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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pcg Entertainment Plc | LSE:PCGE | London | Ordinary Share | GI000A2JBQ88 | ORD 0.1P (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMPCGE
RNS Number : 2696L
PCG Entertainment plc
30 September 2016
30 September 2016
PCG Entertainment Plc
("PCGE", the "Company" or the "Group")
PCG Entertainment Plc / Index: AIM / Epic: PCGE
PCG Entertainment Plc (AIM: PCGE), the AIM quoted Asia-Pacific online gaming and media company, today announces its interim results for the six months ending 30 June 2016.
A summary of the interim report and accounts is set out below. The full report and accounts are available to view on the Company's website www.pcge.com
Chief Executive Officer's statement
I am pleased to announce interim results for PCG Entertainment plc for the six-month period ending 30 June 2016 (the "Period"). The Company remains focused on the development of its business in the media, sports and gaming industry across the Asia-Pacific region.
During the Period, revenues were US$8,616,129, and these were entirely generated from the Centre Point Development Corporation ("CPDC") part of the business. Gross profit was US$3,832,327, which, after expenses, nets to an operating loss of US$488,492. The loss is generated by a provision of $2,208,153 against receivables of CPDC, which are currently being disputed by the customer. This was noted in the trading updates published on 31(st) May and 6(th) June 2016. This has now been provided for in full as a doubtful debt, though the Directors continue to work towards an amicable solution.
PCGE expects ongoing revenues from CPDC in the second half of 2016 as the Company launches its own games management platform. The Board is in continuous talks with potential sports and media projects and will update shareholders as these develop.
We have noted comments on why shareholders have not been updated. Under the rules of AIM we are unable to comment continuously on deals we are working on which may or may not come to fruition nor are we able to comment on any fundraising initiatives which may or may not be realised. As always we will update shareholders as soon as we are able to do so on all PCGE's initiatives.
Nicholas Bryant
Director, CEO
Interim Results' Highlights include:
Hot Features
Premium
1 Group cash balances at 30 June 2016 of US$60,502 (30 June 2015: US$864,799)
2 The loss for the Group is US$(745,766) (June 2015: US$2,482,669)
3 The CPDC acquisition although completed in August 2015 has been accounted for under IFRS 3 from 16 June 2015, the date of acquisition agreed in the Sale and Purchase Agreement
4 In the current half year to 30 June 2015 we have made a provision of $2,208,153, against revenue owed by a debtor to CPDC. This is included in administrative expenses. This will be written back as and when these funds are recovered.
For further information:
PCG Entertainment plc
Nick Bryant, CEO Tel: +44 20 8004
4699
Allenby Capital
Nick Naylor / Nick Harriss Tel: +44 20 3328
/ James Thomas 5656
Beaufort Securities
Elliot Hance Tel: +44 20 7382
8300
Damson Communications
Halimah Hussain/Amelia Tel: +44 20 7812
Hubert 0645
Consolidated Income Statement
for the six months ended 30 June 2016
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015
Notes US$ US$ US$
Revenue 8,616,129 745,220 10,952,133
Cost of sales (4,783,802) (488,506) (8,146,905)
--------------- ------------------ ------------------------
Gross profit 3,832,327 256,714 2,805,228
Administrative expenses (4,320,819) (1,442,294) (4,261,166)
--------------- ------------------ ------------------------
Operating loss 2 (488,492) (1,185,580) (1,455,938)
Readmission costs - (1,176,000) -
Goodwill impairment - - (250,000)
Foreign exchange
loss (248,274) (92,139) (297,672)
Interest payable (9,000) (28,950) (28,947)
Loss on ordinary
activities before
taxation (745,766) (2,482,669) (2,032,557)
Tax on loss on ordinary - - -
activities
--------------- ------------------ ------------------------
Retained loss for
the period (745,766) (2,482,669) (2,032,557)
--------------- ------------------ ------------------------
Loss per share: US$ US$ US$
Basic and diluted
(US cents) 3 (0.001) (0.23) (0.18)
=============== ================== ========================
There are no recognised gains or losses other than disclosed above and there have been no discontinued activities in the period.
Consolidated Statement
of Financial Position
as at 30 June 2016
Unaudited Unaudited Audited
30 June 30 June 31 December
Notes 2016 2015 2015
US$ US$ US$
ASSETS:
Current assets
Trade and other
receivables 4 2,717,315 864,799 2,635,559
Cash and cash equivalents 60,502 719,617 262,473
---------------- ---------------- ----------------
2,777,817 1,584,416 2,898,032
---------------- ---------------- ----------------
Non-current assets
Intangible assets 5 11,310,000 21,564,000 12,305,000
Property, plant
and equipment 1,836 8,676 2,222
---------------- ---------------- ----------------
11,311,836 21,572,676 12,307,222
---------------- ---------------- ----------------
Total assets 14,089,653 23,157,092 15,205,254
---------------- ---------------- ----------------
LIABILITIES AND
EQUITY:
Current liabilities 6 1,428,913 2,020,485 2,431,567
Non-current liabilities 7 - 9,005,433 -
Equity
Share capital 8 2,108,394 1,722,684 1,911,834
Share premium 24,277,686 17,321,417 23,933,706
Equity to be issued
reserve - 9,590,000 -
Other reserves - 40,420 -
Share based payment
reserve 9 309,408 309,408 309,408
Foreign currency
translation reserve 117,759 4,098 25,480
Issued shares reserve - (3,000,000) -
Retained earnings (14,152,507) (13,856,853) (13,406,741)
---------------- ---------------- ----------------
12,660,740 12,131,174 12,773,687
---------------- ---------------- ----------------
Total liabilities
and equity 14,089,653 23,157,092 15,205,254
================ ================ ================
Consolidated Statement of Cash Flows
for the six months ended 30 June 2016
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2015
2016 2015 US$
US$ US$
Cash flows from operating
activities
Operating loss (745,766) (2,482,669) (2,032,557)
Reconciliation to
cash generation from
operations:
Amortisation 995,000 150,000 1,145,000
Interest expense 9,000 28,950 -
Decrease / (increase)
in receivables 449,784 368,648 (2,573,943)
(Decrease) / increase
in payables (1,002,654) (150,947) 383,782
Depreciation 386 3,004 1,330
Loss and disposal
of assets - - 8,128
Impairment of investment - - 250,000
Gain on convertible
loan notes - - (234,461)
Shares issued in
lieu of amounts
payable - - 15,636
------------ ------------ -------------
Cash absorbed in
operations (294,250) (2,083,014) (3,037,085)
------------ ------------ -------------
Cash flows from investing
activities
Net acquisitions - (393,507) (590,900)
------------ ------------ -------------
Net cash flow from
investing activities - (393,507) (590,900)
------------ ------------ -------------
Cash flows from financing
activities
Interest paid - (28,950) -
Share proceeds received
from 2015 unpaid
share capital - - 815,027
Repayment of convertible
loan - - (200,000)
Interest on convertible
loan note - - 28,961
------------ ------------ -------------
Net cash flow from
financing activities - (28,950) 643,988
------------ ------------ -------------
Effect of exchange
rates on cash and
cash equivalents 92,279 5,303 26,685
------------ ------------ -------------
Net decrease in cash (201,971) (2,500,168) (2,957,312)
Cash at bank and
in hand at beginning
of the period 262,473 3,219,785 3,219,785
------------ ------------ -------------
Cash at bank and
in hand less overdrafts
at end of the period 60,502 719,617 262,473
------------ ------------ -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKCDQFBKDCCB
(END) Dow Jones Newswires
September 30, 2016 02:01 ET (06:01 GMT)
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