30 June 31 December
2007 2006 2006
(restated) (restated)
#'000 #'000 #'000
---------------------------- ---------- ---------- ----------
United Kingdom & Europe 15,939 5,807 18,736
America & rest of the world 137 5,587 5,839
---------- ---------- ----------
16,076 11,394 24,575
---------- ---------- ----------
6. Property, plant & equipment
During the period #720,000 was spent on the acquisition of property, plant and
equipment. This comprised #624,000 on gaming terminals and associated equipment
supplied to customers on a participation basis. The remaining balance of #96,000
was split between computer equipment and plant and machinery
7. Related party transactions
There have been no related party transactions during the period, other than
remuneration paid to key management.
8. Dividends
The have been no dividends paid or declared during the period
9. Statements of changes in equity
Share Share Equity Currency Retained Total
capital premium option translation earnings
account reserve reserve
#'000 #'000 #'000 #'000 #'000 #'000
------- -------- ------- --------- ------- -------
Balance at 1 January 9 34,120 103 578 (15,091) 19,719
2006 ------- -------- ------- --------- ------- -------
Profit for six months
ended
30 June 2006 - - - - 2,611 2,611
Exchange differences
arising on
translations of
foreign - - - (331) - (331)
operations ------- -------- ------- --------- ------- -------
Total recognised
income and
expense for the six
months to
30 June 2006 - - - (331) 2,611 2,280
Exercise of share - 5 - - - 5
options
Share option charge - - 157 - - 157
------- -------- ------- --------- ------- -------
Balance at 30 June 9 34,125 260 247 (12,480) 22,161
2006 ------- -------- ------- --------- ------- -------
Loss for the six
months ended
31 Dec 2006 - - - - (2,753) (2,753)
Exchange differences
arising on
translations of
foreign - - - (877) - (877)
operations ------- -------- ------- --------- ------- -------
Total recognised
expense for
the year to 31 Dec - - - (877) (2,753) (3,630)
2006
Exercise of share - 1 - - - 1
options
Share option charge - - 124 - - 124
------- -------- ------- --------- ------- -------
Balance at 31 9 34,126 384 (630) (15,233) 18,656
December 2006 ------- -------- ------- --------- ------- -------
Profit for six months
ended
30 June 2007 - - - - 537 537
Exchange differences
arising on
translations of
foreign - - - (328) - (328)
operations ------- -------- ------- --------- ------- -------
Total recognised
income and
expense for the six
months to
30 June 2007 (328) 537 209
Exercise of share - 10 - - - 10
options
Repurchase of shares - (122) - - - (122)
Share option charge - - 203 - - 203
------- -------- ------- --------- ------- -------
Balance at 30 June 9 34,014 587 (958) (14,696) 18,956
2007 ------- -------- ------- --------- ------- -------
Appendix 1 - Restatement of Financial Information under International Financial
Reporting Standards
Adoption of IFRS in 2007
The accounting policies were changed on 1 January 2007 to comply with IFRS. The
transition to IFRS is accounted for in accordance with IFRS 1 'First-Time
Adoption of International Financial Reporting Standards' with 1 January 2006 as
the date of transition. The adoption of IFRS did not result in substantial
changes to the Group's accounting policies under UK Accounting Standards and as
set out in the Group's audited financial statements for the year ended 31
December 2006. The changes in accounting policies as a consequence of the
transition to IFRS are described below, along with reconciliations of the
effects of the transition to IFRS.
The transition to IFRS resulted in the following changes in accounting policies:
a) IAS 38 "Intangible Asset" requires computer software to be
reclassified from property, plant and equipment to intangible assets and the
related depreciation expense reclassified to amortisation in the income
statement.
b) Under IAS 19 "Employee Benefits", a provision for holiday to which employees
are entitled, but not yet taken, is required. This charge was not required under
UK GAAP.
c) IAS 16 "Property, Plant and Equipment" requires the initial
estimate of costs of restoring leased premises to be recorded as a tangible
fixed asset with the value being depreciated over the life of the lease.
The Group elected to apply the exemptions granted in IFRS 1 in respect of
business combinations that occurred prior to the transition date of 1 January
2006.
The transition from UK GAAP to IFRS does not affect the cash flows generated by
the Group. The IFRS cash flow statement is in a different format to that
required under UK GAAP. A number of items have been reclassified but there is no
impact on cash flows. There is no change to the level of cash and cash
equivalents at either the start or end of the financial period
To explain the impact of the transition, reconciliations have been included that
show the changes made to the statements previously reported under UK GAAP.
The following unaudited reconciliations are included:
* Reconciliation of the Consolidated UK GAAP profit and loss accounts to
the Consolidated IFRS income statements for the six months ending 30 June
2006 and for the year ended 31 December 2006
* Reconciliation of Consolidated UK GAAP balance sheet to the Consolidated
IFRS balance sheet at 1 January 2006
* Reconciliation of Consolidated UK GAAP balance sheet to the Consolidated
IFRS balance sheet at 30 June 2006
* Reconciliation of Consolidated UK GAAP balance sheet to the Consolidated
IFRS balance sheet at 31 December 2006
* Notes on financial impact on adoption of IFRS statements
Reconciliation of the Consolidated UK GAAP profit and loss accounts to the
Consolidated IFRS income statements
Six months ended Year ended
30 June 2006 31 December 2006
--------------- ------ ---------------------------- -----------------------------
UK GAAP Effect of IFRS UK GAAP Effect of IFRS
in IFRS Transition in IFRS Transition
format to IFRS format to IFRS
Notes #'000 #'000 #'000 #'000 #'000 #'000
--------------- ------ -------- -------- ------- -------- -------- --------
Revenue 11,394 - 11,394 24,575 - 24,575
Cost of sales (3,826) - (3,826) (14,461) - (14,461)
-------- -------- ------- -------- -------- --------
Gross profit 7,568 - 7,568 10,114 - 10,114
-------- -------- ------- -------- -------- --------
Research &
development
costs (2,703) - (2,703) (5,454) - (5,454)
Sales & (1,379) - (1,379) (2,422) - (2,422)
marketing
Administration
expenses b (985) (15) (1,000) (2,138) (21) (2,159)
Share-based
compensation (157) - (157) (281) - (281)
Impairment of
plant &
equipment and
business
asset provisions - - - (543) - (543)
-------- -------- ------- -------- -------- --------
Operating
profit/(loss) 2,344 (15) 2,329 (724) (21) (745)
--------------- ------ -------- -------- ------- -------- -------- --------
Operating profit
/(loss)
before
impairment of
plant &
equipment,
business asset
provisions and
share
based
compensation 2,501 (15) 2,486 100 (21) 79
Impairment of
plant
and equipment - - - (331) - (331)
Provision
against business
assets - - - (212) - (212)
Share-based
compensation (157) - (157) (281) - (281)
-------- -------- ------- -------- -------- --------
Operating
profit/(loss) 2,344 (15) 2,329 (724) (21) (745)
--------------- ------ -------- -------- ------- -------- -------- --------
Finance costs (5) - (5) (11) - (11)
Finance income 292 - 292 633 - 633
-------- -------- ------- -------- -------- --------
Profit/(loss)
before taxation 2,631 (15) 2,616 (102) (21) (123)
Income tax (5) - (5) (19) - (19)
expense -------- -------- ------- -------- -------- --------
Profit/(loss)
for
the period 2,626 (15) 2,611 (121) (21) (142)
-------- -------- ------- -------- -------- --------
Earnings per share
(pence)
Basic 17.34 17.24 (0.80) (0.94)
Diluted 15.28 15.20 (0.80) (0.94)
-------- -------- ------- -------- -------- --------
Reconciliation of Consolidated UK GAAP balance sheet to the Consolidated IFRS
balance sheet at 1 January 2006
-------------------- ------- ---------- ---------- ---------
UK GAAP Effect of IFRS
in IFRS transition
format to IFRS
Notes #'000 #'000 #'000
-------------------- ------- ---------- ---------- ---------
Non-current assets
Intangible assets a 503 33 536
Property, plant & equipment a 1,422 (33) 1,389
---------- ---------- ---------
1,925 - 1,925
---------- ---------- ---------
Current assets
Inventories 2,488 - 2,488
Trade receivables 1,514 - 1,514
Other receivables 68 - 68
Prepayments 789 - 789
Cash & cash equivalents 16,732 - 16,732
---------- ---------- ---------
21,591 - 21,591
---------- ---------- ---------
Total assets 23,516 - 23,516
---------- ---------- ---------
Current liabilities
Trade payables 1,563 - 1,563
Other payables 464 - 464
Customer deposits 69 - 69
Accruals & deferred income b 1,191 88 1,279
Current tax liabilities 12 - 12
Provisions for liabilities & charges 60 - 60
Borrowings 188 - 188
Obligations under finance leases 22 - 22
---------- ---------- ---------
3,569 88 3,657
---------- ---------- ---------
Non-current liabilities
Obligations under finance leases 41 - 41
Accruals & deferred income 99 - 99
---------- ---------- ---------
140 - 140
---------- ---------- ---------
Total liabilities 3,709 88 3,797
---------- ---------- ---------
Net assets 19,807 (88) 19,719
---------- ---------- ---------
Shareholders' equity
Called-up share capital 9 - 9
Share premium account 34,120 - 34,120
Equity option reserve - 103 * 103
Currency translation reserve - 578 * 578
Retained earnings (14,322) (769) (15,091)
---------- ---------- ---------
Total equity 19,807 (88) 19,719
---------- ---------- ---------
Total equity under UK GAAP 19,807
Accruals - Employee holiday
pay entitlements (88)
---------
Total equity under IFRS 19,719
---------
* Reclassification adjustment - classified within retained earnings under UK
GAAP
Reconciliation of Consolidated UK GAAP balance sheet to the Consolidated IFRS
balance sheet at 30 June 2006
-------------------- ------- ---------- ---------- ---------
UK GAAP Effect of IFRS
in IFRS transition
format to IFRS
Notes #'000 #'000 #'000
-------------------- ------- ---------- ---------- ---------
Non-current assets
Intangible assets a 802 23 825
Property, plant & equipment a 768 (23) 745
----------- ---------- ---------
1,570 - 1,570
----------- ---------- ---------
Current assets
Inventories 3,391 - 3,391
Trade receivables 3,953 - 3,953
Other receivables 162 - 162
Prepayments 607 - 607
Cash & cash equivalents 15,998 - 15,998
----------- ---------- ---------
24,111 - 24,111
----------- ---------- ---------
Total assets 25,681 - 25,681
----------- ---------- ---------
Current liabilities
Trade payables 1,652 - 1,652
Other payables 147 - 147
Customer deposits 61 - 61
Accruals & deferred income b 1,208 103 1,311
Current tax liabilities 3 - 3
Provisions for liabilities & charges 80 - 80
Borrowings 161 - 161
Obligations under finance leases 65 - 65
----------- ---------- ---------
3,377 103 3,480
----------- ---------- ---------
Non-current liabilities
Obligations under finance leases 40 - 40
----------- ---------- ---------
40 - 40
----------- ---------- ---------
Total liabilities 3,417 103 3,520
----------- ---------- ---------
Net assets 22,264 (103) 22,161
----------- ---------- ---------
Shareholders' equity
Called-up share capital 9 - 9
Share premium account 34,125 - 34,125
Equity option reserve - 260 * 260
Currency translation reserve - 247 * 247
Retained earnings (11,870) (610) (12,480)
----------- ---------- ---------
Total equity 22,264 (103) 22,161
----------- ---------- ---------
Total equity under UK GAAP 22,264
Accruals - Employee holiday
pay entitlements (103)
---------
Total equity under IFRS 22,161
---------
* Reclassification adjustment - classified within retained earnings under UK
GAAP
Reconciliation of Consolidated UK GAAP balance sheet to the Consolidated IFRS
balance sheet at 31 December 2006
-------------------- ------- ---------- ---------- ---------
UK GAAP Effect of IFRS
in IFRS transition
format to IFRS
Notes #'000 #'000 #'000
-------------------- ------- ---------- ---------- ---------
Non-current assets
Intangible assets a 918 56 974
Property, plant & equipment d 1,617 56 1,673
---------- ---------- ---------
2,535 112 2,647
---------- ---------- ---------
Current assets
Inventories 7,112 - 7,112
Trade receivables 4,029 - 4,029
Other receivables 363 - 363
Prepayments 1,758 - 1,758
Cash and cash equivalents 15,885 - 15,885
---------- ---------- ---------
29,147 - 29,147
---------- ---------- ---------
Total assets 31,682 112 31,794
---------- ---------- ---------
Current liabilities
Trade payables 7,120 - 7,120
Other payables 1,172 - 1,172
Customer deposits 3,415 - 3,415
Accruals & deferred income b 1,028 101 1,129
Current tax liabilities 10 - 10
Provisions for liabilities & 80 - 80
charges
Obligations under finance leases 42 - 42
---------- ---------- ---------
12,867 101 12,968
---------- ---------- ---------
Non-current liabilities
Obligations under finance leases 50 - 50
Provisions for liabilities & c - 120 120
charges ---------- ---------- ---------
50 120 170
---------- ---------- ---------
Total liabilities 12,917 221 13,138
---------- ---------- ---------
Net assets 18,765 (109) 18,656
---------- ---------- ---------
Shareholders' equity
Called-up share capital 9 - 9
Share premium account 34,126 - 34,126
Equity option reserve - 384 * 384
Currency translation reserve - (630) * (630)
Retained earnings (15,370) 137 (15,233)
---------- ---------- ---------
Total equity 18,765 (109) 18,656
---------- ---------- ---------
Total equity under UK GAAP 18,765
Accruals - Employee holiday
pay entitlements (101)
Amortisation - estimate of costs -
restoring leased premises (8)
---------
Total equity under IFRS 18,656
---------
* Reclassification adjustment - classified within retained earnings under UK
GAAP
Notes on financial impact on adoption of IFRS statements
a) Adjustment represents reclassification of software acquired from third
parties from property, plant and equipment to intangible assets.
b) Adjustment represents employee holiday entitlements.
c) Represents obligation to restore leased premises on vacation of the
property.
d) Comprises:
#'000
- Reclassification of software costs (56)
- Estimate of costs to restore leased premises 120
- Amortisation charge on obligation to restore leased premises (8)
--------
56
--------
This information is provided by RNS
The company news service from the London Stock Exchange
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