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American Telecom Services, | AMEX:TES | AMEX | Ordinary Share |
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RNS Number:9974P TradingSports Exchange Systems PLC 22 September 2003 For Immediate Release Monday 22 September 2003 TradingSports Exchange Systems plc Interim Results for the Period TradingSports Exchange Systems plc ("TradingSports" or "the Group"), the provider of person-to-person ("P2P") betting exchange software listed on the Alternative Investment Market ("AIM"), today announces its maiden interim results since the Group's successful flotation in May this year. The consolidated interim financial information for TradingSports presents the unaudited results of TradingSports Exchange Systems plc from 3 February 2003, date of incorporation, and of TradingSports Limited from 19 May 2003, date of acquisition, to 30 June 2003. Highlights for the period: * Successful, over-subscribed flotation in May 2003 raising #4m before expenses * On a pro forma basis, turnover for the interim period was #91,000 * Four contracts signed during the period including Betfanatic, WITEuro Sportsbook and Costa Rican International Sportsbook (CRIS), consolidating TradingSports' position as one of the leading providers of P2P betting exchange software * 8 contracts now live including the launch of a 5-year exclusive contract with Las Palmas, as announced today, with a further two large sportsbooks expected to be live by year end Commenting on the interim results, Joe Tighe, Chairman and Chief Executive of TradingSports, said: "As of today, TradingSports has now signed some of the largest online bookmakers in the world on exclusive 5 year contracts. During the interim period, we floated on AIM and raised the capital required to take the Group on to the next phase of its development. Our key strategy of using our clients' brands for leveraging the rapidly developing person-to-person betting market is continuing to bear fruit, as demonstrated by the launch of another significant player in online gaming announced today. Our growth since the period end and the continued negotiations with some of the largest gaming brands in the world provides the Board with confidence for the future." For further information: TradingSports Exchange Systems plc Tel: 020 8780 6000 Joe Tighe, Chairman and Chief Executive Ken Mulvany, Director of Investor Relations Buchanan Communications Tel: 020 7466 5000 Bobby Morse / James Strong Background Information TradingSports, which floated on the London Stock Exchange's AIM in May this year raising #4m at 115p per share, enables its customers to enter the P2P betting market without the substantial investment of building, developing and maintaining their own P2P exchange systems. Aimed at the business-to-business market, TradingSports acts as an aggregator of liquidity from different sports betting companies, enabling them to benefit from TradingSports' global pool of P2P bettors. CHIEF EXECUTIVE'S REVIEW TradingSports has seen a considerable increase in activity levels from our existing business and we are very encouraged by both the size and quality of the client base we have established, notably the recently announced launches of Costa Rican International Sportsbook, Betfanatic and WIT Euro, all of which were on schedule. The principal focus of the business over the period has been business development and the implementation of existing contracts, as well as educating our clients on the rapidly emerging person-to-person betting market. During the interim period, our fee earning client base consisted of signed contracts with eight sportsbooks including those mentioned above. The consolidated interim financial information for TradingSports presents the unaudited results of TradingSports Exchange Systems plc from 3 February 2003, date of incorporation, and of TradingSports Limited from 19 May 2003, date of acquisition, to 30 June 2003. On a pro-forma basis, Group turnover was #91,000 during this period, which was largely driven by our growing business in the Caribbean region. The turnover growth we have enjoyed has been achieved through increasing market share, which we believe is a significant endorsement of our business model and strategy. We believe that our aggregated liquidity model affords us further opportunities to increase our market share, as there remains considerable opportunity for worldwide expansion. Strategy Our strategy is to continue to focus on business development and implementation within our key markets. The Group is still at an early stage in its development, the growth in our turnover and the improvement in our financial performance support the Board's belief that this is an excellent opportunity to build a rapidly growing business-to-business exchange service. The creation of an exchange serving several large sportsbooks simultaneously requires technology that is far more advanced than that found on individual gambling sites in terms of scalability, reliability and security. During this period we have enhanced our technology platform with a new redundant system at a second hosting facility and delivered new features and functionality to our market leading technology platform. Current Trading & Prospects During the period under review, TradingSports' key performance indicators progressed well. The implementation of Costa Rican International Sportsbook, WIT Euro and Betfanatic are complete. The group is also today announcing the launch of Las Palmas Sportsbook. Las Palmas Sportsbook, a division of Horizon20, signed a five year exclusive agreement, providing a TradingSports exchange service as their marquee betting product. This rise in client numbers is expected to provide the foundation for strong turnover growth in the months ahead. Whilst the underlying growth of the business in terms of client numbers, number of bets placed, and overall revenue continues to rise, client marketing campaigns and end-user education initiatives remain challenging areas. These areas are being addressed through a series of concise training programmes designed to assist our clients with their marketing endeavours and educate them on how to use the exchange system most effectively. The Group will continue to execute its strategy and the Board is confident that the quality of both the client base and infrastructure, coupled with the financial control we are exercising, provide us confidence for the future. Joe Tighe Chairman and CEO CONSOLIDATED PROFIT AND LOSS ACCOUNT Notes Unaudited period from 3 February to 30 June 2003 # Turnover 25,077 Cost of Sales (12,884) Gross profit 12,193 Administrative expenses (355,325) Operating loss (343,132) Reorganisation costs 2 (510,579) Loss on ordinary activities before interest and taxation (853,711) Interest receivable 9,234 Interest payable (1,611) Loss on ordinary activities before taxation (846,088) Tax on loss on ordinary activities - Retained loss for the period (846,088) Basic loss per share 3 (30.1p) The Group had no recognised gains or losses other than those included in the above profit and loss account. CONSOLIDATED BALANCE SHEET Unaudited period from 3 February to 30 June 2003 # Fixed assets Tangible assets 1,212,824 Current assets Debtors 239,353 Cash at bank and in hand 2,692,250 2,931,603 Creditors: amounts falling due within one year (904,073) Net current assets 2,027,530 Net assets 3,240,354 Capital and reserves Called up share capital 1,049,426 Share premium account 3,037,016 Profit and loss account (846,088) Shareholders' funds 3,240,354 CONSOLIDATED CASH FLOW STATEMENT Notes Unaudited period from 3 February to 30 June 2003 # Net cash outflow from operating activities (815,883) Returns on investments and servicing of finance Interest received 9,234 Interest paid (1,611) Net cash inflow from returns on investment and servicing of finance 7,623 Capital expenditure Payments to acquire tangible fixed assets (20,981) Acquisitions and disposals Acquisition of subsidiary (1) Net cash acquired with subsidiary 136,651 Net cash inflow from acquisitions and disposals 136,650 Net cash outflow before financing (692,591) Financing Issue of ordinary share capital 3,384,841 Increase in cash 2,692,250 NOTES TO THE UNAUDITED INTERIM RESULTS 1 Basis of preparation of interim financial results TradingSports Exchange Systems plc was incorporated on 3 February 2003. On 19 May 2003 the Company acquired the entire issued share capital of TradingSports Holdings SAH from former shareholders of TradingSports Holdings SAH in return for the issue of 7,016,000 shares. Subsequently the Company acquired the entire issued share capital of TradingSports Limited from TradingSports Holdings SAH for #1 (being the fair value thereof). After conclusion of the acquisition of TradingSports Limited the Company disposed of its interest in TradingSports Holdings SAH to an independent third party for an amount of #1 (being the fair value thereof), leaving TradingSports Limited as the sole wholly owned subsidiary of the Company. The consolidated interim financial information for TradingSports Exchange Systems plc presents the unaudited results of TradingSports Exchange Systems plc from 3 February 2003, date of incorporation, and of TradingSports Limited from 19 May 2003, date of acquisition, to 30 June 2003. The results for the period ended 30 June 2003 are unaudited. The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. 2 Reorganisation costs These costs arose entirely as the result of the corporate transactions that took place on 19 May 2003 as described in note 1 above and did not result in any cash out flow. 3 Earnings per ordinary share Basic earnings per share figures have been calculated based upon 10,494,261 shares in issue, being the weighted average number of ordinary shares in issue during the period. This information is provided by RNS The company news service from the London Stock Exchange END IR VKLFFXKBXBBX
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