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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Interactive Gam | LSE:IGH | London | Ordinary Share | GB0034347921 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.00 | 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:6529H
Interactive Gaming Holdings PLC
15 August 2006
Press Release 15 August 2006
Interactive Gaming Holdings Plc
("IGH" or "the Group")
Interim Results, Trading Update and
Change of Adviser
Interactive Gaming Holdings Plc (AIM: IGH.L), the online sports betting and
gaming operator, announces its unaudited results for the six month period to 31
May 2006 and a positive trading update on Q3.
Highlights:
- turnover increased to #8.85 million (H1 2005: #1.66 million) with an EBITDA
loss of #0.77 million
- John Heaton, former Chief Executive of the Tote, appointed as Chief
Executive Officer
- new Orbis back end software platform implementation complete
- redesigned websites launched for PremierBet and Heathorns
- PremierBet Casino launched
- over #5 million of bets taken over the World Cup with new registrations
increasing threefold, returning an 8% gross profit margin
* strong current trading, Group expected to be profitable at the EBITDA level
in Q3 2006
* Arbuthnot Securities appointed nominated adviser and broker to the Company
with immediate effect
Commenting on the results, John Heaton, Chief Executive Officer, said: "The
first half of our financial year was a period of significant change at IGH with
the creation of an infrastructure to enable us to drive future growth, the
implementation of the new Orbis software platform and the development and launch
of our Casino. The costs of these investments were in line with expectations
and place the Group in an extremely strong position going forward, with the
benefits already being felt. We have two strong brands in PremierBet and
Heathorns and we are ideally placed to drive profitable growth."
For further information:
Interactive Gaming Holdings Plc
John Heaton, Chief Executive Tel: +44 (0) 20 7745 6273
john.heaton@igh.com www.igh.com
Tom Taule, Executive Chairman
tom@igh.com
Arbuthnot Securities
Nick Marsh, Corporate Finance Tel: +44 (0) 20 7012 2000
www.arbuthnotsecurities.co.uk
Media enquiries:
Abchurch
Chris Lane / Franziska Bohnke Tel: +44 (0) 20 7398 7700
chris.lane@abchurch-group.com www.abchurch-group.com
About IGH
Interactive Gaming Holdings plc is an online sports betting and casino operator
listed on the AIM market of the London Stock Exchange.
IGH provides its customers with a complete gaming experience offering seamless
integration between traditional sports betting and its casino products.
The Group's strategy is to enhance organic growth by focusing on selective
value-enhancing acquisitions within the online sports betting and gaming
sectors. In addition to IGH's existing customer base, the Group is actively
pursuing, under revenue share agreements, white-label opportunities with
significant brand names.
To date, IGH has made two acquisitions, namely Heathorns, the world's oldest
established bookmakers in March 2005, and PremierBet, a fixed odds bookmaker
based in London, in August 2005.
The Group, in accordance with US legislation, does not have any operations in
the US nor accept bets from US citizens on any product.
Further information on Interactive Gaming Holdings can be found at www.igh.com
Chairman's Statement
The first half of our financial year, as anticipated, has been very much focused
on the continued development and expansion of the Group's infrastructure and
product offerings which we are now able to fully capitalise upon.
The returns on this investment are already being witnessed in the second half of
the financial year with improved profitability, increased customer registrations
and an excellent World Cup season.
As well as the significant operational and technical achievements in this
period, we also appointed John Heaton as the new Chief Executive Officer. John
brings a wealth of experience to IGH from his time as Chief Executive of the
Tote from 1996 to 2004 and will be extremely valuable to the Group as we
continue to grow the business.
During the remainder of the financial year we will be increasing our marketing
activities in relation to our current product offering, while continuing to
focus on making value-enhancing acquisitions in the sports betting and gaming
arenas.
The policy of IGH has always been not to accept bets from the USA and
particularly given the recent developments in the USA, we will ensure that our
business continues with this approach.
Thomas J Taule
Executive Chairman
14 August 2006
Chief Executives Report
Operational review
Operationally, IGH has had a successful half year with the completion of a
number of key projects, including:
- implementation of the new Orbis OpenBet software system
- redesigned websites for PremierBet and Heathorns
- PremierBet Casino launch
- introduction of mobile gaming
The completion of the integration of the Orbis software system is a significant
success story for the Group. The OpenBet system is seen as 'state of the art'
for the betting and gaming industry and will be a strategic differentiator for
the Group. The system enables IGH to run its Sportsbook, Casino and Games from
one backend system which facilitates a single end-user account and login across
all products. It allows seamless integration with the Group's mobile betting
service and enables quick integration and installation of any number of
Sportsbook or Casino websites.
A key element of the OpenBet software platform is the ability to create quickly
any number of Sportsbook and Casino websites linked to a single backend software
system. In the case of an acquisition, this functionality significantly speeds
up the time taken to integrate an acquisition into the Group, making the
business exceptionally scaleable.
We are also able to exploit our leading software platform by offering "white
label" agreements to third parties that do not have this technology. Under
these agreements, the third party will use our technology to run their betting
and gaming websites in return for a licensing fee. As well as the income gained
from this arrangement, we will have access to additional customer data which
increases our marketing potential.
The implementation of the OpenBet system across both PremierBet and Heathorns,
has created operational synergies and increased cross marketing opportunities.
IGH is now in a position where the Group has the operational infrastructure that
provides sufficient resources to enable us to grow the business, with particular
emphasis on increasing our marketing efforts. In order to maximise revenues
from affiliates and to lead targeted and generic marketing campaigns, IGH has
appointed a specialised Media Buying and Marketing Team. We are in the process
of increasing our marketing activity for the recently launched PremierBet Casino
and are extremely pleased with the growth prospects for all our products. The
OpenBet system has marketing specific modules that will help IGH maximise
incomes from affiliates and increase current customer spend through cross
marketing of other gaming products. The OpenBet "one-wallet" solution makes it
significantly easier for existing customers to bet across different gaming
products and channels, which in turn will help increase average customer spend.
Group Strategy
The Group's focus has been to make value enhancing acquisitions in the online
betting and gaming arenas to compliment current operations, however the Group
will also consider offline acquisitions where the Board believes they have the
potential to increase shareholder value.
IGH holds gaming licences in the UK and Malta (both EU jurisdictions) where
gaming is a legal activity. It has always been the policy of IGH not to take
wagers from the USA.
Current trading and prospects
Our investment in operational infrastructure is substantially complete and we
are already seeing the positive effects of this. Key performance points since
the end of the interim period include:
- excellent World Cup taking in excess of #5 million in bets, returning a
gross profit margin of over 8%
- new registrations increased threefold over the World Cup season
- expected to be profitable at the EBITDA level in Q3
The functionality of the OpenBet system allows rapid building and integration of
new Sportsbook and Casino websites which provides IGH with a competitive
advantage when entering discussions with third parties interested in running a
white label site. This avenue for growth is of particular interest to the Group
as it represents an opportunity to access markets in other high margin
territories that IGH is currently not operating in. These opportunities can be
exploited quickly and at relatively low cost. The creation of white label deals
increases the Groups customer database and subsequently increases marketing
opportunities.
Our immediate intention is to increase marketing spend and activity to drive
organic growth while continuing to source acquisition targets and joint venture
relationships that will maximise profitability and shareholder value.
Change of Adviser
We are delighted to announce the appointment of Arbuthnot Securities as our
nominated adviser and broker effective immediately. We have chosen to work with
Arbuthnot in recognition of their expertise in the gaming market.
John Heaton
Chief Executive
14 August 2006
INTERIM UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31ST MAY 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 months 6 months 12 months
to 31 May 06 to 31 May 05 to 30 Nov 05
unaudited unaudited audited
# 000 # 000 # 000
Turnover 8,854 1,661 8,090
Operating loss (932) (321) (864)
Loss on activities before and after taxation (928) (321) (864)
Loss per share (basic and diluted) (1.84) p (1.02) p (2.17) p
All amounts relate to continuing activities.
All recognised gains and losses are included in the profit and loss account.
CONSOLIDATED BALANCE SHEET
6 months 6 months 12 months
to 31 May 06 to 31 May 05 to 30 Nov 05
unaudited unaudited audited
Notes # 000 # 000 # 000
FIXED ASSETS
Tangible assets 1,264 543 971
Goodwill 1,838 822 1,932
3,102 1,365 2,903
CURRENT ASSETS
Debtors 644 185 695
Cash at bank and in hand 904 932 1,146
1,548 1,117 1,841
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank overdraft 38 100 -
Convertible debt 1 500 - 500
Other creditors 1,726 385 1,520
2,264 485 2,020
NET CURRENT (LIABILITIES) / ASSETS (716) 632 (179)
TOTAL ASSETS LESS CURRENT LIABILITIES 2,386 1,997 2,724
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR 267 312 292
NET ASSETS 2,119 1,685 2,432
CAPITAL AND RESERVES
Called up share capital 799 429 694
Share premium account 2,872 1,965 2,361
Merger reserve 604 - 605
Other reserve 29 - 29
Profit and loss account (2,186) (709) (1,257)
SHAREHOLDERS FUNDS - EQUITY 2,119 1,685 2,432
CONSOLIDATED CASHFLOW STATEMENT
6 months 6 months 12 months
to 31 May 06 to 31 May 05 to 30 Nov 05
unaudited unaudited audited
# 000 # 000 # 000
Net cash outflow from operating (532) (343) (1,178)
activities
Capital expenditure and financial investment (363) - (464)
Acquisition of businesses - (521) 323
Net cash outflow before financing (896) (864) (1,319)
Financing, net of expenses 615 1,521 2,288
(Decrease) / Increase in cash (280) 657 969
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Operating loss (932) (321) (864)
Changes in working capital and non cash items 400 (22) (314)
Net cash outflow from operating (532) (343) (1,178)
activities
RECONCILIATION OF NET CASH FLOW MOVEMENT TO MOVEMENT IN NET CASH (DEBT)
(Decrease) / Increase in cash in the period (280) 657 969
Loan note issue - - (500)
Exchange variance 24 (10) (28)
(256) 647 441
Opening net debt 353 (88) (88)
Closing net cash 97 559 353
Note 1 - Publication of non-statutory accounts
The financial information set out in this interim statement, does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
The financial information for the full preceding period is based on the
statutory accounts for the period ended 30th November 2005. Those accounts, on
which the auditors issued an unqualified opinion, have been delivered to the
registrar of Companies.
Note 2 - Loss per share
The loss per share is calculated based on:
# ' 000
Loss for the period (928)
' 000
Weighted average number of shares in issue 50,559
Note 3 - Accounting policies
The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the period
ended 30th November 2005.
Note 4 - Convertible debt
The convertible loan stock is convertible at the option of the holder at any
point up to 24th August 2008, at a conversion rate of #0.15 per one pence
ordinary share. The right to conversion shall be deemed to have been exercised
if the Company's share price has been at or above 15 pence for 60 consecutive
business days.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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