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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Gaming Corporation PLC
Gaming Corporation plc
Interim results for the six months ended 31 March 2006
The Board of Gaming Corporation plc, the leading gaming portal operator and
owner of gambling.com and casino.co.uk, is pleased to announce interim results
for the period ended 31 March 2006.
Financial Highlights
-- Profit after tax of £1.3 million (2005: loss of £0.1 million)
-- Gross profit increased 215% to £2.3 million (2005: £0.7 million)
-- Earnings per share of 0.47p (2005: loss of 0.03p)
-- Consolidated net assets of £16.1 million (2005: £11.8 million)
-- Cash balances at the period end of £3.9 million (2005: £10.2 million)
-- Results ahead of Management forecasts
Other Highlights
-- Contract with Vodafone to launch mobile gaming service
-- Search syndication deal with Gambling.co.uk network
-- Launch of Gambling.com magazine
-- Appointment of Paul Tuson as Group Finance Director
Commenting on the interim results, Justin Drummond, Chief Executive Officer,
said:
"Gaming Corp's half year performance has been very encouraging, endorsing the
strategy of focusing on our highly profitable portal and search engine
operations. The rapid pace of development has continued in 2006. The Group has
launched its syndicated search business with the Gambling.co.uk network and made
significant progress in the mobile gaming division through a partnership deal
with Vodafone".
Contacts:
Gaming Corporation plc Tel: +44 (0)20 7618 9000
Justin Drummond
Paul Tuson
Holborn PR Tel: +44 (0)20 7929 5599
Trevor Philips
Chairman's Statement
Introduction
The Board is pleased to present the interim results for the period ended 31
March 2006.
Financial review
The Group's results for the six months to 31 March 2006 were ahead of
management's forecasts. Gross profit increased by 215% to £2.3 million (2005:
£0.7 million) and the Group recorded a profit before tax of £1.3 million (2005:
loss of £0.1 million). Earnings per share improved to 0.45p (2005: loss of
0.03p) on a fully diluted basis, which was more than double the earnings per
share for the 12 months ended 30 September 2005.
The Group's net assets of £16.1m (30 September 2005: £14.8m) were strengthened
primarily from £1.1 million (2005: reduction of £0.1m) cash generated from
operating activities.
It is not the intention of the Directors to pay an interim dividend.
Portals and advertising
The portals and advertising division has grown considerably during the first
half of the financial year.
This growth has been largely due to technical improvement within the search
engine and the launch of the Gambling.com Syndicated Network. The Gambling.com
network distributes advertisers' listings to an even larger targeted audience by
incorporating Gambling.com's pay per click search functionality into third party
gambling portals.
The roll out plan for the syndicated network is already gaining traction having
signed the first major syndication contract with the Gambling.co.uk network, the
owner of Gambling.co.uk and Poker.co.uk.
Interactive gaming
The Group operates interactive gaming using mobiles and the Internet.
With respect to mobile gaming, the key event during the first half was a
contract with Vodafone UK, to launch a fully interactive mobile casino service
on Vodafone live!
The service includes 11 state of the art java games including Blackjack,
Roulette, Stud Poker, Slots and scratch cards, and will be available for both
practice and real cash play. Registration and deposits can be made via the
mobile handset.
This was a major advance for the Group which will bring further scale to our
mobile gaming operation. Having secured contracts with both Orange and Vodafone
we are confident that we can deliver further network operator deals within both
the UK and Europe.
As resources have focused on the higher margin mobile gaming, promotion of the
Group's Internet casino has reduced.
Board changes
Paul Tuson was appointed as Group Finance Director in April 2006; he has held
senior finance roles with a variety of successful technology and media
companies, including AIM listed Stream Group plc and Strategic Thought Group
plc.
Paul qualified as a chartered accountant in 1991 with KPMG.
Peter Williams and Damion Greef stepped down from the Board in April 2006 and
the Directors would like to thank them for their significant contribution to the
Group.
Trading outlook
The Board is particularly pleased with the performance of its gaming portal
business, which is delivering rapid organic growth and profits. With the planned
roll out of the search syndication already gaining momentum we are confident of
maintaining this profitable growth going forward.
The mobile gaming division although still in its infancy has very exiting
prospects having signed partnership deals with both Orange and Vodafone.
The Board continues to evaluate earnings enhancing acquisitions that will either
extend the Group's geographical reach or present further opportunities to
maximise the potential of the Group's current gaming assets.
Having achieved profit after tax of £1.3 million, equating to earnings per share
of 0.47p, the Board is confident that Gaming Corporation plc is now well
positioned to deliver further profitable growth.
Jason Drummond
Chairman
Consolidated profit and loss account
for the six months ended 31 March 2006
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Turnover 5,320 9,932 18,963
Cost of sales (3,061) (9,214) (16,276)
--------- ---------- ----------
Gross profit 2,259 718 2,687
Selling and distribution costs (117) (289) (785)
Administrative expenses:
exceptional one-off acquisition costs - - (238)
other administrative expenses (907) (515) (1,311)
---------- ---------- ----------
(907) (515) (1,549)
---------- ---------- ----------
Total operating profit/(loss) 1,235 (86) 353
Interest receivable and similar income 66 34 112
Interest payable and similar charges - - (20)
---------- ---------- ----------
Profit/(loss) on ordinary activities before
taxation 1,301 (52) 445
Taxation (note 3) - - 31
---------- ---------- ----------
Profit/(loss) on ordinary activities after
taxation 1,301 (52) 476
Minority interest - - -
---------- ---------- ----------
Profit/(loss) for the period attributable to
members of the parent company 1,301 (52) 476
====== ====== ======
Profit/(loss) per share (note 4)
Basic 0.47p (0.03p) 0.20p
Diluted 0.45p (0.03p) 0.19p
====== ====== ======
All operations are classified as continuing.
There are no recognised gains or losses other than those shown in the
consolidated profit and loss account above.
Consolidated balance sheet
as at 31 March 2006
As at 31 As at 31 As at 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Intangible assets 11,563 1,131 11,557
Tangible assets 290 226 253
--------- --------- ---------
11,853 1,357 11,810
Current assets
Debtors 867 781 1,001
Cash at bank and in hand 3,886 10,238 2,809
--------- --------- ----------
4,753 11,019 3,810
Creditors: amounts falling due within one year (484) (591) (825)
--------- --------- ----------
Net current assets 4,269 10,428 2,985
Net assets 16,122 11,785 14,795
====== ====== ======
Capital and reserves
Called up share capital 4,614 4,429 4,604
Share premium account 12,766 10,443 12,749
Other reserve 1,422 1,422 1,422
Profit and loss account (2,678) (4,507) (3,978)
---------- ---------- ----------
Shareholders' funds 16,124 11,787 14,797
Minority interests (2) (2) (2)
---------- ---------- ----------
Total equity shareholders' funds 16,122 11,785 14,795
====== ====== ======
Net assets per ordinary share 5.9p 4.6p 5.4p
=== === ===
*T
Consolidated cash flow statements
for the six months ended 31 March 2005
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash inflow/(outflow) from
operating activities (note 5) 1,087 99 381
Returns on investments and servicing of finance
Interest received 65 34 112
Interest paid - - (20)
--------- --------- ----------
65 34 92
Taxation
Corporation tax received - - -
Corporation tax paid - (42) -
--------- --------- ----------
- (42) -
Capital expenditure
Payments to acquire tangible fixed assets (96) (23) (152)
Payments to acquire intangible fixed assets - - (2,640)
--------- --------- ----------
(96) (23) (2,792)
Acquisitions and disposals
Acquisition of subsidiary undertakings and business (6) (65) (5,752)
Net cash balance acquired with subsidiary - - 442
--------- --------- ----------
(6) (65) (5,310)
Net cash inflow/(outflow) before management of
liquid resources and financing 1,050 (195) (7,629)
Management of liquid resources
Bank deposits - 750 -
Financing
Issue of ordinary share capital 27 9,467 9,472
--------- --------- ----------
Increase in cash 1,077 10,022 1,843
====== ====== ======
Reconciliation of net cash flow to movement in net funds
for the six months ended 31 March 2006
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
unaudited) (unaudited) (audited)
£'000 £'000 £'000
Increase in cash 1,077 10,022 1,843
Cash flow from decrease in liquid resources - (750) -
--------- --------- ----------
Change in net funds resulting from cash flows 1,077 9,272 1,843
Opening net funds 2,809 966 966
--------- --------- ----------
Closing net funds 3,886 10,238 2,809
====== ====== ======
Notes to the accounts
1. Basis of preparation
The interim results for the six months ended 31 March 2006 have not been audited
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 2005 have been used in preparing the unaudited
interim results for the 6 months ended 31 March 2006.
2. Segmental analyses
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Turnover analysis by business segment:
Portals and advertising 2,859 1,058 3,173
Interactive gaming 2,461 8,874 15,790
--------- --------- ----------
5,320 9,932 18,963
====== ====== ======
Profit/(loss) before tax by business segment:
Portals and advertising 1,306 6 561
Interactive gaming (5) (58) (116)
--------- --------- ----------
1,301 (52) 445
====== ====== ======
3. Taxation
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current taxation - - (4)
Deferred taxation - - (27)
--------- --------- ----------
- - (31)
====== ====== ======
The anticipated effective rate of corporation tax for the year ending 31 March
2006 is 0%. Therefore the effective rate of corporation tax for the period is
lower (2005: lower) than the standard rate of corporation tax in the UK of 30%
(2005) 30%, which is primarily because of carried forward trade losses.
The Group has a deferred tax asset of £227,000 (2005: £227,000).
4. Earnings per ordinary share
Six months Six months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit/(loss) attributable to shareholders 1,301 (53) 476
Thousands Thousands Thousands
Weighted average number of shares in issue 275,464 196,035 234,383
Dilution effect of warrants 16,700 - 17,700
--------- --------- ----------
Diluted weighted average number of shares in issue 292,164 196,035 252,083
Basic earnings/(loss) per share 0.47p (0.03p) 0.20p
Diluted earnings/(loss) per share 0.45p (0.03p) 0.19p
Basic earnings per share is calculated on the results attributable to ordinary
shareholders divided by the weighted average number of shares in issue during
the period.
Diluted earnings per share calculations reflect the dilutive effect of
unexercised warrants. The dilution effect of warrants on the weighted average
number of shares in issue reflects those warrants with an exercise price lower
than the prevailing share price of the Company at the end of the period.
The effective of the exercise of warrants in issue for the six months ended 31
March 2005 was anti-dilutive.
5. Notes to the statement of cash flows
Reconciliation of operating loss to net cash outflow from operating activities
Six monthsSix months Year
ended 31 ended 31 ended 30
March March September
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating profit/(loss) 1,235 (86) 353
Depreciation 59 30 67
Decrease/(increase) in debtors 134 (129) (317)
(Decrease)/increase in creditors (341) 86 278
---------- ---------- ----------
1,087 (99) 381
====== ====== ======
5. Dividends
The Directors do not recommend the payment of an interim dividend.
6. Copies of interim results
Copies are available at the GroupĀ“s web site at www.gamingcorp.net. Copies may
also be obtained from the GroupĀ“s registered office: Gaming Corporation plc,
Ground Floor, 77 Queen Victoria Street, London EC4N 4SJ.
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