Neville Porter (NEV) Share Price

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Neville Porter	LSE:NEV	London	Ordinary Share	GB00B1KKFP62	ORD 0.0444P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	0.00	0.00%	0.10	0.00	00:00:00

Last Trade Time	Trade Type	Trade Size	Trade Price	Currency
-	O	0	0.10	GBX

Neville Porter (NEV) Share Charts 1 Year Neville Porter Chart
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Date	Time	Title	Posts
27/8/2008	16:03	Neville is my friend.	87
15/12/2005	10:03	Nevada business Links	-
08/5/2003	22:09	NEVADA AND BOMFIN AND THEIR SECRET WAR AGENDA	13

Top Posts
Posted at 27/8/2008 16:03 by double6 Amazing dilution! 1 share for every 1,000 previously held! Well - you win some, you lose some. And if Leo's involved..... Read Full Thread Reply
Posted at 03/4/2008 11:39 by wavydavy22 The bottom for Nev Porter is bust. This will happen it is only a matter of time. Read Full Thread Reply
Posted at 03/4/2008 10:15 by double6 What price the bottom here ? 0p? Nearly there! Read Full Thread Reply
Posted at 01/4/2008 14:36 by wavydavy22 0.3p mid price and still distressed sellers appear. What a basket case and to think these were ramped at over 2p. Madness. Read Full Thread Reply
Posted at 23/1/2008 17:58 by oranges Despite recent market falls, this share has held steady, good equities withstand a turbulent market! Read Full Thread Reply
Posted at 20/1/2008 20:23 by oranges Dont be so pessamistic, good times are here, figures will be out soon, dividend will be excellent, drive price right up I hope, this is a ten bagger. Read Full Thread Reply
Posted at 28/12/2007 10:54 by liveinhope "NEV" made it into FT today. Article on page 16. For once I feel sorry for the colourful on-course bookmakers as their livelihoods could be be taken away through no fault of their own and with no recompense for their investment in pitches bought. Read Full Thread Reply
Posted at 28/12/2007 09:04 by trigger45 Well they are out and it's clear they face a massive challenge for the future. Neville Porter plc ("Neville Porter", the "Company" or the "Group") Final Results Neville Porter plc, (AIM: NEV), the quoted on-course and off-course bookmaker, announces today its first preliminary results as an AIM quoted company for the period ended 30 June 2007. Highlights · Revenues of £6,672,805 for the seven-month period to 30 June 2007 · Revenues of £3,569,678 from call-centre operations (opened in April 2007) · Acquired prime pitches at Leopardstown and Galway expanding on-course operations into Ireland · Acquired prime pitches at Cheltenham and Kelso in the UK · Proposed changes to the current pitch system from 2012, leads to prudent write-down of £552,040 for impairment of assets · Loss of £360,714 before write down for the impairment of assets for seven-month period to 30 June 2007, new call centre operations expanded rapidly but contribute £265,173 to the loss · Report and Accounts to be sent to shareholders on 31 December 2007 and available on website, www.nevilleporter.plc.uk, from then The Company expects to send its Annual Report and Accounts to shareholders on 31 December 2007, and they will be posted on its website www.nevilleporter.plc.uk on that date. Contact details: Neville Porter plc David Soley Chairman 08000 223388 SVS Securities plc Richard Morrison Peter Manfield 020 7638 5600 Blomfield Corporate Finance Ltd Nick Harriss 020 7512 0191 Chairman's statement These are interesting times for the Company, and I am pleased to welcome you to our first report and accounts as an AIM-quoted public company. The period to 30 June represents just four months post-flotation and seven months from the formation of the group. Comprising the combined businesses of the Neville Porter On-Course Betting partnership - which traces its roots back 28 years to the beginning of Neville's career in bookmaking - and the off-course betting operation and racecourse pitches of DN Porter Racing Limited and Neville Porter Racing Limited, the Group is proudly continuing the tradition of operations in prime locations at leading horse racing courses in the UK (recently extended to Ireland) combined with our new telephone and internet betting operations. On 28 February 2007, the Company's shares were successfully admitted to trading on the AIM Market of the London Stock Exchange, raising £865,000 before expenses, of which £400,000 was earmarked for the acquisition of two pitches in Ireland, the purchase of which was subsequently concluded successfully. Financial Results In its first period of trading, the Group made an operating loss of £912,754 on turnover of £6,672,805, the result being mostly attributable to the board adopting a prudent view of the value placed on our UK pitches, and the development of the new call-centre business with a partial impact of adverse trading conditions. The Directors are not recommending the payment of a dividend. Trading Review Our focus since flotation has been to expand on-course operations and to develop our off-course betting operations and thus grow from an inherited business that had a presence at 179 race meetings in the year to June 2006 to a business that accepts bets on all UK horse racing fixtures as well as other popular sports such as football, cricket and greyhound racing. Since the flotation, the Group has acquired pitches at Leopardstown, Galway, Cheltenham and Kelso, enabling us to widen the representation to 43 racecourse pitches, and we were present at 80 race meetings in the seven months to 30 June 2007. The Group disposed of non-core pitches at Carlisle National Hunt and Wetherby to concentrate on the more popular venues. In line with recent legislative developments, we are writing down our UK pitches by 60% at June 2007 with a further 10% in each of the following four years. The new call-centre at Birtley, County Durham, for which the flotation was in part to raise the capital to set up, has in terms of number of bets and stakes placed been well in excess of projections, all at competitive odds. The typical number of bets per week - telephone and internet combined - is around 2,000, with an average bet size of £50, and though horseracing dominates, bets are being received across a broad spectrum of sports. Substantial sums have been expended on the call-centre since the year end, doubling its size to enable further development to take place. We have also engaged a specialist marketing company to attract off-course bets, but due to continued losses at our off-course operations we are considering all options for this side of the business. In our first period of trading, to 30 June 2007, the Group took bets of £6,672,805, split 47%:53% between on-course and off-course respectively. The Market The gaming sector has been prominent for many years, with horseracing firmly entrenched with the public as the main sport on which bets are placed. We saw the constant evolution of technology as an opportunity to expand our reach beyond our loyal on-course following to those potential customers based at home or at work who wish to place bets, and furthermore we extended our reach into other sports too. The European parliament and politicians here in the UK continue to recognise the need for regulated betting platforms, and responsible betting by the adult population, and the Group encourages this. In a market dominated by several well-known bookmaking firms, the Company is carving out a reputation as an increasing force, partly as a result of brand awareness campaigns including advertising in the racing industry press. The Group also benefited from the high profile of Neville personally, which included features in the national press. It has been pleasing to hear about the support for Neville and the company in the Newcastle area, where our roots are firmly established, and I'd like to particularly welcome to the shareholders list those members of the public based there. Following moves arising from a recent parliamentary select committee meeting, which seeks to allow racecourse owners to charge bookmakers to attend race days, withdrawing the current pitch system from 2012, we continue to support the efforts of the Federation of Racecourse Bookmakers (FRB) against the Racecourse Association (RCA). We hope that an acceptable solution will be reached soon and the current uncertainty will be clarified, and hope to restore the value of our pitches. In the meantime, the Board following discussions with the auditors and nominated adviser has adopted what it believes to be a sensible position for the carrying value of the UK pitches for the purposes of these accounts, in accordance with IAS 36, with an immediate 60% impairment. The impact of this write-down is to reduce profits by £552,040 and to commence a policy whereby the remaining 40% will be amortised equally over the next four years. The Irish pitches are unaffected by these changes. We believe that trading in UK pitches will recommence in the New Year and that an active market will be there, even if at reduced values, and we will be able to reassess the pitch values next year. Board of Directors I believe that the Group has an excellent team to take the Company forward. The founding Directors, Neville Porter and Brian Morton, both have many years' experience in the betting industry; Neville in particular is a well-known name at UK racecourses with a loyal following of people who know him as friendly and honest, offering better odds than many rival bookmakers. I have worked with Brian Morton in the past and I was delighted to be asked to join him and Neville Porter on the Board. Our Finance Director, Simon Walters, brings a wealth of professional expertise to the Company. Finally, our non-executive director, Arthur Baker, has many years of corporate experience in the leisure industry, and I am grateful to him for the wisdom of his counsel. Executives and Staff The majority of our on-course staff are self-employed consultants, but they have many years of service and demonstrate a commitment for which the Group is grateful. I am also grateful to the call-centre staff at Birtley who showed such support both to me and the rest of the Board during this first trading period. Outlook The Company hopes to create a gaming business operating both within the UK and overseas. Opportunities exist to grow the group both organically and through the acquisition of other UK-based sports-betting companies. We will keep shareholders informed of progress of the Group in the months ahead. David Soley Chairman Operating and Financial Review I am pleased to present my first report of the Company. As highlighted in the Chairman's Report, in February this year the Company had a successful flotation on the London Stock Exchange's AIM market, raising £865,000 before expenses. In line with expansion plans set out in our Admission Document at the time of flotation, we have invested considerable sums in setting up our office and call-centre in Birtley, County Durham. We also acquired pitches at courses in Leopardstown and Galway in Ireland, together with other UK pitches since the year end such as Royal Ascot and Newcastle. Our acquisition of pitches is an indication that we're hopeful these will remain valued assets for the foreseeable future. These on-course investments will enable us to increase our presence in the Irish market, where racecourse attendance is high and where margins are traditionally better than in England and Scotland, thus assisting in reaching the next stage in our growth plans. Since flotation, a pitch at Cheltenham for the festivals which are held in November and March each year has been acquired, increasing the potential number of days traded by seven, and we also bought a pitch at Kelso. We sold pitches at Carlisle and Wetherby, having concluded that there was insufficient scope for profitable representation at enough race days to make them worthwhile assets. £3,103,127 (of which £755,619 was from the Irish pitches), being some 47% of our total revenue of £6,672,805, was generated from our on-course pitches, which exceeded our forecasts by 30%, but resulted in an operating loss of £544,686. The number of bets taken at race days varied from course to course, was heavily dependent on the weather, and is usually higher at weekends than on weekdays, but an average of 1,200 bets per day and average bet-size of £30 is usual. We signed a lease over premises in Birtley where the Company's head office and telephone broking operation is based, and has now been actively trading from there for some months. An indication of the extent of our call-centre and internet trading is the fact that we've already extended operations into an adjoining unit, doubling our trading space, enabling us to recruit additional staff and to lengthen opening hours to cover evening race meetings and bets on football, rugby, golf, greyhound racing and other sports. Although our call-centre and internet operations were trading for only three months of the financial period, £3,569,678, being 53% of our revenue for the period, was generated from these operations. In excess of 90% of bets taken were staked on horseracing. This rapid take-up confirmed our belief that trusted operators are able to successfully tap into a huge market through these channels. We are members of several betting comparison websites, which drives considerable horse race betting to us. We have struggled with margins, as some punters placed considerable successful bets, and an operating loss of £265,173 resulted. This was in line with the poor performance announced by many bookmakers during the first half of 2007. We have since streamlined our client base and the betting patterns of remote gamblers provided us with valuable information which changed our behaviour at the track side but is not reflected in these margins. Since the period end, a number of strategies including different marketing campaigns and significant investment in technology to know our customer have been implemented to try to improve margins. We have completed a classification programme to categorise all our clients. In addition, we have engaged the services of a specialist internet sports-betting marketing consultancy to increase our profile and awareness. These actions should result in an improvement in margins. Revenues in the first five months of the current financial year have remained strong with an average of 2,000 off-course bets per week from approximately 1,500 registered users. Registrations continue to increase in number every day, as we diversify our base of registrants and expand our range of sports. We continue to work hard to make a success from this revenue stream and will be taking action in the near term to achieve this goal. Brian Morton intends to lend the Company up to £300,000 with a first charge over the pitches of the Company. This loan may be required to provide working capital facilities to the Company during the period when there is little on-course racing and we as a Group are dependent upon the revenues from our off-course operations. I would welcome all shareholders to attend the forthcoming Annual General Meeting which will be held in January 2008, and I thank them for their support. Neville Porter Chief Executive Officer NEVILLE PORTER PLC CONSOLIDATED INCOME STATEMENT FOR THE PERIOD FROM 27 OCTOBER 2006 TO 30 JUNE 2007 2007 Note £ Revenue 5 6,672,805 Cost of sales 6,624,980 ________ Gross profit 47,825 Administrative expenses (961,029) Other income 17 300 ________ Operating loss 14 (912,904) Finance income 18 367 Finance costs 18 (217) ______________ Net financing income 18 150 Loss before taxation (912,754) Taxation 19 _______ Loss for the period (912,754) _______ Attributable to: Equity holders of the Company (912,754) _______ Loss per share attributable to the equity holders of the Company during the period (expressed in pence per share): Basic 20 (0.712)p All amounts relate to continuing operations. The following notes 1 to 26 form part of these financial statements CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007 2007 Note £ ASSETS Non-current assets Intangible assets 6 805,977 Property, plant and equipment 7 95,834 ________ 901,811 ________ Current assets Trade and other receivables 9 120,953 Cash and cash equivalents 10 202,401 ________ 323,354 ________ LIABILITIES Current liabilities Trade and other payables 12 459,744 Borrowings 13 65,298 ________ 525,042 ________ Net assets 700,123 ________ EQUITY Capital and reserves attributable to equity holders of the Group Share capital 11 76,714 Share premium 1,536,163 Retained loss (912,754) ________ 700,123 ________ These financial statements were approved and authorised for issue by the Board of Directors on 21 December 2007. The following notes 1 to 26 form part of these financial statements CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD FROM 27 OCTOBER 2006 TO 30 JUNE 2007 2007 Note £ Cash flows from operating activities before changes in working capital and provisions Loss before tax for the period (912,754) Depreciation, amortisation and impairment 563,335 Increase in trade and other receivables 9 (120,953) Increase in trade and other payables 12 459,744 ________ Net cash absorbed by operating activities (10,628) ________ Cash flows from investing activities Investment in intangible fixed assets (375,067) Investment in tangible fixed assets (95,079) ________ Net cash absorbed by investing activities (470,146) ________ Cash flows from financing activities Proceeds from issue of share capital 617,877 ________ Net cash from financing activities 617,877 ________ Net increase in cash and cash equivalents 137,103 Cash and cash equivalents at 27 October 2006 ________ Cash and cash equivalents at 30 June 2007 10 137,103 ________ The following notes 1 to 26 form part of these financial statements CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2007 Share Share Retained Total Capital Premium Loss Equity £ £ £ £ Balance at 27 October 2006 - - - - Loss after tax for the period - - (912,754) (912,754) Total recognised in income and expenses - - (912,754) (912,754) Shares issued in the period 76,714 - - 76,714 Premium arising on shares issued in the period - 1,790,797 - 1,790,797 Share issue expenses in the period - (254,634) - (254,634) Balance at 30 June 2007 attributable to equity shareholders 76,714 1,536,163 (912,754) 700,123 Share capital is the amount subscribed for shares at nominal value. Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses. Share issue expenses in the period ended 30 June 2007 comprise a proportion of the costs incurred in respect of the initial public offering on the London Stock Exchange's Alternative Investment Market. Retained loss represents the cumulative loss of the Group attributable to equity shareholders. The following notes 1 to 26 form part of these financial statements NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1. General information Neville Porter Plc (the Company) and its subsidiaries (together, the Group) offers bookmaking services at various racecourses throughout the United Kingdom and the Republic of Ireland and via telephone and the internet from its call centre in County Durham. During the period, the Company acquired ownership of the racecourse pitches, business and computer equipment from the Neville Porter On-Course Betting partnership, previously owned by several Directors of the Company (full details are shown in note 23 of the financial statements). The Company is a public limited company quoted on the Alternative Investment Market of the London Stock Exchange, and resident in England and Wales. The address of its registered office is 8 Pepper Street, London, E14 9RP. 2. Basis of preparation and accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied, unless otherwise stated. The consolidated financial statements of Neville Porter Plc have been prepared in accordance with International Financial Reporting Standards (IFRSs). The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Those areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. (a) Interpretations to existing standards that are not yet effective and have not been adopted early by the Group The following interpretations to existing standards have been published that are mandatory for the Group's accounting periods beginning on or after 1 May 2006 or later periods but that the Group has not adopted early: · IFRIC 8, Scope of IFRS 2 (effective for annual periods beginning on or after 1 May 2006). IFRIC 8 requires consideration of transactions involving the issuance of equity instruments - where the identifiable consideration received is far less than the fair value of the equity instruments issued - to establish whether or not they fall within the scope of IFRS 2. The Group will apply IFRIC 8 from 1 July 2007, but it is not expected to have any impact on the Group's accounts; and · IFRIC 10, Interim Financial Reporting and Impairment (effective for annual periods beginning on or after 1 November 2006). IFRIC 10 prohibits the impairment losses recognised in an interim period on goodwill, investments in equity instruments and investments in financial assets carried at cost to be reversed at a subsequent balance sheet date. The Group will apply IFRIC 10 from 1 July 2007, but it is not expected to have any impact on the Group's accounts. (b) Interpretations to existing standards that are not yet effective and not relevant for the Group's operations · IFRIC 7, Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies (effective from 1 March 2006). IFRIC 7 provides guidance on how to apply the requirements of IAS 29 in a reporting period in which an entity identifies the existence of hyperinflation in the economy of its functional currency, when the economy was not hyperinflationary in the prior period. As none of the Group entities have a currency of a hyperinflationary economy as its functional currency, IFRIC 7 is not relevant to the Group's operations; and · IFRIC 9, Reassessment of Embedded Derivatives (effective for annual periods beginning on or after 1 June 2006). IFRIC 9 requires an entity to assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to a contract. Subsequent reassessment is prohibited unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be required under the contract, in which case reassessment is required. As none of the Group entities have changed the terms of their contracts, IFRIC 9 is not relevant to the Group's operations. 2.1 Consolidation Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The Group uses the purchase method of accounting to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of the minority interest. The excess of the cost of acquisition over the fair value of the Group's share of identifiable assets is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed (where necessary) to ensure consistency with the policies adopted by the Group. 2.2 Segment reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and return that are different from those segments operating in other economic environments. 2.3 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Pounds Sterling (£), which is the Company's functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. 2.4 Plant, property and equipment Tangible fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Costs may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases. Management may choose to keep these gains/losses in equity until the acquired asset affects profit or loss. At this time, management should reclassify the gains/losses in profit or loss. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their useful economic lives, as follows: · Fixtures, fittings and equipment 4 years The assets' residual values and useful economic lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within other (losses)/gains in the income statement. When revalued assets are sold, the amounts included in other reserves are transferred to retained earnings. 2.5 Goodwill Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the Group's interest in the net fair value of the separately identifiable assets, liabilities and contingent liabilities of a subsidiary at the date of acquisition. In accordance with IFRS 3 Business Combinations, goodwill is not amortised but reviewed annually for impairment and as such, is stated at cost less any provision for impairment of value. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On acquisition, any goodwill acquired is allocated to cash generating units for the purposes of impairment testing. Where goodwill forms part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. 2.6 Intangible assets Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition. The costs relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met. Other expenditure is charged against profit in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of these intangible assets are assessed to be either finite or indefinite. Where amortisation is charged on assets with finite lives, this expense is taken to the income statement. Useful lives are also reviewed on an annual basis. Intangible assets with indefinite lives are tested for impairment annually, either on an individual or cash generating unit level. The Irish pitches and the goodwill are considered to have indefinite durability that can be demonstrated and their value can be readily measured. The business operates in a longstanding and profitable market sector, which continues to grow, and the directors consider that there are barriers to entry, such as lack of availability of pitches to new entrants and the requirement to obtain a betting licence, to sustain the value of Irish intangible assets. The income stream from each pitch and each business acquisition is separately recorded, hence each asset can be valued on a discounted cash flow basis. Following proposals currently under discussion, which were recently presented to a parliamentary select committee, it is possible that the present UK system will be abolished by 2012, with no certainty that the pitches will retain any value. The directors have therefore written down the UK pitches by 60% and propose a further 10% impairment in each of the four years to 30 June 2011. This does not affect the Irish pitches, which are shown at cost. 2.7 Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments are considered indicators that the trade receivable is impaired. 2.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. 2.9 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 2.10 Share premium Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares net of share issue expenses. 2.11 Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2.12 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. 2.13 Taxation Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the balance sheet date together with any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. 2.14 Revenue recognition Revenue is the consideration received or receivable from customers for bets placed during the period in the normal course of business less any amounts arising in respect of open betting positions. 2.15 Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement. 3. Risk and sensitivity analysis The Group's activities expose it to a variety of financial risks: interest rate risk, liquidity risk, foreign currency risk and capital risk. The Group's activities also expose it to non-financial risks: market risk, regulatory and legislative risk, bookmaking risk, and technological risk. The Group's overall risk management programme focuses on unpredictability and seeks to minimise the potential adverse effects on the Group's financial performance. The Board, on a regular basis, reviews key risks and, where appropriate, actions are taken to mitigate the key risks identified. 3.1 Interest rate and foreign currency risk The Group does not have formal policies on interest rate risk or foreign currency risk. However, the Group's exposure in these areas (as at the balance sheet date) was minimal. 3.2 Liquidity risk The Group prepares periodic working capital forecasts for the foreseeable future, allowing an assessment of the cash requirements of the Group, to manage liquidity risk. The directors have considered the risk posed by liquidity and are satisfied that there is sufficient growth and equity in the Group. 3.3 Capital risk The Group's objectives when managing capital are to safeguard the ability to continue as a going concern in order to provide returns for shareholders and benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. 3.4 Market risk A number of macro-level risks exist which could adversely impact upon the on-course and remote businesses. These include: economic, consumer and environmental factors which could reduce customers' disposable income. Revenue and operating results may vary significantly from period to period, and an impairment or inability to maintain and enhance the brand could adversely impact on results. Competition from existing or new entrants could have an adverse effect on results or, as the betting and gaming sector is a highly competitive environment for recruitment and retention of key personal, this may also have an adverse effect on results. 3.5 Regulatory and legislative risk Regulatory, legislative and fiscal regimes for betting and gaming are subject to change, sometimes at short notice. Such changes could have an adverse effect on results and additional costs might be incurred in order to comply with any new laws and regulations. The Group monitors legislative and regulatory developments closely, which allows quick assessment and adoption of changes in the environment and subsequently minimises risk to the business. 3.6 Bookmaking risk The potential risk of losses that could be incurred in relation to each fixed-odds betting outcome is managed by the application of limits on individual bets and customer returns each day. Customer betting patterns, particularly with regard to those who bet large stakes, the outcome of individual events or a prolonged period of good or bad results could have a material effect on the operating results. 3.7 Technological risk Technology is key to the success of the Group's call-centre and internet businesses. A failure in the infrastructure and operation of core systems could have an adverse impact on both operations and financial results. The integrity and availability of systems is vital to the delivery of a high-quality service to customers. Security in all environments is paramount in the design and operation of all technology-based services. Security systems are deployed to protect all personal, financial and transactional data and hardware and security mechanisms are used to ensure all sensitive and confidential data is fully encrypted. To ensure fail-safe integrity of all data, the Group has implemented a series of storage systems that replicate all data processed by on-line services. The infrastructure suppliers, network and telecommunications suppliers and application service providers work with the Group to guarantee the delivery of sophisticated, high-performance transaction processing systems. 4. Critical accounting estimates and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 4.1 Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the recovery of its assets and the extent of its liabilities where these are estimated. The resulting accounting estimates will, by definition, rarely equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined elsewhere. 5. Segmental analysis The Group operates in two areas of operation: on-course betting and call-centre (telephone and internet) betting. On-course operations are undertaken in the United Kingdom and in the Republic of Ireland. The call-centre is based in the United Kingdom. Segmental analysis by principal area of operation: On-course Call-centre Operations Operations Unallocated Total £ £ £ £ Turnover 3,103,127 3,569,678 - 6,672,805 Segmental result (544,686) (265,173) (103,345) (913,204) Other income - - 300 300 Finance income - - 367 367 Finance costs - - (217) (217) Loss attributable to equity shareholders (544,686) (265,173) (102,895) (912,754) Segmental assets 805,977 413,118 6,070 1,225,165 Segmental liabilities (2,000) (479,929) (43,113) (525,042) Net assets 803,977 (66,811) (37,043) 700,123 Intangible assets acquired 1,320,067 - - 1,320,067 Property, plant & equipment acquired - 107,129 - 107,129 Depreciation, amortisation and impairment 552,040 11,295 - 563,335 Segmental analysis by geographic area of operation: United Kingdom Ireland Total £ £ £ Turnover 5,917,186 755,619 6,672,805 Segmental assets 1,225,165 - 1,225,165 All fixed assets acquired in the period (£107,129) are used in the call-centre segment of the business in the UK. All intangible assets acquired during the period are used in the on-course operations of the business, and £400,000 of them are used in Ireland. 6. Intangible assets Net Book Group Cost Amortisation Value £ £ £ Goodwill Acquired during the period - business combinations 37,950 - 37,950 Betting Pitches Acquired during the period - business combinations 945,000 (567,000) 378,000 Acquired during the period - other 435,067 (21,040) 414,027 Disposals (60,000) 36,000 (24,000) 1,320,067 (552,040) 768,027 Net Book Value At 30 June 2007 1,358,017 (552,040) 805,977 6.1 Cost The amounts shown represent goodwill purchased on acquisition and amounts paid for the acquisition of betting pitches. 6.2 Amortisation The Directors have considered the carrying value of the betting pitches held and goodwill purchased and concluded that impairment or amortisation of 60% in this accounting period is necessary. Amortisation is now considered necessary for the UK pitches, as the assets are no longer considered to have an indefinite life for a combination of reasons. Although the group operates in a well-established market, with a proven and sustained demand for bookmaking and gaming services, and existing laws to restrict entry, there are proposals being considered to change the rules, which could have the effect of invalidating the UK pitch system by 2012. This does not affect the Irish pitches. The future value of the Pitches has been assessed on a "value in use" basis. The relevant projections used the following key assumptions: Period of use 5 Years Revenue growth 4% Cost inflation 3% Discount Rate 9% The directors have assumed the length of life of the rights to use on-course pitches as limited, for prudence. The Value In Use projections assume a life of five years with no residual rights, discounted to NPV. 7. Property, plant and equipment Group Fixtures Fittings and Equipment £ Cost Additions - business combinations 12,050 Additions - other 95,079 _______ At 30 June 2007 107,129 _______ Depreciation Charge for the period 11,295 _______ At 30 June 2007 11,295 _______ Net book value At 30 June 2007 95,834 _______ 8. Investments in subsidiaries Company Shares in subsidiary undertakings £ Cost Acquisitions 995,000 _______ In the opinion of the Directors, the aggregate value of the Company's investment in subsidiary undertakings is not less than the amount included in the balance sheet. Holdings of more than 20% The Company holds more than 20% of the share capital of the following companies: Company Country of Class of Share Incorporation Principal Activity Shares Held % Subsidiary undertakings Neville Porter Racing Limited England Holding of pitches Ordinary 100% DN Porter Racing Limited England Betting and gaming Ordinary 100% 9. Trade and other receivables Group Company 30 June 2007 30 June 2007 £ £ Trade receivables 103,544 - Amounts due from subsidiaries - 563,121 Prepayments 17,409 6,070 _______ _______ 120,953 569,191 _______ _______ 10. Cash and cash equivalents Group Company 30 June 2007 30 June 2007 £ £ Cash at bank and in hand 107,153 - Short-term bank deposits 95,248 - _______ _______ 202,401 - _______ _______ Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement: Group Company 30 June 2007 30 June 2007 £ £ Cash at bank and in hand 202,401 - Bank overdrafts (Note 13) (65,298) (8) _______ _______ 137,103 (8) _______ _______ Included in the above is £269,932 in respect of client funds held representing deposits received and customer winnings. These funds are not available for use by the group and are offset by an equivalent amount shown in trade payables. 11. Ordinary shares 30 June 2007 £ Authorised 250,000,000 ordinary shares of 0.0444p each 111,000 _______ Allotted, called up and fully paid 172,779,279 ordinary shares of 0.0444p each 76,714 _______ On 1 December 2006, two Ordinary shares were issued to Brian Morton and paid up in cash at par. On the same day, 112,612,612 Ordinary shares were issued credited as fully paid to the members of DN Porter Racing Limited on its acquisition. The two subscriber shares in the Company were also credited as fully paid. Also on the same day, four Ordinary shares were issued credited as fully paid to the members of Neville Porter Racing Limited on its acquisition. On 21 February 2007 the Company allotted 9,333,333 Ordinary shares of 0.0444p each to SVS Securities plc, the Company's broker, credited as fully paid for cash at par. On that day, Arc Management Services Limited, a company which had provided introductory services to the Company, subscribed for 7,583,333 Ordinary shares of 0.0444p each credited as fully paid for cash at par. Also on 21 February 2007, the Company allotted 5,000,000 Placing shares to David Soley for cash at two pence per Ordinary share. On the same day, the Company allotted 38,250,000 Placing shares of 0.0444p each to placees for cash at two pence per share. 12. Trade and other payables Group Company 30 June 2007 30 June 2007 £ £ Trade payables 358,236 12,628 Amounts due to related parties (note 24) 24,208 - Accruals 68,493 30,477 Other payables 8,807 - _______ ______ 459,744 43,105 _______ ______ Included in trade payables is £269,932 in respect of amounts due to clients representing deposits received and customer winnings. This is offset by an equivalent amount of client funds held which is included in cash at bank and in hand. 13. Borrowings Group Company 30 June 2007 30 June 2007 £ £ Bank borrowings 65,298 8 _______ ______ The exposure of the Group's borrowings to interest rate changes and the contractual re-pricing at the balance sheet date are as follows: Group Company 30 June 2007 30 June 2007 £ £ Six months or less 65,298 8 _______ ______ 14. Operating loss Group 2007 £ Operating loss is stated after charging/(crediting): Directors' emoluments 82,385 Depreciation of property plant and equipment 11,295 Impairment of betting pitches 552,040 Operating lease costs 4,425 Audit fees 20,000 Net profit on foreign currency translation (6,667) ______ As permitted by Section 230 of the Companies Act 1985, the holding company Neville Porter plc has taken advantage of the exemption from including its profit & loss account. The loss for the period was £91,799. 15. Information regarding employees (including directors) The aggregate payroll costs of the above were: 2007 £ Wages and salaries 108,636 Social security costs 5,074 _____ The average monthly number of employees (including directors) during the period was: 2007 Number Management 2 Call-centre and administration 3 _____ Total 5 _____ 16. Directors' emoluments The directors' aggregate emoluments (including employers' NIC) in respect of qualifying services were: 2007 £ Wages and salaries 32,009 Directors' fees 50,376 _____ 17. Other income Group 2007 £ Commissions received 150 Other income 150 ___ 300 ___ 18. Financing income and costs Group 2007 £ Interest receivable 367 Interest payable on bank borrowing (217) ___ Net financing income 150 ___ 19. Taxation 2007 £ Current tax expense - Deferred tax expense - ___ - ___ Reconciliation of effective tax rates £ Loss before tax (912,754) Tax using domestic rates of corporation tax of 20% (182,551) Effect of: Effect of expenses not deductible for tax purposes 2,453 Impairment of pitches 110,408 Accelerated capital allowances in excess of depreciation and other timing differences (7,861) Losses carried forward 77,551 ___ - ___ Deferred Taxation Recognised deferred tax assets and liabilities Temporary differences relating to: £ Non-current assets 7,861 Recognised deferred tax asset (7,861) ___ Net deferred tax asset/liability - Movement in deferred tax assets and liabilities: ___ £ Excess of book depreciation over tax allowances 7,861 Recognition of deferred tax asset in respect of available tax losses (7,861) ___ Net deferred tax asset/liability - ___ The Group has tax losses carried forward of approximately £339,000 gross. A deferred tax asset of £67,800 has not been recognised on the basis that the directors are uncertain as to the period over which this deferred tax asset will be recoverable. 20. Earnings per share Basic loss per Ordinary share has been calculated using the weighted average number of shares in issue during the financial period. The weighted average number of equity shares in issue was 128,141,310 and the loss for the financial period was £912,754. 21. Contingencies The Group has no contingent liabilities in respect of legal claims arising from the ordinary course of business and it is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for (note 22). 22. Commitments 22.1 Capital commitments There was no capital expenditure contracted for at the balance sheet date but not yet incurred. 22.2 Operating lease commitments The Group leases office premises under a non-cancellable operating lease agreement, which contains various escalation clauses Read Full Thread Reply
Posted at 10/12/2007 09:01 by trigger45 bustedflush1 Thanks for your reply. If NEV are restricting winning customers by the amount your stating, that is not good news. I do notice you seem to be quite aggressive towards this company. Are you invested with them, or just an angry customer? There is not a lot more I can add until we see some numbers. Read Full Thread Reply
Posted at 30/11/2007 07:26 by trigger45 To class NEV as being as poor as UBT is IMHO wide off the mark. Their website in fairness at this moment in time compared to the biggger players is pretty poor. I would also like to see a bigger offering of football bets which is a massive market at the moment, but in fairness to the company they have stated that they will be concentrating on Horse Racing for now. In the second update they mention they had attracted 672 registered accounts which while very small has been achieved with hardly any advertising spend. We don't know at this moment how much it has cost them offering competitive odds, but we do know that the situation has now been rectified. Whether NEV manages to double your investment or more I don't know, but I'm confident they won't go bust. I welcome all constructive negative comments as I value my investments and would not hesitate to sell if someone points out something I'm aware of. Read Full Thread Reply

Posted at 03/4/2008 11:39 by wavydavy22

The bottom for Nev Porter is bust.

This will happen it is only a matter of time.

Posted at 01/4/2008 14:36 by wavydavy22

0.3p mid price and still distressed sellers appear.

What a basket case and to think these were ramped at over 2p.

Madness.

Read Full Thread

Reply

Posted at 20/1/2008 20:23 by oranges

Dont be so pessamistic, good times are here, figures will be out soon, dividend will be excellent, drive price right up I hope, this is a ten bagger.

Read Full Thread

Reply

Posted at 28/12/2007 09:04 by trigger45

Well they are out and it's clear they face a massive challenge for the future.

Neville Porter plc

("Neville Porter", the "Company" or the "Group")

Final Results

Neville Porter plc, (AIM: NEV), the quoted on-course and off-course bookmaker, announces today its first preliminary
results as an AIM quoted company for the period ended 30 June 2007.

Highlights

· Revenues of £6,672,805 for the seven-month period to 30 June 2007
· Revenues of £3,569,678 from call-centre operations (opened in April 2007)
· Acquired prime pitches at Leopardstown and Galway expanding on-course operations into Ireland
· Acquired prime pitches at Cheltenham and Kelso in the UK
· Proposed changes to the current pitch system from 2012, leads to prudent write-down of £552,040 for impairment of
assets
· Loss of £360,714 before write down for the impairment of assets for seven-month period to 30 June 2007, new call
centre operations expanded rapidly but contribute £265,173 to the loss
· Report and Accounts to be sent to shareholders on 31 December 2007 and available on website, www.nevilleporter.plc.uk,
from then

The Company expects to send its Annual Report and Accounts to shareholders on 31 December 2007, and they will be posted
on its website www.nevilleporter.plc.uk on that date.

Contact details:

Neville Porter plc
David Soley
Chairman 08000 223388

SVS Securities plc
Richard Morrison
Peter Manfield 020 7638 5600

Blomfield Corporate Finance Ltd
Nick Harriss 020 7512 0191

Chairman's statement

These are interesting times for the Company, and I am pleased to welcome you to our first report and accounts as an
AIM-quoted public company. The period to 30 June represents just four months post-flotation and seven months from the
formation of the group.

Comprising the combined businesses of the Neville Porter On-Course Betting partnership - which traces its roots back 28
years to the beginning of Neville's career in bookmaking - and the off-course betting operation and racecourse pitches
of DN Porter Racing Limited and Neville Porter Racing Limited, the Group is proudly continuing the tradition of
operations in prime locations at leading horse racing courses in the UK (recently extended to Ireland) combined with our
new telephone and internet betting operations.

On 28 February 2007, the Company's shares were successfully admitted to trading on the AIM Market of the London Stock
Exchange, raising £865,000 before expenses, of which £400,000 was earmarked for the acquisition of two pitches in
Ireland, the purchase of which was subsequently concluded successfully.

Financial Results
In its first period of trading, the Group made an operating loss of £912,754 on turnover of £6,672,805, the result being
mostly attributable to the board adopting a prudent view of the value placed on our UK pitches, and the development of
the new call-centre business with a partial impact of adverse trading conditions.

The Directors are not recommending the payment of a dividend.

Trading Review
Our focus since flotation has been to expand on-course operations and to develop our off-course betting operations and
thus grow from an inherited business that had a presence at 179 race meetings in the year to June 2006 to a business
that accepts bets on all UK horse racing fixtures as well as other popular sports such as football, cricket and
greyhound racing.

Since the flotation, the Group has acquired pitches at Leopardstown, Galway, Cheltenham and Kelso, enabling us to widen
the representation to 43 racecourse pitches, and we were present at 80 race meetings in the seven months to 30 June
2007. The Group disposed of non-core pitches at Carlisle National Hunt and Wetherby to concentrate on the more popular
venues. In line with recent legislative developments, we are writing down our UK pitches by 60% at June 2007 with a
further 10% in each of the following four years.

The new call-centre at Birtley, County Durham, for which the flotation was in part to raise the capital to set up, has
in terms of number of bets and stakes placed been well in excess of projections, all at competitive odds. The typical
number of bets per week - telephone and internet combined - is around 2,000, with an average bet size of £50, and though
horseracing dominates, bets are being received across a broad spectrum of sports. Substantial sums have been expended on
the call-centre since the year end, doubling its size to enable further development to take place. We have also engaged
a specialist marketing company to attract off-course bets, but due to continued losses at our off-course operations we
are considering all options for this side of the business.

In our first period of trading, to 30 June 2007, the Group took bets of £6,672,805, split 47%:53% between on-course and
off-course respectively.

The Market
The gaming sector has been prominent for many years, with horseracing firmly entrenched with the public as the main
sport on which bets are placed. We saw the constant evolution of technology as an opportunity to expand our reach beyond
our loyal on-course following to those potential customers based at home or at work who wish to place bets, and
furthermore we extended our reach into other sports too.

The European parliament and politicians here in the UK continue to recognise the need for regulated betting platforms,
and responsible betting by the adult population, and the Group encourages this.

In a market dominated by several well-known bookmaking firms, the Company is carving out a reputation as an increasing
force, partly as a result of brand awareness campaigns including advertising in the racing industry press.

The Group also benefited from the high profile of Neville personally, which included features in the national press. It
has been pleasing to hear about the support for Neville and the company in the Newcastle area, where our roots are
firmly established, and I'd like to particularly welcome to the shareholders list those members of the public based
there.

Following moves arising from a recent parliamentary select committee meeting, which seeks to allow racecourse owners to
charge bookmakers to attend race days, withdrawing the current pitch system from 2012, we continue to support the
efforts of the Federation of Racecourse Bookmakers (FRB) against the Racecourse Association (RCA). We hope that an
acceptable solution will be reached soon and the current uncertainty will be clarified, and hope to restore the value of
our pitches.

In the meantime, the Board following discussions with the auditors and nominated adviser has adopted what it believes to
be a sensible position for the carrying value of the UK pitches for the purposes of these accounts, in accordance with
IAS 36, with an immediate 60% impairment. The impact of this write-down is to reduce profits by £552,040 and to commence
a policy whereby the remaining 40% will be amortised equally over the next four years.

The Irish pitches are unaffected by these changes. We believe that trading in UK pitches will recommence in the New Year
and that an active market will be there, even if at reduced values, and we will be able to reassess the pitch values
next year.

Board of Directors
I believe that the Group has an excellent team to take the Company forward. The founding Directors, Neville Porter and
Brian Morton, both have many years' experience in the betting industry; Neville in particular is a well-known name at UK
racecourses with a loyal following of people who know him as friendly and honest, offering better odds than many rival
bookmakers.

I have worked with Brian Morton in the past and I was delighted to be asked to join him and Neville Porter on the Board.
Our Finance Director, Simon Walters, brings a wealth of professional expertise to the Company. Finally, our
non-executive director, Arthur Baker, has many years of corporate experience in the leisure industry, and I am grateful
to him for the wisdom of his counsel.

Executives and Staff
The majority of our on-course staff are self-employed consultants, but they have many years of service and demonstrate a
commitment for which the Group is grateful. I am also grateful to the call-centre staff at Birtley who showed such
support both to me and the rest of the Board during this first trading period.

Outlook
The Company hopes to create a gaming business operating both within the UK and overseas. Opportunities exist to grow the
group both organically and through the acquisition of other UK-based sports-betting companies. We will keep shareholders
informed of progress of the Group in the months ahead.

David Soley
Chairman

Operating and Financial Review

I am pleased to present my first report of the Company.

As highlighted in the Chairman's Report, in February this year the Company had a successful flotation on the London
Stock Exchange's AIM market, raising £865,000 before expenses.

In line with expansion plans set out in our Admission Document at the time of flotation, we have invested considerable
sums in setting up our office and call-centre in Birtley, County Durham. We also acquired pitches at courses in
Leopardstown and Galway in Ireland, together with other UK pitches since the year end such as Royal Ascot and Newcastle.
Our acquisition of pitches is an indication that we're hopeful these will remain valued assets for the foreseeable
future.

These on-course investments will enable us to increase our presence in the Irish market, where racecourse attendance is
high and where margins are traditionally better than in England and Scotland, thus assisting in reaching the next stage
in our growth plans.

Since flotation, a pitch at Cheltenham for the festivals which are held in November and March each year has been
acquired, increasing the potential number of days traded by seven, and we also bought a pitch at Kelso.

We sold pitches at Carlisle and Wetherby, having concluded that there was insufficient scope for profitable
representation at enough race days to make them worthwhile assets.

£3,103,127 (of which £755,619 was from the Irish pitches), being some 47% of our total revenue of £6,672,805, was
generated from our on-course pitches, which exceeded our forecasts by 30%, but resulted in an operating loss of
£544,686. The number of bets taken at race days varied from course to course, was heavily dependent on the weather, and
is usually higher at weekends than on weekdays, but an average of 1,200 bets per day and average bet-size of £30 is
usual.

We signed a lease over premises in Birtley where the Company's head office and telephone broking operation is based, and
has now been actively trading from there for some months. An indication of the extent of our call-centre and internet
trading is the fact that we've already extended operations into an adjoining unit, doubling our trading space, enabling
us to recruit additional staff and to lengthen opening hours to cover evening race meetings and bets on football, rugby,
golf, greyhound racing and other sports.

Although our call-centre and internet operations were trading for only three months of the financial period, £3,569,678,
being 53% of our revenue for the period, was generated from these operations. In excess of 90% of bets taken were staked
on horseracing. This rapid take-up confirmed our belief that trusted operators are able to successfully tap into a huge
market through these channels. We are members of several betting comparison websites, which drives considerable horse
race betting to us. We have struggled with margins, as some punters placed considerable successful bets, and an
operating loss of £265,173 resulted. This was in line with the poor performance announced by many bookmakers during the
first half of 2007. We have since streamlined our client base and the betting patterns of remote gamblers provided us
with valuable information which changed our behaviour at the track side but is not reflected in these margins.

Since the period end, a number of strategies including different marketing campaigns and significant investment in
technology to know our customer have been implemented to try to improve margins. We have completed a classification
programme to categorise all our clients. In addition, we have engaged the services of a specialist internet
sports-betting marketing consultancy to increase our profile and awareness. These actions should result in an
improvement in margins. Revenues in the first five months of the current financial year have remained strong with an
average of 2,000 off-course bets per week from approximately 1,500 registered users. Registrations continue to increase
in number every day, as we diversify our base of registrants and expand our range of sports. We continue to work hard to
make a success from this revenue stream and will be taking action in the near term to achieve this goal. Brian Morton
intends to lend the Company up to £300,000 with a first charge over the pitches of the Company. This loan may be
required to provide working capital facilities to the Company during the period when there is little on-course racing
and we as a Group are dependent upon the revenues from our off-course operations.

I would welcome all shareholders to attend the forthcoming Annual General Meeting which will be held in January 2008,
and I thank them for their support.

Neville Porter
Chief Executive Officer

NEVILLE PORTER PLC

CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD FROM 27 OCTOBER 2006 TO 30 JUNE 2007

2007
Note £

Revenue 5 6,672,805

Cost of sales 6,624,980
________
Gross profit 47,825

Administrative expenses (961,029)
Other income 17 300
________

Operating loss 14 (912,904)

Finance income 18 367
Finance costs 18 (217)
______________

Net financing income 18 150

Loss before taxation (912,754)

Taxation 19
_______

Loss for the period (912,754)
_______

Attributable to:

Equity holders of the Company (912,754)
_______

Loss per share attributable to the equity holders of the Company
during the period (expressed in pence per share):

Basic 20 (0.712)p

All amounts relate to continuing operations.

The following notes 1 to 26 form part of these financial statements

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007

2007

Note £

ASSETS
Non-current assets
Intangible assets 6 805,977
Property, plant and equipment 7 95,834
________

901,811
________

Current assets
Trade and other receivables 9 120,953
Cash and cash equivalents 10 202,401
________

323,354
________

LIABILITIES
Current liabilities
Trade and other payables 12 459,744
Borrowings 13 65,298
________

525,042
________

Net assets 700,123
________

EQUITY
Capital and reserves attributable
to equity holders of the Group
Share capital 11 76,714
Share premium 1,536,163
Retained loss (912,754)
________

700,123
________

These financial statements were approved and authorised for issue by the Board of Directors on 21 December 2007.

The following notes 1 to 26 form part of these financial statements

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD FROM 27 OCTOBER 2006 TO 30 JUNE 2007

2007
Note £

Cash flows from operating activities before changes
in working capital and provisions

Loss before tax for the period (912,754)

Depreciation, amortisation and impairment 563,335

Increase in trade and other receivables 9 (120,953)

Increase in trade and other payables 12 459,744
________

Net cash absorbed by operating activities (10,628)
________

Cash flows from investing activities

Investment in intangible fixed assets (375,067)

Investment in tangible fixed assets (95,079)
________

Net cash absorbed by investing activities (470,146)
________

Cash flows from financing activities

Proceeds from issue of share capital 617,877
________

Net cash from financing activities 617,877
________

Net increase in cash and cash equivalents 137,103

Cash and cash equivalents at 27 October 2006 ________

Cash and cash equivalents at 30 June 2007 10 137,103
________

The following notes 1 to 26 form part of these financial statements

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2007

Share Share Retained Total
Capital Premium Loss Equity
£ £ £ £

Balance at 27 October 2006 - - - -
Loss after tax for the period - - (912,754) (912,754)
Total recognised in income
and expenses - - (912,754) (912,754)

Shares issued in the period 76,714 - - 76,714
Premium arising on shares issued
in the period - 1,790,797 - 1,790,797
Share issue expenses in the period - (254,634) - (254,634)

Balance at 30 June 2007
attributable to equity shareholders 76,714 1,536,163 (912,754) 700,123

Share capital is the amount subscribed for shares at nominal value.

Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares
net of share issue expenses. Share issue expenses in the period ended 30 June 2007 comprise a proportion of the costs
incurred in respect of the initial public offering on the London Stock Exchange's Alternative Investment Market.

Retained loss represents the cumulative loss of the Group attributable to equity shareholders.

The following notes 1 to 26 form part of these financial statements

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1. General information

Neville Porter Plc (the Company) and its subsidiaries (together, the Group) offers bookmaking services at various
racecourses throughout the United Kingdom and the Republic of Ireland and via telephone and the internet from its call
centre in County Durham. During the period, the Company acquired ownership of the racecourse pitches, business and
computer equipment from the Neville Porter On-Course Betting partnership, previously owned by several Directors of the
Company (full details are shown in note 23 of the financial statements).

The Company is a public limited company quoted on the Alternative Investment Market of the London Stock Exchange, and
resident in England and Wales. The address of its registered office is 8 Pepper Street, London, E14 9RP.

2. Basis of preparation and accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out
below. These policies have been consistently applied, unless otherwise stated.

The consolidated financial statements of Neville Porter Plc have been prepared in accordance with International
Financial Reporting Standards (IFRSs).

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting
policies. Those areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements, are disclosed in Note 4.

(a) Interpretations to existing standards that are not yet effective and have not been adopted
early by the Group

The following interpretations to existing standards have been published that are mandatory for the Group's accounting
periods beginning on or after 1 May 2006 or later periods but that the Group has not adopted early:

· IFRIC 8, Scope of IFRS 2 (effective for annual periods beginning on or after 1 May 2006). IFRIC 8 requires
consideration of transactions involving the issuance of equity instruments - where the identifiable consideration
received is far less than the fair value of the equity instruments issued - to establish whether or not they fall within
the scope of IFRS 2. The Group will apply IFRIC 8 from 1 July 2007, but it is not expected to have any impact on the
Group's accounts; and

· IFRIC 10, Interim Financial Reporting and Impairment (effective for annual periods beginning on or after 1 November
2006). IFRIC 10 prohibits the impairment losses recognised in an interim period on goodwill, investments in equity
instruments and investments in financial assets carried at cost to be reversed at a subsequent balance sheet date. The
Group will apply IFRIC 10 from 1 July 2007, but it is not expected to have any impact on the Group's accounts.

(b) Interpretations to existing standards that are not yet effective and not relevant for the
Group's operations

· IFRIC 7, Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies (effective
from 1 March 2006). IFRIC 7 provides guidance on how to apply the requirements of IAS 29 in a reporting period in which
an entity identifies the existence of hyperinflation in the economy of its functional currency, when the economy was not
hyperinflationary in the prior period. As none of the Group entities have a currency of a hyperinflationary economy as
its functional currency, IFRIC 7 is not relevant to the Group's operations; and

· IFRIC 9, Reassessment of Embedded Derivatives (effective for annual periods beginning on or after 1 June 2006). IFRIC
9 requires an entity to assess whether an embedded derivative is required to be separated from the host contract and
accounted for as a derivative when the entity first becomes a party to a contract. Subsequent reassessment is prohibited
unless there is a change in the terms of the contract that significantly modifies the cash flows that otherwise would be
required under the contract, in which case reassessment is required. As none of the Group entities have changed the
terms of their contracts, IFRIC 9 is not relevant to the Group's operations.

2.1 Consolidation

Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies
generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential
voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls
another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
de-consolidated from the date that control ceases.

The Group uses the purchase method of accounting to account for the acquisition of subsidiaries. The cost of an
acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or
assumed at the date of exchange plus costs directly attributable to the acquisition. Identifiable assets acquired and
liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at
the acquisition date, irrespective of the extent of the minority interest. The excess of the cost of acquisition over
the fair value of the Group's share of identifiable assets is recorded as goodwill. If the cost of acquisition is less
than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income
statement.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting
policies of subsidiaries have been changed (where necessary) to ensure consistency with the policies adopted by the
Group.

2.2 Segment reporting

A business segment is a group of assets and operations engaged in providing products or services that are subject to
risks and returns that are different from those of other business segments. A geographical segment is engaged in
providing products or services within a particular economic environment that are subject to risks and return that are
different from those segments operating in other economic environments.

2.3 Foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the
primary economic environment in which the entity operates (the functional currency). The consolidated financial
statements are presented in Pounds Sterling (£), which is the Company's functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the income statement.

2.4 Plant, property and equipment

Tangible fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items. Costs may also include transfers from equity of any gains/losses
on qualifying cash flow hedges of foreign currency purchases. Management may choose to keep these gains/losses in equity
until the acquired asset affects profit or loss. At this time, management should reclassify the gains/losses in profit
or loss.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and
maintenance are charged to the income statement during the financial period in which they are incurred.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts to their residual
values over their useful economic lives, as follows:

· Fixtures, fittings and equipment 4 years

The assets' residual values and useful economic lives are reviewed, and adjusted if appropriate, at each balance sheet
date. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is
greater than its estimated recoverable value.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within other (losses)/gains in the income statement. When revalued assets are sold, the amounts included in other
reserves are transferred to retained earnings.

2.5 Goodwill

Goodwill on acquisition is initially measured at cost, being the excess of the cost of the business combination over the
Group's interest in the net fair value of the separately identifiable assets, liabilities and contingent liabilities of
a subsidiary at the date of acquisition. In accordance with IFRS 3 Business Combinations, goodwill is not amortised but
reviewed annually for impairment and as such, is stated at cost less any provision for impairment of value. Any
impairment is recognised immediately in the income statement and is not subsequently reversed. On acquisition, any
goodwill acquired is allocated to cash generating units for the purposes of impairment testing. Where goodwill forms
part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with
the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on
disposal of the operation.

2.6 Intangible assets

Intangible assets acquired separately are capitalised at cost and those acquired as part of a business combination are
capitalised separately from goodwill if the fair value can be measured reliably on initial recognition. The costs
relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met.
Other expenditure is charged against profit in the year in which the expenditure is incurred. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment
losses. The useful lives of these intangible assets are assessed to be either finite or indefinite. Where amortisation
is charged on assets with finite lives, this expense is taken to the income statement. Useful lives are also reviewed on
an annual basis. Intangible assets with indefinite lives are tested for impairment annually, either on an individual or
cash generating unit level.

The Irish pitches and the goodwill are considered to have indefinite durability that can be demonstrated and their value
can be readily measured. The business operates in a longstanding and profitable market sector, which continues to grow,
and the directors consider that there are barriers to entry, such as lack of availability of pitches to new entrants and
the requirement to obtain a betting licence, to sustain the value of Irish intangible assets. The income stream from
each pitch and each business acquisition is separately recorded, hence each asset can be valued on a discounted cash
flow basis.

Following proposals currently under discussion, which were recently presented to a parliamentary select committee, it is
possible that the present UK system will be abolished by 2012, with no certainty that the pitches will retain any value.
The directors have therefore written down the UK pitches by 60% and propose a further 10% impairment in each of the four
years to 30 June 2011. This does not affect the Irish pitches, which are shown at cost.

2.7 Trade receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method, less provision for impairment. A provision for impairment is established when there is objective
evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial
reorganisation and default or delinquency in payments are considered indicators that the trade receivable is impaired.

2.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the balance sheet.

2.9 Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options
are shown in equity as a deduction, net of tax, from the proceeds.

2.10 Share premium

Share premium represents the excess of the amount subscribed for share capital over the nominal value of these shares
net of share issue expenses.

2.11 Trade payables

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.

2.12 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated
at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised
in the income statement over the period of the borrowings using the effective interest rate method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.

2.13 Taxation

Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the income statement
except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively
enacted at the balance sheet date together with any adjustment to tax payable in respect of previous years.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a
business combination, and differences relating to investments in subsidiaries to the extent that they will probably not
reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.

2.14 Revenue recognition

Revenue is the consideration received or receivable from customers for bets placed during the period in the normal
course of business less any amounts arising in respect of open betting positions.

2.15 Leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to
the income statement.

3. Risk and sensitivity analysis

The Group's activities expose it to a variety of financial risks: interest rate risk, liquidity risk, foreign currency
risk and capital risk. The Group's activities also expose it to non-financial risks: market risk, regulatory and
legislative risk, bookmaking risk, and technological risk. The Group's overall risk management programme focuses on
unpredictability and seeks to minimise the potential adverse effects on the Group's financial performance. The Board, on
a regular basis, reviews key risks and, where appropriate, actions are taken to mitigate the key risks identified.

3.1 Interest rate and foreign currency risk

The Group does not have formal policies on interest rate risk or foreign currency risk. However, the Group's exposure in
these areas (as at the balance sheet date) was minimal.

3.2 Liquidity risk

The Group prepares periodic working capital forecasts for the foreseeable future, allowing an assessment of the cash
requirements of the Group, to manage liquidity risk. The directors have considered the risk posed by liquidity and are
satisfied that there is sufficient growth and equity in the Group.

3.3 Capital risk

The Group's objectives when managing capital are to safeguard the ability to continue as a going concern in order to
provide returns for shareholders and benefits to other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital.

3.4 Market risk

A number of macro-level risks exist which could adversely impact upon the on-course and remote businesses. These
include: economic, consumer and environmental factors which could reduce customers' disposable income. Revenue and
operating results may vary significantly from period to period, and an impairment or inability to maintain and enhance
the brand could adversely impact on results. Competition from existing or new entrants could have an adverse effect on
results or, as the betting and gaming sector is a highly competitive environment for recruitment and retention of key
personal, this may also have an adverse effect on results.

3.5 Regulatory and legislative risk

Regulatory, legislative and fiscal regimes for betting and gaming are subject to change, sometimes at short notice. Such
changes could have an adverse effect on results and additional costs might be incurred in order to comply with any new
laws and regulations. The Group monitors legislative and regulatory developments closely, which allows quick assessment
and adoption of changes in the environment and subsequently minimises risk to the business.

3.6 Bookmaking risk

The potential risk of losses that could be incurred in relation to each fixed-odds betting outcome is managed by the
application of limits on individual bets and customer returns each day. Customer betting patterns, particularly with
regard to those who bet large stakes, the outcome of individual events or a prolonged period of good or bad results
could have a material effect on the operating results.

3.7 Technological risk

Technology is key to the success of the Group's call-centre and internet businesses. A failure in the infrastructure and
operation of core systems could have an adverse impact on both operations and financial results. The integrity and
availability of systems is vital to the delivery of a high-quality service to customers.

Security in all environments is paramount in the design and operation of all technology-based services. Security systems
are deployed to protect all personal, financial and transactional data and hardware and security mechanisms are used to
ensure all sensitive and confidential data is fully encrypted. To ensure fail-safe integrity of all data, the Group has
implemented a series of storage systems that replicate all data processed by on-line services. The infrastructure
suppliers, network and telecommunications suppliers and application service providers work with the Group to guarantee
the delivery of sophisticated, high-performance transaction processing systems.

4. Critical accounting estimates and judgments

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.

4.1 Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the recovery of its assets and the extent of its liabilities where
these are estimated. The resulting accounting estimates will, by definition, rarely equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are outlined elsewhere.

5. Segmental analysis

The Group operates in two areas of operation: on-course betting and call-centre (telephone and internet) betting.
On-course operations are undertaken in the United Kingdom and in the Republic of Ireland. The call-centre is based in
the United Kingdom.

Segmental analysis by principal area of operation:
On-course Call-centre
Operations Operations Unallocated Total
£ £ £ £

Turnover 3,103,127 3,569,678 - 6,672,805

Segmental result (544,686) (265,173) (103,345) (913,204)

Other income - - 300 300

Finance income - - 367 367

Finance costs - - (217) (217)

Loss attributable to
equity shareholders (544,686) (265,173) (102,895) (912,754)

Segmental assets 805,977 413,118 6,070 1,225,165

Segmental liabilities (2,000) (479,929) (43,113) (525,042)

Net assets 803,977 (66,811) (37,043) 700,123

Intangible
assets acquired 1,320,067 - - 1,320,067

Property, plant &
equipment acquired - 107,129 - 107,129

Depreciation,
amortisation and
impairment 552,040 11,295 - 563,335

Segmental analysis by geographic area of operation:
United
Kingdom Ireland Total
£ £ £

Turnover 5,917,186 755,619 6,672,805

Segmental assets 1,225,165 - 1,225,165

All fixed assets acquired in the period (£107,129) are used in the call-centre segment of the business in the UK. All
intangible assets acquired during the period are used in the on-course operations of the business, and £400,000 of them
are used in Ireland.

6.
Intangible assets
Net Book
Group Cost Amortisation Value
£ £ £

Goodwill
Acquired during the period - business combinations 37,950 - 37,950

Betting Pitches
Acquired during the period - business combinations 945,000 (567,000) 378,000
Acquired during the period - other 435,067 (21,040) 414,027
Disposals (60,000) 36,000 (24,000)
1,320,067 (552,040) 768,027

Net Book Value

At 30 June 2007 1,358,017 (552,040) 805,977

6.1 Cost

The amounts shown represent goodwill purchased on acquisition and amounts paid for the acquisition of betting pitches.

6.2 Amortisation

The Directors have considered the carrying value of the betting pitches held and goodwill purchased and concluded that
impairment or amortisation of 60% in this accounting period is necessary. Amortisation is now considered necessary for
the UK pitches, as the assets are no longer considered to have an indefinite life for a combination of reasons. Although
the group operates in a well-established market, with a proven and sustained demand for bookmaking and gaming services,
and existing laws to restrict entry, there are proposals being considered to change the rules, which could have the
effect of invalidating the UK pitch system by 2012. This does not affect the Irish pitches.

The future value of the Pitches has been assessed on a "value in use" basis.

The relevant projections used the following key assumptions:

Period of use 5 Years

Revenue growth 4%

Cost inflation 3%

Discount Rate 9%

The directors have assumed the length of life of the rights to use on-course pitches as limited, for prudence. The Value
In Use projections assume a life of five years with no residual rights, discounted to NPV.

7. Property, plant and equipment

Group Fixtures
Fittings and
Equipment
£
Cost
Additions - business combinations 12,050
Additions - other 95,079
_______

At 30 June 2007 107,129
_______

Depreciation
Charge for the period 11,295
_______

At 30 June 2007 11,295
_______

Net book value

At 30 June 2007 95,834
_______

8. Investments in subsidiaries

Company Shares in
subsidiary
undertakings
£
Cost
Acquisitions 995,000
_______

In the opinion of the Directors, the aggregate value of the Company's investment in subsidiary undertakings is not less
than the amount included in the balance sheet.

Holdings of more than 20%

The Company holds more than 20% of the share capital of the following companies:

Company Country of Class of Share
Incorporation Principal Activity Shares Held %

Subsidiary undertakings
Neville Porter Racing Limited England Holding of pitches Ordinary 100%
DN Porter Racing Limited England Betting and gaming Ordinary 100%

9. Trade and other receivables

Group Company
30 June 2007 30 June 2007
£ £

Trade receivables 103,544 -
Amounts due from subsidiaries - 563,121
Prepayments 17,409 6,070
_______ _______

120,953 569,191
_______ _______

10. Cash and cash equivalents

Group Company
30 June 2007 30 June 2007
£ £

Cash at bank and in hand 107,153 -
Short-term bank deposits 95,248 -
_______ _______

202,401 -
_______ _______

Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:

Group Company
30 June 2007 30 June 2007
£ £

Cash at bank and in hand 202,401 -
Bank overdrafts (Note 13) (65,298) (8)
_______ _______

137,103 (8)
_______ _______

Included in the above is £269,932 in respect of client funds held representing deposits received and customer winnings.
These funds are not available for use by the group and are offset by an equivalent amount shown in trade payables.

11. Ordinary shares

30 June 2007
£

Authorised
250,000,000 ordinary shares of 0.0444p each 111,000
_______
Allotted, called up and fully paid
172,779,279 ordinary shares of 0.0444p each 76,714
_______

On 1 December 2006, two Ordinary shares were issued to Brian Morton and paid up in cash at par.

On the same day, 112,612,612 Ordinary shares were issued credited as fully paid to the members of DN Porter Racing
Limited on its acquisition. The two subscriber shares in the Company were also credited as fully paid.

Also on the same day, four Ordinary shares were issued credited as fully paid to the members of Neville Porter Racing
Limited on its acquisition.

On 21 February 2007 the Company allotted 9,333,333 Ordinary shares of 0.0444p each to SVS Securities plc, the Company's
broker, credited as fully paid for cash at par.

On that day, Arc Management Services Limited, a company which had provided introductory services to the Company,
subscribed for 7,583,333 Ordinary shares of 0.0444p each credited as fully paid for cash at par.

Also on 21 February 2007, the Company allotted 5,000,000 Placing shares to David Soley for cash at two pence per
Ordinary share.

On the same day, the Company allotted 38,250,000 Placing shares of 0.0444p each to placees for cash at two pence per
share.

12. Trade and other payables

Group Company
30 June 2007 30 June 2007
£ £

Trade payables 358,236 12,628
Amounts due to related parties (note 24) 24,208 -
Accruals 68,493 30,477
Other payables 8,807 -
_______ ______

459,744 43,105
_______ ______

Included in trade payables is £269,932 in respect of amounts due to clients representing deposits received and customer
winnings. This is offset by an equivalent amount of client funds held which is included in cash at bank and in hand.

13. Borrowings
Group
Company
30 June 2007 30 June 2007
£ £

Bank borrowings 65,298 8
_______ ______

The exposure of the Group's borrowings to interest rate changes and the contractual re-pricing at the balance sheet date
are as follows:
Group Company
30 June 2007 30 June 2007
£ £

Six months or less 65,298 8
_______ ______

14. Operating loss

Group
2007
£

Operating loss is stated after charging/(crediting):

Directors' emoluments 82,385
Depreciation of property plant and equipment 11,295
Impairment of betting pitches 552,040
Operating lease costs 4,425
Audit fees 20,000
Net profit on foreign currency translation (6,667)
______

As permitted by Section 230 of the Companies Act 1985, the holding company Neville Porter plc has taken advantage of the
exemption from including its profit & loss account. The loss for the period was £91,799.

15. Information regarding employees (including directors)

The aggregate payroll costs of the above were:
2007
£

Wages and salaries 108,636
Social security costs 5,074
_____

The average monthly number of employees (including directors) during the period was:

2007
Number

Management 2
Call-centre and administration 3
_____
Total 5
_____

16. Directors' emoluments

The directors' aggregate emoluments (including employers' NIC) in respect of qualifying services were:

2007
£

Wages and salaries 32,009
Directors' fees 50,376
_____

17. Other income
Group
2007
£

Commissions received 150
Other income 150
___

300
___

18. Financing income and costs

Group
2007
£

Interest receivable 367
Interest payable on bank borrowing (217)
___

Net financing income 150
___

19. Taxation
2007
£

Current tax expense -
Deferred tax expense -
___
-
___

Reconciliation of effective tax rates
£
Loss before tax (912,754)
Tax using domestic rates of corporation tax of 20% (182,551)

Effect of:
Effect of expenses not deductible for tax purposes 2,453
Impairment of pitches 110,408
Accelerated capital allowances in excess of
depreciation and other timing differences (7,861)

Losses carried forward 77,551
___
-
___

Deferred Taxation

Recognised deferred tax assets and liabilities
Temporary differences relating to: £
Non-current assets 7,861
Recognised deferred tax asset (7,861)
___
Net deferred tax asset/liability -

Movement in deferred tax assets and liabilities: ___
£
Excess of book depreciation over tax allowances 7,861
Recognition of deferred tax asset in
respect of available tax losses (7,861)
___
Net deferred tax asset/liability -
___
The Group has tax losses carried forward of approximately £339,000 gross. A deferred tax asset of £67,800 has not been
recognised on the basis that the directors are uncertain as to the period over which this deferred tax asset will be
recoverable.

20. Earnings per share

Basic loss per Ordinary share has been calculated using the weighted average number of shares in issue during the
financial period. The weighted average number of equity shares in issue was 128,141,310 and the loss for the financial
period was £912,754.

21. Contingencies

The Group has no contingent liabilities in respect of legal claims arising from the ordinary course of business and it
is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided
for (note 22).

22. Commitments

22.1 Capital commitments

There was no capital expenditure contracted for at the balance sheet date but not yet incurred.

22.2 Operating lease commitments

The Group leases office premises under a non-cancellable operating lease agreement, which contains various escalation
clauses

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Posted at 30/11/2007 07:26 by trigger45

To class NEV as being as poor as UBT is IMHO wide off the mark. Their website in fairness at this moment in time compared to the biggger players is pretty poor.

I would also like to see a bigger offering of football bets which is a massive market at the moment, but in fairness to the company they have stated that they will be concentrating on Horse Racing for now.

In the second update they mention they had attracted 672 registered accounts which while very small has been achieved with hardly any advertising spend.

We don't know at this moment how much it has cost them offering competitive odds, but we do know that the situation has now been rectified.

Whether NEV manages to double your investment or more I don't know, but I'm confident they won't go bust.

I welcome all constructive negative comments as I value my investments and would not hesitate to sell if someone points out something I'm aware of.

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