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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Global Market | LSE:GMC | London | Ordinary Share | KYG3927E1145 | ORD USD0.0002 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Gaming Corporation PLC Gaming Corporation plc Interim Accounts Six months ended 31 March 2005 Highlights for the period: Turnover increased 80% to £9.9 Million for the 6 months ended 31st march 2005 (2004: £5.5 Million) Cash balances at the period end of over £10 Million (2004: £630,000) Gross profit increased 174% to £718,162 (2004: 261,804) Successfully raised £10 Million in an institutional placing in March 2005 Over 3 Million unique monthly visitors to the www.casino.co.uk portal in March 2005 (150,000: March 2004) Casino.co.uk ranked number 1 in the weekly Hitwise rankings for UK gambling sites Acquisition of Got2bet.com, a leading international gaming portal Launch of www.findpoker.com website, a poker portal Launch of Skillgaming.co.uk, a skill gaming site Recent Events: Launch of interactive mobile cash gaming service with Orange Acquisition of Gambling.com, the Number 1 gaming search engine Commenting on today's announcement, Justin Drummond, Chief executive, said: "The performance of the business since the start of the year has exceeded expectations. Route to market and customer acquisition is essential for any business and with the unprecedented growth of Casino.co.uk and our recent acquisition of Gambling.com, Gaming Corporation has consolidated its market leading position." "Gaming Corporation now has the largest gambling search portfolio in the world; our premier sites, gambling.com and casino.co.uk, are key customer acquisition sites to many of the world's largest gaming companies." For further information contact: Damion Greef, Communications Director, 07736 381 030 Trevor Phillips, Holborn PR, 020 7929 5599 Jason Drummond, Chairman, 020 7618 9000 Justin Drummond, Chief Executive, 020 7618 9000 Mark Ashurst. Canaccord Capital, 020 7518 2777 Gaming Corporation plc Interim Accounts Six months ended 31 March 2005 Chairman's Statement The Board of Gaming Corporation plc ("Gaming Corp" or "the Company"), the worlds largest online gaming search company and owner of gambling.com and casino.co.uk, announces interim results for the period ended 31st March 2005. Highlights for the period: Turnover increased 80% to £9.9 Million for the 6 months ended 31st march 2005 (2004: £5.5 Million) Cash balances at the period end of over £10 Million (2004: £630,000) Gross profit increased 174% to £718,162 (2004: 261,804) Successfully raised £10 Million in an institutional placing in March 2005 Over 3 Million unique monthly visitors to the www.casino.co.uk portal in March 2005 (150,000: March 2004) Casino.co.uk ranked number 1 in the weekly Hitwise rankings for UK gambling sites Acquisition of Got2bet.com, a leading international gaming portal Launch of www.findpoker.com website, a poker portal Launch of Skillgaming.co.uk, a skill gaming site Recent Events: Launch of interactive mobile cash gaming service with Orange Acquisition of Gambling.com, the Number 1 gaming search engine Financial Summary The results for the six months ended 31st March 2005 show consolidated turnover of £9,932,232 (2004: £5,525,329), gross profit of £718,162 (2004: £261,804), and a loss for the period of £52,576 (2004: loss of £385,915). At the end of the period, net assets were £11.8 million (2004: £1.7 million) and the net cash balance was £10.2 million (2004: £0.6 million). Current Trading and Prospects Gaming Corporation has made significant advances in both its financial performance and business since the beginning of 2005 and as impressive as these results may be, they do not reflect the financial impact of our recent growth, developments and acquisitions. The business has made monumental progress since the beginning of 2005: Corporate Following the appointment of Canaccord Capital (Europe) Limited as the Company's nominated adviser and broker, we raised £10 million in an institutional placing in March 2005. We have seen significant improvements in increased liquidity in the Company's shares and many leading financial institutions are now significant shareholders. Traffic: #1 The number of people who visit us has grown dramatically over the last year with over 4 million unique visits to our Group websites in March 2005. We have also experienced significant improvements in profitability after we changed our revenue model in January 2005 to "pay per click". Gambling.com Recently acquired by Gaming Corporation, Gambling.com has been the global leader in search for casino, poker, and sports betting sites since 1997. Income is primarily generated through pay per click advertising, where clients bid to reach higher rankings in the search results, as used by other search engines such as Google and Overture. The result of a search on google.com for 'gambling' gives Gambling.com as number 1. In addition, over 500 other global internet and affiliate sites link to the Gambling.com website. Gambling.com has extensive expertise in direct mailing and has built a double opt-in database of over 200,000 members. Gambling.com has an impressive track record of profitable growth but as part of Gaming Corporation and with the benefit of synergies together with cost savings, the board would expect this profitability to be enhanced significantly going forward. Casino.co.uk Casino.co.uk has continued to go from strength to strength, making a strong and profitable contribution to the Group since the start of 2005. Casino.co.uk is the most visited UK gaming site and has recorded over 3 Million unique visitors in March this year. The business operates as a portal, in a similar way to other internet sites such as 'Yahoo', earning income via pay per click third party advertising and also by operating its own branded services. Casino.co.uk offers a Casino as well as a Poker room and has recently launched instant win games and a skill gaming site. All areas of the Casino.co.uk business have grown rapidly since the beginning of 2005 and the board expects this trend to continue. Going forward we would expect a further improvement in operating margins due to improved commercial terms from software suppliers as a result of the critical mass the business has recently achieved. Mobile Gaming Business This newly formed division made a major breakthrough at the beginning of April with the announcement of the partnership with Orange. As with any new business, route to market is essential and Orange gives Gaming Corporation access to a very extensive customer base. This is exciting as a potential market place offering huge opportunities. Meanwhile negotiations continue with other mobile networks and Gaming Corporation is now extremely well positioned to gain substantial market share in the mobile gaming market. Further developments The Board continues to evaluate earnings enhancing acquisitions that will either extend the Company's geographical reach or present further opportunities to maximize the earnings potential of the Company's current gaming assets. It is the aim of the Board to build a portfolio of profitable gambling related websites with a presence in every major online gaming market. Gaming Corporation has assembled some of the best gambling assets in the world and will now leverage our undoubted expertise to drive profitability and create further shareholder value. Jason Drummond Chairman Group profit and loss account For the six months ended 31 March 2005 Six months Six months Year ended ended 31 ended 31 ended 30 March March September 2005 2004 2004 (unaudited) (unaudited) (audited) £ £ £ Turnover 9,932,231 5,525,329 12,945,245 Cost of sales (9,214,070) (5,263,525) (12,076,937) Gross profit 718,161 261,804 868,488 Selling and distribution costs (288,760) (138,734) (358,934) Administrative expenses: exceptional one-off acquisition costs - - (215,000) other administration expenses (515,108) (300,716) (793,447) goodwill amortisation - (210,341) (462,280) (515,108) (511,057) (1,470,727) Group operating loss (85,707) (387,987) (961,175) Interest receivable and similar income 33,878 5,076 19,020 Interest payable and similar charges (492) (3,110) (3,924) Loss on ordinary activities before taxation (52,321) (386,021) (946,079) Taxation - - 77,756 Loss on ordinary activities for the period (52,321) (386,021) (868,323) Minority interest (256) 106 277 Loss for the period attributable to members of the parent company (52,577) (385,915) (868,046) Loss per share - basic & diluted 0.03p 0.31p 0.58p Loss per share - adjusted 0.03p 0.14p 0.15p Group balance sheet As at 31 March 2005 As at As at As at 31 March 31 March 30 September 2005 2004 2004 (unaudited) (unaudited) (audited) £ £ £ Fixed assets Intangible assets 1,130,765 877,269 1,130,888 Tangible assets 226,404 141,491 168,260 1,357,169 1,018,760 1,299,148 Current assets Debtors 781,444 326,596 652,898 Cash at bank and in hand 10,237,496 629,496 1,020,178 11,018,940 956,092 1,673,076 Creditors: amounts falling due within one year (591,153) (313,046) (601,720) Net current assets 10,427,787 643,046 1,071,356 Net assets 11,784,956 1,661,806 2,370,504 Capital and reserves Called up share capital 4,428,857 3,202,357 3,702,357 Share premium account 10,442,609 1,011,334 1,702,334 Other reserve 1,422,065 1,422,065 1,422,065 Profit and loss account (4,506,550) (3,971,842) (4,453,973) Shareholders' funds 11,786,981 1,663,914 2,372,783 Minority interests (2,025) (2,108) (2,279) 11,784,956 1,661,806 2,370,504 Net asset value per ordinary share 4.58p 1.23p 1.28p Group statement of cash flows For the six months ended 31 March 2005 Six months Six months Year ended ended 31 ended 31 ended 30 March March September 2005 2004 2004 (unaudited) (unaudited) (audited) £ £ £ Net cash outflow from operating activities (98,638) (288,530) (616,170) Returns on investments and servicing of finance Interest received 33,878 5,076 19,020 Interest paid (492) (3,110) (3,924) 33,386 1,966 15,096 Taxation Corporation tax received - 56,658 56,658 Corporation tax paid (41,798) - - (41,798) 56,658 56,658 Capital expenditure Payments to acquire tangible fixed assets (22,610) (8,587) (53,576) (22,610) (8,587) (53,576) Acquisitions and disposals Acquisition of subsidiary undertakings - - (18,550) Acquisition of business (65,145) - - Net cash balance acquired with subsidiary undertaking - - 173,784 (65,145) - 155,234 Net cash outflow before management of liquid resources and financing (194,805) (238,493) (442,758) Management of liquid resources Bank deposits 750,000 - (750,000) Financing Issue of ordinary share capital 9,466,775 574,750 1,165,750 Increase/(decrease) in cash 10,021,970 336,257 (27,008) Group statement of cash flows For the six months ended 31 March 2005 Reconciliation of net cash flow to movement in net funds Six months Six months Year ended ended 31 ended 31 ended 30 March March September 2005 2004 2004 (unaudited) (unaudited) (audited) £ £ £ Increase/(decrease) in cash 10,021,970 336,257 (27,008) Cash flow from (decrease)/increase in liquid resources (750,000) - 750,000 Change in net funds resulting from cash flows 9,271,970 336,257 722,992 Net funds at 1 October 965,526 242,534 242,534 Net funds at 31 March (30 September) 10,237,496 578,791 965,526 Notes to the interim accounts 1. Basis of preparation The interim results for the six months ended 31 March 2005 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 2004 have been used in preparing the unaudited interim results for the 6 months ended 31 March 2004 except that the useful economic life of goodwill has been reviewed as explained below. 2. Goodwill The directors have reviewed the useful economic life of goodwill at 31 March 2005 for durability in accordance with the provisions of Financial Reporting Standard ('FRS') 10 and, as a consequence, no longer intend to provide for the systematic amortisation of the cost of goodwill. An impairment review has been carried out in accordance with FRS 10 which shows that the capitalised value of the cash flows derived from future income streams is greater than the carrying value shown in the Group's consolidated balance sheet at 31 March 2005. Impairment reviews will, in future, be carried out at the end of each reporting period. The non-amortisation of goodwill for the six month period to 31 March 2005 has had the effect of reducing the Group's operating loss for the period by approximately £260,000. 3. Loss and net asset value per ordinary share Six months Six months Year ended ended 31 ended 31 ended 30 March March September 2005 2004 2004 (unaudited) (unaudited) (audited) £ £ £ The calculation of loss per ordinary share is based on the effective weighted average number of shares in issue during the period 196,034,098 125,724,132 150,028,953 The adjusted loss per share is based on the loss after tax and before goodwill amortisation: Loss after tax and minority interests as reported 52,577 385,915 868,046 One off acquisition costs (less tax at 19%) - - (174,150) Goodwill - (210,341) (462,280) Loss before goodwill and one-off acquisition costs 52,577 175,574 231,616 The effect of the exercise of warrants in issue for the six months ended 31 March 2005 is anti-dilutive (March 2004, September 2004: no dilution). The calculation of net asset value per ordinary share is based on a net asset value of £11,784,956 (March 2004: £1,661,806, September 2004: £2,370,504) and 257,302,054 (March 2004: 134,802,054 , September 2004: 184,802,054 (2003: 106,665,690) ordinary shares in issue at 30 September 2004. 4. Notes to the statement of cash flows (a) Reconciliation of operating loss to net cash outflow from operating activities Six months Six months Year ended ended 31 ended 31 ended 30 March March September 2005 2004 2004 (unaudited) (unaudited) (audited) £ £ £ Operating loss (85,707) (387,987) (961,175) Depreciation 29,611 33,330 66,907 Amortisation of intangible fixed assets 123 - 607 Amortisation of goodwill - 210,341 462,280 (Increase)/decrease in debtors (128,547) (106,999) (219,204) Increase/(decrease) in creditors 85,882 (37,215) 34,415 (98,638) (288,530) (616,170) (b) Analysis of changes in net funds 1 October 31 March 30 September 31 March 2003 Movement 2004 Movement 2004 Movement 2005 £ £ £ £ £ £ £ Cash at bank and in hand 306,919 322,577 629,496 (359,318) 270,178 9,967,318 10,237,496 Bank overdrafts (64,385) 13,680 (50,705) (3,947) (54,652) 54,652 - Net cash 242,534 336,257 578,791 (363,265) 215,526 10,021,970 10,237,496 Liquid resources Bank deposits - - - 750,000 750,000 (750,000) - 242,534 336,257 578,791 386,735 965,526 9,271,970 10,237,496 5. Dividends The Directors are not declaring a dividend for the six months ended 31 March 2005. 6. 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, Third Floor, York House, 78 Queen Victoria Street, London EC4N 4SJ.
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