Interim Results

RNS Number:0883L
Gaming Corporation PLC
14 May 2003

Gaming Corporation plc
Gaming Corporation plc, the interactive gaming company and owner of
www.casino.co.uk today announces its interim results for the six months ended
31st March 2003


Highlights


*   Turnover of #3.65 million for the period ended 31st March 2003 (2002
    - #339,530)

*   Losses before amortisation of goodwill reduced to #97,875 (2002 -
    #272,044)

*   New online casino operation already trading profitably

*   Continued profitable growth of the Casino.co.uk Internet portal


During the period Gaming Corporation has become more focussed on its online
gaming activities. The Company now operates an online casino powered by Boss
Media AB one of the world's leading gaming software suppliers and a gaming
portal business at www.casino.co.uk.


Commenting on the results, Justin Drummond, Chief Executive of Gaming
Corporation said:

"Over the last six months the business has been successfully re-focused. The new
online casino launched in December through a software licensing deal with Boss
Media AB is already trading profitably. The change in focus is beginning to show
results and this has been reflected by the growth in turnover and reduction in
operating losses. The Company is now well positioned in a fast growing market
and we look forward to the second half of the financial year with confidence."


For further details contact:

Justin Drummond
Chief Executive
020 7349 4300



Damion Greef
Corporate Communications
07736 381 030


Gaming Corporation plc

Interim Results

Six months ended 31st March 2003


Chairman's Statement

Introduction

The Board of Gaming Corporation plc is pleased to present the results of the
Group for the six months ended 31st March 2003.

Financial Summary

The results for the period ended 31st March 2003 show consolidated turnover of
#3,646,331 (2002 - #339,530), a loss attributable to the members of the Group
for the period of #308,216 (2002 - #677,320) and a loss for the period after
taxation but before amortisation of goodwill of #97,875 (2002 - #272,044). At
the end of the period, net assets were #1.5 million (2002 - #3.2 million).


Current Trading and Prospects

The Group has continued to make further progress during the first half of 2003.
The new online casino operation was successfully launched in December as a
result of months of development and planning. The new division has performed
above expectations and has generated profits in the first few months of trading.
The casino portal operated at www.casino.co.uk has continued to perform well and
is still experiencing growth in both user numbers and customers. Onthebox, a
leading TV listings application, continues to grow and through a partnership
with BT Openworld can now offer customers TV programme alerts direct to mobile
phones via SMS. Onthebox generates licensing revenue from customers including
BT, Lycos and News International and acts as a marketing channel for the casino
operation.


The stated aim of creating a focused interactive gaming business has now been
achieved and the Board looks forward to a sustained period of growth. The
Company is well positioned in a fast growing sector and the Board remain
confident about the prospects for the Company.

David Rogers

Chairman

Group profit and loss account (unaudited)

                                                                    Unaudited       Unaudited         Audited
                                                                     6 months        6 months       12 months
                                                                     ended 31        ended 31        ended 30
                                                                        March           March       September 
                                                                         2003            2003            2002
                                                                                                 
                                                                            #               #               #
                                                                                            
Turnover                                                            3,646,331         339,530         842,593

Turnover - continuing activities                                    3,601,938         232,371         678,521

Turnover - discontinued activities                                     44,393         107,159         164,072

Cost of sales                                                     (3,366,615)        (95,594)       (308,663)

Gross profit                                                          279,716         243,936         533,930

Selling and distribution costs                                       (92,596)         (10,045)        (25,297)

Administrative expenses:

before goodwill amortisation                                        (303,588)       (495,061)       (925,259)

goodwill amortisation                                               (210,341)       (405,276)       (810,552)

impairment of goodwill                                                      -               -     (1,265,245)

                                                                    (513,929)       (900,337)     (3,001,056)

Group operating loss attributable to continuing activities          (321,007)       (638,504)     (2,271,157)

Group operating loss attributable to discontinued activities          (5,802)        (27,942)       (221,266)

Group operating loss                                                (326,809)       (666,446)     (2,492,423)

Interest receivable and similar income                                      -           3,765           5,680
                                                                                        
Interest payable and similar charges                                  (4,779)        (15,134)        (22,773)

Loss on ordinary activities before taxation                         (331,588)       (677,815)       (521,708)

Taxation                                                               22,951               -          64,137

Loss on ordinary activities for the period                          (308,637)       (677,815)     (2,445,379)

Minority interest                                                         421             495             423

Loss for the period attributable to members of the parent           
  company                                                           (308,216)       (677,320)     (2,444,956)

Loss per share - basic & diluted                                        0.54p           1.46p           5.27p

Loss per share - adjusted                                               0.17p           0.59p           0.79p

Group balance sheet (unaudited)

                                                                   Unaudited       Unaudited         Audited
                                                                          31              31              30
                                                                       March           March       September
                                                                        2003            2002            2002

                                                                           #               #               #
Fixed assets

Intangible assets                                                  1,298,132       3,305,272       1,634,443

Tangible assets                                                      201,384          98,974          78,669

Investments                                                            2,523           2,523           2,523

                                                                   1,502,039       3,406,769       1,715,635
Current assets

Debtors                                                              353,022         216,926         513,293

Cash at bank and in hand                                              39,458         157,582         104,801

                                                                     392,480         374,508         618,094

Creditors: amounts falling due within one year                     (387,923)       (517,361)       (625,868)

Net current (liabilities)/assets                                       4,557       (142,853)         (7,774)

Total assets less current liabilities                              1,506,596       3,263,916       1,707,861

Creditors: amounts falling due after more than one year                    -        (56,976)        (18,784)

Net assets                                                         1,506,596       3,206,940       1,689,077

Capital and reserves

Called up share capital                                            2,470,993       2,317,920       2,356,920

Share premium account                                                717,948         666,865         705,865

Other reserve                                                      1,422,065       1,422,065       1,422,065

Profit and loss account                                          (3,102,868)     (1,198,714)     (2,794,652)

Shareholders' funds                                                1,508,138       3,208,136       1,690,198

Minority interests                                                   (1,542)         (1,196)         (1,121)

                                                                   1,506,596       3,206,940       1,689,077

Net asset value per ordinary share                                     2.44p           6.92p           3.36p

Notes to the Interim Results


1    BASIS OF PREPARATION

The interim results for the six months ended 31 March 2003 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.


The financial information has been prepared in accordance with applicable
accounting standards and under the historical cost accounting convention.


Accounting policies consistent with those applied in the financial statements
for the year ended 30 September 2002 have been used in preparing the unaudited
interim results for the 6 months ended 31 March 2003.


The interim results include the results of Nasstar Limited (formerly Space 7
Limited) until the date of its disposal on 31 October 2002.


2         DIVIDENDS

The Directors are not declaring a dividend for the six months ended 31 March
2003.


3         COPIES OF INTERIM RESULTS

Copies are available at the company's web site at www.gamingcorp.net.  Copies
may also be obtained from the company's offices: Gaming Corporation plc, Second
Floor, The Plaza, 535 King's Road, London SW10 0SZ.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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