Inspired Gaming Share Discussion Threads

[waleriuszwatrobka] 28/7/2009 11:01

...just 4.25-4.75 ;-)

[pelleeds1980] 28/7/2009 10:59

Yeah it was in auction cant get a live price: no java capability on the work pc

[abcd1234] 28/7/2009 10:57

pelleeds ..that was a prob with the lse feed it looks like
% price now has been adjusted i think

[keya5000] 28/7/2009 10:56

Well I know I said momentum was building up last week and that this could be a recovery play of the recession.... but this has totally taken me by surprise!!!!!

[waleriuszwatrobka] 28/7/2009 10:53

...good point TI.

[topinfo] 28/7/2009 10:50

I know I thought that, they announce a contract and then some 28 mins later they say they have a bid approach. Did someone ring them after the contract announcement and ssay we want to take you over now or did they know about it in the first RNS, if so why didnt it come out together?

[waleriuszwatrobka] 28/7/2009 10:48

...weird to me is that they just announce few good contracts and suddenly there is a bid approach - don't know what to think about it !?!

[abcd1234] 28/7/2009 10:48

I am surprised this has not gone up further yet (on that rns )

off the radar a bit?

[topinfo] 28/7/2009 10:45

I wish I could still buy at the price ADVFN chart is saying above.

[nickcduk] 28/7/2009 10:44

Would guess it was the same bidders who were sniffing around a couple of months ago. Now funding markets are easier and general trading is ok they would probably be keen to pounce before a recovery works its way through. Any deal would probably require the pref holders to take a haircut on the £1 they are obliged to get. That would then leave a few crumbs on the table for the ord shareholders. They will need the ord votes to get the deal voted through ok. I think 15-20p would be enough to win the day. Hopefully it won't be a protracted bid period.

[mister md] 28/7/2009 10:33

takeover approach just announced - would have like to see this recover on its own - hopefully won't get taken out on the cheap

[waleriuszwatrobka] 28/7/2009 10:24

...missed the boat, heck ;-)

[loverat] 27/7/2009 15:45

I like a nice tight spread. Buys coming through now.

[loverat] 27/7/2009 09:09

Seems to be a fair amount of interest again today.

[waleriuszwatrobka] 24/7/2009 16:25

...maybe but so far it's stuck in blocks ;-)

[keya5000] 24/7/2009 11:52

Looking at the graphs ... I feel this is going to be one of the recovery plays of the recession!

[loverat] 21/7/2009 05:49

And a movement up yesterday. Let's see if the interest continues.

[keya5000] 20/7/2009 19:03

Looks like this is gaining a bit of momentum! Will watch closely!

[loverat] 07/7/2009 10:26

Looks a fairly decent statement in the circumstances and possible recovery play.

[nickcduk] 06/7/2009 07:37

Numbers still a little difficult to fathom due to seasonality but the commentary sounds bullish enough. Key concerns are bank covenants and they seem fairly relaxed on those. Strong seasonal period ahead combined with large cuts in capex should make a large dent in debt come next reporting period. Current trading seems to be ok. With lots more visits to holiday parks this year we should do quite well.

[someuwin] 06/7/2009 07:22

Inspired Gaming Group plc

('Inspired' or 'the Group')

Inspired Gaming Group, a leading player in the global Open SBGTM ('Server Based Gaming) market announces its results for the 28 weeks ended 11 April 2009.

Financial Highlights

* Continuing Operations (Betting and Street Gaming, Casino and Bingo, Leisure and Virtual Racing Systems Divisions)

* EBITDA1 of £13.1m, and adjusted operating profit2 of £0.8m (2008: £16.2m and £4.6m respectively).

* Trading resilient in most sectors. Decline principally due to the full year effect of a previously announced volume reduction last year in the LBO segment and weakness in Bowling Alleys.

* Reported loss before income tax (PBT) of £7.8m (2008: profit £0.5m). Adjusted PBT3 loss of £2.8m (2008: profit £1.1m).

* Reported basic loss per share of 1.9p (2008: loss 64.1p). Adjusted basic loss per share3 of 4.1p (2008: earnings 1.1p).

* Net senior debt (excluding Convertible Preference Shares) at 11 April 2009 of £66.0m (2008: £77.5m on a comparable basis). Cash on balance sheet at 11 April 2009 of £15.3m.

The period ends just prior to the start of peak Summer trading in the Leisure Arcades business and represents the seasonal low point for the Group's cash. Cash on the balance sheet at 6 June (the end of the last management accounting period) was approximately £18.0m and net debt was £63.3m. The Group has unutilised bank facilities of £7.0m as well as the ability to finance capital expenditure under finance lease facilities up to a maximum of £17.5m. The Directors remain comfortable with the Group's bank covenant headroom.


Strategic Highlights

* Several contract extensions, renewals and new business wins including:

* Agreement to roll out 5,700 new widescreen high-definition HD B2/3 ('Storm') terminals in William Hill which will replace Inspired's existing 'Rainmaker' terminals. Roll out accompanied by a one year contract extension to the end of 2012

* Agreement with Gala Bingo to deploy an additional 3,600 SBG bingo handheld terminals, with associated software and services, together with an improvement in the supply terms for the existing 2,900 SBG Bingo terminals.

* Strategic alliance with Gauselmann Group, Germany's largest machines operator and a leading terminal manufacturer. Provides Inspired with high quality, competitively priced terminals and opportunities to co-operate on SBG terminal and slot games provision in various European markets.

* Several new contracts and contract expansions in the Virtual Sports Division including Bet365 and new country launches with Stanleybet.

* Several contract extensions and renewals in Leisure Division including Bourne Leisure, the divisions largest customer (2 year extension to 2014).

* Following the disposal of the Pubs business, field and overhead costs in the continuing business have reduced by 15% at the time of the disposal to a current annualised run rate of approximately £42m. The full benefit of the cost reduction will take effect in the next financial year. Additionally, the Group expects to spend less than £18m in capital expenditure in the current year compared to £29m (continuing business only) in the previous financial year.

* SBG machines (owned and/or serviced) connected to the Group's OpenSBGTM platform closed the period at 16,780 up 5.9% from the closing number reported at 27 September 2008 of 15,849 (H1 2008: 13,866).

* Satisfaction of the second and final earn out net payment of £10.4m with the vendors of Red Vision Limited ('Red Vision') on 22 April 2009, by the issue of 10,375,754 new Convertible Preference Shares of 1p (redemption price £10,375,754).

Commenting on the announcement, Luke Alvarez, Chief Executive, said:

'FY09 is a year of consolidation for Inspired. Following the exit from Pubs, the Group is completely focused on growing incomes and service levels for our customers. We have substantially completed the restructuring processes that have occupied the management team over the past 18 months. We have streamlined operational practices, significantly reduced the cost base and released new products, which have been well received by players. This combination of innovative products and high service levels have led both to several key contract extensions / renewals across all 4 divisions and also a number of new contracts, which provide the basis for growth in FY10 onwards. The rollout of our new Storm terminal in William Hill and of our latest Bingo Handheld in Gala and the various new contracts and extensions in our Leisure and Virtual Sports divisions are signs of renewed momentum after the difficulties of 2008. Our manufacturing partnership with Gauselmann is an important step and we look forward to other areas of collaboration with them.

The trading performance of the Group is, as ever, second half weighted. The key market segments that we serve have proven to be resilient. Consequently, the Group's trading performance in the second half of the financial year is expected to be similar to that of the corresponding period of the previous financial year. The Directors also expect the current level of the Group's cash balances will be maintained throughout the remainder of the financial year even after scheduled debt amortisation payments (£4m) and pub closure costs (approximately £3m). This is the result of strong operating cash generation and a reduction in annual capital expenditure which is expected to be at least £10m lower than the previous financial year.

While the Board is ever mindful of current economic uncertainties, we believe that the Group has turned a corner and is well positioned to take advantage of its strong UK market position and leading SBG technology'

[loverat] 03/7/2009 20:26

What do you reckon they will be like nickcduk?

[nickcduk] 03/7/2009 12:37

Results are out in the next couple of weeks. Was expecting them on the 30th June but INGG have a weird reporting calendar. Hopefully they will be easy to read.

[onlythebest2] 03/7/2009 12:17

what's the nature of these convertible prefs? is there a lock-in?