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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gamingking | LSE:GGK | London | Ordinary Share | GB0005350524 | 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% | 0.775 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8566G Gamingking PLC 28 July 2006 GAMINGKING PLC PRELIMINARY RESULTS Headlines * Turnover exceeds #5m * Profit from operations increases from #17,000 to #112,000 * Cash increases by 27% * 3 acquisitions completed in the year * The integration of Kelly's Eye is now complete * Club View Network launched Chairman's Statement The financial results declared for the year ended 30 April 2006 include for the first time, the combined businesses of Lotteryking Limited and Kelly's Eye (No 1) Limited. As a consequence, year on year comparison becomes something of an academic exercise. Adding further confusion to the issue of comparison is the fact that prior to acquisition, Kelly's Eye traded as a private company, where the need for financial reporting was less demanding. However, drawing comparisons with Lotteryking Limited, pre acquisition, it is very encouraging to see turnover growing by 73% to #5.3m and the profit from operations increasing by #95,000 to #112,000. The financial results, which we believe show positive and solid progress, have been influenced by a number of factors, principally attributable to the Kelly's Eye acquisition. The integration of the two companies was somewhat more protracted than had been originally anticipated. There was an element of business disruption during the latter part of 2005, as the new Exchequer accounting system was introduced group wide. The tailoring of the Exchequer system, to meet the bespoke operating requirements of the company, was more complex than first envisaged. As a direct consequence, #50k worth of additional training and consultancy costs were incurred. These costs have been taken to the profit and loss account; a further #37,000 of post integration costs, mainly IT hardware, have been capitalised. As we anticipated, with the takeover of Kelly's Eye we have seen a fall in the group's gross margin percentage from 59.78% to 50.05%, which is primarily due to the fact that Kelly's Eye was selling at a much lower gross margin than Lotteryking. We expect that over the next twelve months that the margin will strengthen slightly given the improved buying power that we now command. The Kelly's Eye (No. 1) Limited acquisition was in part satisfied by an #800,000 loan from Barclays Bank and in the course of the year, #61,000 of interest charges have been incurred on this loan. Interest charges did not feature in previous years. The Buncefield Oil Terminal explosion on 11 December 2005 added to the trading disruption, with the Hemel Hempstead offices remaining inaccessible for a period of six days. An acquisition, followed by a programme of integration, can often be a prolonged process but our integration programme is now complete and there are early signs that benefits will accrue from the joint business. As I reported at the Interim, two other small but strategically important acquisitions were made during the year. The business interests of Club Gemini were acquired, the transaction satisfied via a cash payment. The Club Gemini acquisition secured a stream of club business in the northwest and prevented it from falling into competitor hands. Secondly the Group employed Paul Davidson. He had previously been a sole trader, trading under the name Independent Leisure Supplies. His employment brought his contracts and customers to the business. This helped strengthen our position in the northeast and has allowed the company to position a regional sales, service and distribution hub in the region. The company continues to exercise caution in relation to cash management, and the year-end net cash position of #613,000 represents a 27% improvement over the previous year. During the course of the year #386,000 worth of capital expenditure was incurred, principally on the production of new vending terminals. The value of receivables has risen sharply at the year end from #484,000 to #819,000, an increase that is in direct relation to the increase in turnover. Creditors (excluding loans) have risen from #406,000 at the previous year end to #996,000. Whilst these increases are symptoms of growth, both creditors and debtors are being carefully managed. All costs have been carefully controlled throughout the year with no significant increases. Group costs have remained static. Total equity in the company has risen by 31% to #2.7m and the earnings per share have risen from 0.015p to 0.017p. Looking ahead your Board remains committed to its objectives and will examine all opportunities to create shareholder value. Our current trading is showing some impact from the effects of the World Cup and the very warm weather but our expectation is that sales performance will improve over the coming months. A more detailed statement of the progress on current projects will be included in the published accounts. I would like to take the opportunity of thanking John Sanderson, who retired from the board in 2005, for his years of service to the Company and also to welcome Andrew Speak who has replaced John as non-executive director. Our employees have worked extremely hard throughout the year, rising to the challenges and supporting Group endeavours. I continue to be impressed by their commitment, enthusiasm and professionalism and extend grateful thanks to them all. Douglas Yates Chairman 27 July 2006 Consolidated income statement For the year ended 30 April 2006 2006 2005 #000 #000 Revenue 5,287 3,058 Cost of sales (2,641) (1,230) __________ __________ Gross profit 2,646 1,828 Administrative expenses (2,534) (1,811) __________ __________ Profit from operations 112 17 Finance costs (61) - Investment income 12 6 __________ __________ Profit before taxation 63 23 Income tax (expense)/credit (12) 15 __________ __________ Profit for the year 51 38 ======== ======== Earnings per share 0.017p 0.015p Basic earnings per share ======== ======== 0.017p 0.015p Diluted earnings per share ======== ======== Consolidated balance sheet As at 30 April 2006 2006 2005 #000 #000 Assets Non-current assets Intangible fixed assets 1,339 66 Property, plant and equipment 1,223 1,109 Deferred tax assets 39 77 ________ ________ 2,601 1,252 Current assets ________ ________ Inventories 426 235 Receivables and prepayments 835 484 Cash and cash equivalents 613 483 ________ ________ 1,874 1,202 ________ ________ Total assets 4,475 2,454 ======== ======== Liabilities Non-current liabilities Bank Loan 640 - Hire purchase 9 - ________ ________ 649 - ________ ________ Current liabilities Bank loan 160 - Hire purchase 4 - Trade and other payables 988 406 Current tax payable - - ________ ________ 1152 406 ________ ________ Total liabilities 1,801 406 ________ ________ Net assets 2,674 2,048 ======== ======== Equity attributable to equity holders of the parent Share capital 2,907 2,661 Share premium 173 173 Merger reserve 1,391 1,084 Retained earnings (1,797) (1,870) ________ ________ Total equity 2,674 2,048 ======== ======== Consolidated cash flow statement For the year ended 30 April 2006 2006 2005 #000 #000 Operating activities Results for the period before tax 63 23 Depreciation and amortisation 381 263 Equity settled share options 22 23 Loss on disposal of property, plant and 17 2 equipment Interest paid 61 - Interest received (12) (6) (Increase)/decrease in inventories (10) 62 Decrease/(increase) in receivables 22 (82) Increase in trade payables and other 124 43 liabilities Corporation tax paid (33) - ________ ________ Net cash from operating activities 635 328 Investing activities Additions to property plant and equipment (343) (439) Interest received 12 6 Purchase of businesses (913) - ________ ________ Net cash from investing activities (1,244) (433) Financing activities Proceeds from share issue - 303 Increase in bank loans 800 - Interest paid (61) - ________ ________ Net cash from financing activities 739 303 Cash and cash equivalents at the beginning 483 285 of the period Net increase in cash and cash equivalents 130 198 ________ ________ Cash and cash equivalents at end of the 613 483 period ________ ________ Consolidated statement of changes in equity For the year ended 30 April 2006 Share Share Merger Retained Total Capital Premium Reserve Earnings Equity #000 #000 #000 #000 #000 Balance at 1 May 2004 2,531 - 1,084 (1,931) 1,684 Profit for the year - - - 38 38 Shares issued 130 173 - - 303 Employee share based compensation - - - 23 23 ------- -------- ------- ------- ------- Balance at 30 April 2005 and 1 May 2005 2,661 173 1,084 (1,870) 2,048 Profit for the year - - - 51 51 Shares issued 246 - 307 - 553 Employee share based compensation - - - 22 22 ------- -------- ------- ------- ------- Balance at 30 April 2006 2,907 173 1,391 (1,797) 2,674 ------- -------- ------- ------- ------- Basis of preparation The financial statements have been prepared in accordance with IFRS adopted for used in the EU. The group has taken advantage of certain exemptions available under IFRS 1 "First-time adoption of International Financial Reporting Standards" as explained below: Business combinations The group has elected not to apply IFRS 3, Business Combinations, retrospectively to past business combinations prior to the date of transition. Share-based payment transactions The group has applied IFRS 2 share based payments retrospectively to equity instruments granted after 7 November 2002 and vesting on or after 1 January 2005. Profit from operations 2006 2005 #000 #000 Profit from operations has been arrived at after charging: Depreciation of property, plant and equipment - owned 356 259 - hire purchase 4 - Amortisation of intangibles 21 8 Property lease charges 122 64 Car lease rentals 71 65 Hire of plant and machinery 5 5 Loss on disposal of property, plant and equipment 17 2 Research and development costs 24 26 Share and share option costs 22 23 Auditor's remuneration: Audit services - year end audit 37 29 Audit services - interim review 8 8 Non-audit services 23 10 ========= ========= Investment income 2006 2005 #000 #000 Interest on bank deposits 12 6 ========= ========= Income tax expense 2006 2005 #000 #000 UK corporation tax at 19% (2005: 19%) and total current tax (16) - Origination and reversal of timing differences 28 (15) __________ __________ Total deferred tax 28 (15) __________ __________ Tax on profit on ordinary activities 12 (15) ========= ======== Unrelieved tax losses of approximately #190,000 (2005: #282,000) remain available to offset against future taxable trading profits. In addition the Group has capital losses of #3,107,000 (2005: #3,107,000), which can be offset against future capital gains. 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. 2006 2005 Weighted Per Weighted Per average Share average Share Earnings number of amount Earnings number of amount #000 shares pence #000 shares pence Basic Earnings per share Earnings attributable to ordinary shareholders 51 290,361,210 0.017 38 255,201,449 0.015 Dilutive effect of securities Options 2,680,332 3,395,522 Diluted Earnings per share 51 293,041,542 0.017 38 258,596,971 0.015 The preliminary statement of results has been reviewed and agreed with the Company's auditors, Grant Thornton UK LLP, who have indicated that they will be giving an unqualified opinion in their report on the statutory financial statements. Copies of the annual report and consolidated financial statements for the year ended 30 April 2006 will be sent to shareholders in due course. Further copies will be available from the Company's offices at Cedar House 56 Peregrine Road, Hainault, Essex IG6 3SZ. For further information contact: Catherine Bond; Seymour Pierce 020 7107 8000 Guy van Zwanenberg; Gamingking plc 0118 940 4924 This information is provided by RNS The company news service from the London Stock Exchange END FR GGGZNVNNGVZM
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