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Share Name | Share Symbol | Market | Type |
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Genworth Finl Dl 001 | TG:GGK | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.05 | 0.80% | 6.30 | 6.25 | 6.30 | 0.00 | 22:50:16 |
RNS Number:8994S Gamingking PLC 05 December 2003 Gamingking plc Interim Statement for the six months ended 31 October 2003 KEY POINTS * Turnover increased by 49% to #1.36m from #0.91 million * Gross profit increased by 26% to #798,000 from #631,000 * Gross margin decreased to 58% from 69% * Lotteryking EBITDA increased by 23% to #224,000 * Common costs increased by 35% * Launch of new gaming website planned for early in the New Year * Further performance related options granted to CEO Chairman's statement Consolidated turnover of #1.36 million for the six months shows a substantial increase compared to the same period last year (#0.9 million). The six month figures show a loss after tax of #60,000 compared to #32,000 loss in the same period last year. This is a reflection of our strategy of maximising use of our free cashflow in the search for business development opportunities. Common costs increased by a further #72,000 largely as a result of the additional resource being deployed for this purpose. There are now a number of interesting initiatives in active development. However it is too early in the development cycle to predict which of the projects will yield success but the position should be clearer by the year end. Our turnover has increased by 49% in the half year as against the same period last year. The improvement is a combination of the impact of the first full six months of trading from the Littlewoods sites acquired from Sportech plc coupled with an underlying growth in the overall business. Gross profit from operations increased by 26% to #798,000. The lower percentage increase compared with the turnover line is due to a change in the sales mix of the business generating a lower average gross margin. The balance sheet for the half-year shows a stable net cash position as against the figure at the year end. This indicates that we are maintaining an acceptable balance between the amount of positive cash being generated by the operating business and the amount we are expending in our efforts to generate long term sources of new revenues. Our net current assets position has improved by 4% compared with the year-end figure. The Lotteryking business has traded very satisfactorily and has produced another good half-year result. We now have nearly 3000 machines installed (including 200 of the Oasis on-line terminals). The Lotteryking earnings before interest, depreciation and amortisation increased by a further 20% against the corresponding period last year which itself was a 22% increase. Cashflow from the Lotteryking operations (before group costs, costs of thebiz and capital expenditure) was #377,000against #291,000 in the corresponding period last year. The publishing operations under the Biz.com banner continue to be non-performing. As we begin to develop our mobile communications and online activities independently of the biz, so your Board is presently engaged in reviewing the future options for the biz. In recent times we have been active in the SMS communications arena and we are also preparing the launch of a Lotteryking game play website which I hope to be able to report more on at our year-end. The board has resolved to grant further share options to the Chief Executive under an unapproved share option scheme. The grant entitles him to a maximum of 13,500,000 shares under the unapproved scheme in addition to the 6,500,000 already granted under the EMI scheme. These unapproved options can only be exercised if, on the date of exercise, the average of the middle market closing quotations for Gamingking ordinary shares on each day over the preceding six months is at a given level which runs from 6p for the first additional option tranche through to a price of 16p if the whole of the options now granted are to be exercised. Other usual conditions governing the grant also apply. Your board believes that this arrangement is highly desirable as a mechanism for incentivising the Chief Executive. It sets demanding performance targets requiring very substantial increases in market capitalisation over a sustained period of time before the options can be exercised. This arrangement properly reflects the aspirations of our shareholders. At the time of writing the Half Year statement, the Government has published its draft Gambling Bill and we are in the process of reviewing it to assess the implications for our business including additional opportunities which may be open to us once it becomes law. Changes such as the ability to offer rollovers in society lotteries and the ability to vend lottery tickets in public places should assist us in the further development of our business. Leslie Hurst Chairman 5 December 2003 Independent review report to Gamingking plc Introduction We have been instructed by the company to review the financial information for the six months ended 31 October 2003 which comprises the consolidated profit and loss account, consolidated balance sheet, consolidated cash flow statement, and notes 1 to 10. We have read the other information contained in the interim report, which comprises only the key points and the chairman's statement and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Our responsibilities do not extend to any other information. This report is made solely to the company, in accordance with guidance contained in APB Bulletin 1999/4 "Review of Interim Financial Information". Our review work has been undertaken so that we might state to the company those matters we are required to state to it in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority, which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 "Review of Interim Financial Information" issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. The maintenance and integrity of the Gamingking website is the responsibility of the directors: the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 October 2003. GRANT THORNTON CHARTERED ACCOUNTANTS LONDON 5 December 2003 Consolidated profit and loss account For the six months ended 31 October 2003 Notes 6 months ended 6 months ended Year ended 31 October 2003 31 October 2002 30 April 2003 Unaudited Unaudited Audited #000 #000 #000 Turnover 2 1363 913 2,158 Cost of sales (565) (282) (724) ------------------------------------- Gross profit 798 631 1,434 Exceptional items (117) Other administration expenses (860) (673) (1,490) Total administration expenses (860) (673) (1,607) ------------------------------------ Operating (loss) (62) (42) (174) Net interest 2 10 12 ------------------------------------ (Loss) on ordinary activities before taxation 2 (60) (32) (162) Tax on (loss)on ordinary activities 3 - - 54 -------------------------------------- Retained (loss) for the period (60) (32) (108) ====================================== Basic (loss) per ordinary share 4 (0.02) (0.013) (0.04) ======================================= Diluted (loss) per ordinary share 4 - - - ==================================== Consolidated Balance Sheet As at 31 October 2003 Notes At 31 October At 31 October At 30 April 2003 Unaudited 2002 Unaudited 2003 Audited #000 #000 #000 Fixed assets Intangible assets 90 101 106 Tangible assets 971 931 1,035 Investments 30 30 30 ---------------------------------- 1,091 1,062 1,171 Current assets Stocks 228 529 311 Debtors 446 313 349 Cash at bank and in hand 239 258 244 ---------------------------------- 913 1,100 904 Creditors:amounts falling due within one year (396) (418) (407) Net current assets 517 682 497 ---------------------------------- Total assets less current liabilities 1,608 1,744 1,668 ================================== Capital and reserves Share capital 2,530 2,530 2,530 Merger reserve 1,084 1,084 1,084 Special reserve - 460 - Profit and loss account (2,006) (2,330) (1,946) ----------------------------------- Shareholders'funds 8 1,608 1,744 1,668 =================================== Consolidated Cashflow Statement For the six months ended 31 October 2003 Notes 6 months ended 6 months ended Year ended 30 31 October 2003 31 October 2002 30 April 2003 Unaudited Unaudited Audited #000 #000 #000 Net cash inflow from operating activities 5 133 152 243 Return on investments and servicing of finance Interest received 2 10 12 ---------------------------------------- Net cash inflow from returns on investments and servicing of finance 2 10 12 Capital expenditure Purchase of tangible fixed assets (140) (78) (179) Proceeds of tangible fixed assets - - 14 -------------------------------------- (140) (78) (165) Acquisitions Purchase of business - (500) (500) Purchase of subsidiary undertaking - - (20) -------------------------------------- Net cash outflow from acquisitions - (500) (520) -------------------------------------- Management of liquid resources Sales/(Purchase) of short term deposits (42) 368 446 Increase/(Decrease) in cash 6 (47) (48) 16 ===================================== Notes to the Interim Statement 1. Basis of preparation The interim financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under the historical cost convention. The principal accounting policies have remained unchanged from those set out in the group's 2003 annual report and financial statements. The interim financial statements have been reviewed by the company's auditors. A copy of the auditors' review report is attached to this interim statement. 2. Segmental information 6 months ended 6 months ended Year ended 31 October 2003 31 October 2002 30 April 2003 Unaudited Unaudited Audited #000 #000 #000 Turnover Lotteryking 1,363 913 2,156 The Business Information Zone - - 2 ------------------------------------ Group turnover 1,363 913 2,158 ------------------------------------ (Loss) before taxation Lotteryking 224 182 356 The Business Information Zone (13) (23) 7 Common costs (273) (201) (537) ------------------------------------- (62) (42) (174) Net interest 2 10 12 ------------------------------------ Group (loss) before taxation (60) (32) (162) ===================================== Turnover arising outside the United Kingdom is not material. 3. Taxation No provision for taxation has been made due to the availability of losses. 4. Earnings per share The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares. Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. Earnings attributable to ordinary shareholders 6 months to 31 October 2003 Earnings #000 (60) Weighted average number of shares 253,017,391 Per share amount pence (0.02) ============ 6 months to 31 October 2002 Earnings #000 (32) Weighted average number of shares 253,017,391 Per share amount pence (0.01) =========== 12 months to 30 April 2003 Earnings #000 (108) Weighted average number of shares 253,017,391 Per share amount pence (0.04) =========== There is no diluted earnings per share as share options would not have a dilutive effect on the loss for the period 5. Net cash /inflow from operating activities 6 months ended 6 months ended Year ended 31 October 2003 31 October 2002 30 April 2003 Unaudited Unaudited Audited #000 #000 #000 Operating (loss) (62) (42) (174) Depreciation and amortisation 198 165 371 Loss on disposal of fixed assets 21 24 52 Decrease/(increase) in stock 83 (66) (84) (Increase) in debtors (97) (61) (43) (Decrease)/increase in creditors (10) 132 121 --------------------------------------- Net cash inflow from operating activities 133 152 243 ======================================= 6. Reconciliation of net cashflow to movement in net funds 6 months ended 6 months ended Year ended 31 October 2003 31 October 2002 30 April 2003 Unaudited Unaudited Audited #000 #000 #000 (Decrease)/increase in cash (47) (48) 16 Cash inflow from decrease in liquid reserves 42 (368) (446) ------------------------------------------ (5) (416) (430) ------------------------------------------- Net funds at 1 May 2003 244 674 674 ------------------------------------------ Net funds at 31 October 2003 239 258 244 ========================================== 7. Analysis of net funds At 1 May 2003 Cashflow At 31 October Audited Unaudited 2003 Unaudited #000 #000 #000 Cash at bank and in hand 142 (47) 95 Liquid resources - cash deposits 102 42 144 --------------------------------------------- 244 (5) 239 ============================================= 8. Reconciliation in movement of shareholders' funds 6 months ended 6 months ended Year ended 31 October 2003 31 October 2002 30 April 2003 Unaudited Unaudited Audited #000 #000 #000 (Loss) for the period and (decrease) in shareholders' funds (60) (32) (108) Opening shareholders'funds 1,668 1,776 1,776 ------------------------------------------- Closing shareholders'funds 1,608 1,744 1,668 =========================================== 9. Publication of non-statutory accounts The financial information set out in this interim statement does not constitute statutory accounts as defined by section 240 of the Companies Act 1985. The figures for the year ended 30 April 2003 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under section 237(2) of the Companies Act 1985. The interim report was approved by the Board on 5 December 2003. Copies of this interim statement will be sent to shareholders in due course. Further copies will be available from the company's nominated adviser, Smith & Williamson Corporate Finance Limited, No 1 Riding House Street, London W1A 3AS, free of charge, for one month from the date of this announcement. 5 December 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR EAXALEDDDFFE
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