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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Playwize | LSE:PLW | London | Ordinary Share | GB00B3K51464 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 1273E
Playwize PLC
15 December 2009
15 December 2009
Playwize plc
("Playwize" or the "Group")
Interim Results for the six months to 30 September 2009
Chairman's Statement
I am pleased to announce the Group's unaudited results for the six months ended
30 September 2009.
Results
Turnover for the six months ended 30 September 2009 was GBPNIL compared with
GBP23,000 in the same period last year. The loss (both before and after tax) for
the half year was GBP123,000 compared with a loss of GBP315,000 in the same
period last year. The Group finished the period with net funds of GBP2,000
compared to GBP15,000 at 30 September 2008.
Operating Review and Current Developments
As previously reported Playwize has ceased to trade and is treated as an
investing company under the AIM Rules. The Group announced on 19 November 2009
that it had signed non-binding heads of terms for the acquisition of a business
in accordance with its investing strategy. The acquisition, which would
constitute a reverse takeover under the AIM Rules, remains subject to a number
of conditions including satisfactory completion of due diligence. Shareholders
will be updated in due course as appropriate.
Trading in the ordinary shares of Playwize on AIM was suspended on 19 November
2009 as the Group had been unable to implement its investing strategy by this
time, the anniversary of the extraordinary general meeting of the Group at which
shareholders gave consent to the investing strategy of Playwize. Under rule 41
of the AIM Rules Playwize has until 19 May 2010 to complete an acquisition or
investment that constitutes a reverse takeover under the AIM Rules in line with
its investing strategy.
John Corre
Chairman
15 December 2009
For further information please contact:
+------------------------------------------+------------------------------------+
| Playwize plc | |
+------------------------------------------+------------------------------------+
| John Corre, Non-Executive Chairman | Tel: +972 54 4602 253 |
+------------------------------------------+------------------------------------+
| | |
+------------------------------------------+------------------------------------+
| Allenby Capital Limited | |
+------------------------------------------+------------------------------------+
| Nick Athanas | Tel: +44 (0)20 3328 5656 |
+------------------------------------------+------------------------------------+
| James Reeve | |
+------------------------------------------+------------------------------------+
Consolidated Income Statement
For the six months ended 30 September 2009
+----------------------------------+------+-------------+--------------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | 6 months | 6 months | Year |
| | | ended | ended | ended |
| | | 30 | 30 September | 31 March |
| | | September | 2008 | 2009 |
| | | 2009 | | |
+----------------------------------+------+-------------+--------------+-----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------+-------------+--------------+-----------+
| | | | | |
+----------------------------------+------+-------------+--------------+-----------+
| Revenues | | - | 23 | 22 |
+----------------------------------+------+-------------+--------------+-----------+
| Cost of revenues | | - | (2) | (168) |
+----------------------------------+------+-------------+--------------+-----------+
| Administrative expenses | | (85) | (307) | (168) |
+----------------------------------+------+-------------+--------------+-----------+
| Operating Loss before | | (85) | (286) | (314) |
| exceptional items | | | | |
+----------------------------------+------+-------------+--------------+-----------+
| Exceptional item | | - | - | 60 |
+----------------------------------+------+-------------+--------------+-----------+
| Operating Loss | | (85) | (286) | (254) |
+----------------------------------+------+-------------+--------------+-----------+
| Finance Income | | - | 4 | 3 |
+----------------------------------+------+-------------+--------------+-----------+
| Finance Costs | | (38) | (33) | (70) |
+----------------------------------+------+-------------+--------------+-----------+
| Loss for the period before | | (123) | (315) | (321) |
| taxation | | | | |
| | | | | |
+----------------------------------+------+-------------+--------------+-----------+
| Loss for the financial period | | (123) | (315) | (321) |
| | | | | |
+----------------------------------+------+-------------+--------------+-----------+
| | | Pence | Pence | Pence |
+----------------------------------+------+-------------+--------------+-----------+
| Basic and Diluted Loss per share | 3 | (0.06) | (0.16) | (0.16) |
+----------------------------------+------+-------------+--------------+-----------+
| | | | | |
+----------------------------------+------+-------------+--------------+-----------+
All revenues and costs derive from discontinued trading operations.
There is no material difference between the results stated above and the results
shown on an historical basis.
There are no other gains or losses other than those recognised in the income
statement
Consolidated Balance Sheet
As at 30 September 2009
+----------------------------------+------+--------------+--------------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | As at | As at | As at |
| | | 30 September | 30 September | 31 March |
| | | 2009 | 2008 | 2009 |
+----------------------------------+------+--------------+--------------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+------+--------------+--------------+-----------+
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Current assets | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Trade and other receivables | | 28 | 9 | 11 |
+----------------------------------+------+--------------+--------------+-----------+
| Cash and cash equivalents | | 2 | 15 | 13 |
+----------------------------------+------+--------------+--------------+-----------+
| Total current assets | | 30 | 24 | 24 |
+----------------------------------+------+--------------+--------------+-----------+
| Total assets | | 30 | 24 | 24 |
+----------------------------------+------+--------------+--------------+-----------+
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Current liabilities | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Trade and other payables | | (921) | (786) | (792) |
+----------------------------------+------+--------------+--------------+-----------+
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Net liabilities | | (891) | (762) | (768) |
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Equity | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Share capital | | 1,935 | 1,935 | 1,935 |
+----------------------------------+------+--------------+--------------+-----------+
| Share premium | | 5,710 | 5,710 | 5,710 |
+----------------------------------+------+--------------+--------------+-----------+
| Revenue reserves | | (8,536) | (8,407) | (8,413) |
+----------------------------------+------+--------------+--------------+-----------+
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
| Total equity | | (891) | (762) | (768) |
| | | | | |
+----------------------------------+------+--------------+--------------+-----------+
Consolidated Cash Flow Statement
For the six months ended 30 September 2009
+----------------------------------------+-------------+--------------+-----------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | Year |
| | ended | ended | ended |
| | 30 | 30 September | 31 March |
| | September | 2008 | 2009 |
| | 2009 | | |
+----------------------------------------+-------------+--------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+--------------+-----------+
| Cash Flows from operating activities | | | |
+----------------------------------------+-------------+--------------+-----------+
| Operating Loss | (85) | (286) | (254) |
+----------------------------------------+-------------+--------------+-----------+
| Loss on disposal of assets | - | | 1 |
+----------------------------------------+-------------+--------------+-----------+
| Operating cash flow before working | (85) | (286) | (253) |
| capital | | | |
+----------------------------------------+-------------+--------------+-----------+
| Returns on investments and servicing | | | |
| of finance | | | |
+----------------------------------------+-------------+--------------+-----------+
| Decrease(increase) in receivables | (17) | 76 | 74 |
+----------------------------------------+-------------+--------------+-----------+
| Increase(decrease) in payables | 129 | (124) | (83) |
+----------------------------------------+-------------+--------------+-----------+
| Cash (used in) operating activities | 27 | (334) | (262) |
+----------------------------------------+-------------+--------------+-----------+
| Cash flows from investing activities | - | 24 | 23 |
| Proceeds of disposal of assets | | | |
+----------------------------------------+-------------+--------------+-----------+
| Finance income | - | 4 | 3 |
+----------------------------------------+-------------+--------------+-----------+
| Finance costs | (38) | (33) | (70) |
+----------------------------------------+-------------+--------------+-----------+
| Net cash used in operating activities | (38) | (5) | (44) |
+----------------------------------------+-------------+--------------+-----------+
| Cash flows from financing activities | | | |
+----------------------------------------+-------------+--------------+-----------+
| Repayments of borrowings | - | - | (35) |
+----------------------------------------+-------------+--------------+-----------+
| Net cash(used in) financing activities | - | | (35) |
+----------------------------------------+-------------+--------------+-----------+
| | | | |
+----------------------------------------+-------------+--------------+-----------+
| Net change in cash and cash | (11) | (339) | (341) |
| equivalents | | | |
+----------------------------------------+-------------+--------------+-----------+
| Cash and cash equivalents at the | 13 | 354 | 354 |
| beginning of period | | | |
+----------------------------------------+-------------+--------------+-----------+
| Cash and cash equivalents at the end | 2 | 15 | 13 |
| of period | | | |
+----------------------------------------+-------------+--------------+-----------+
Notes to the Interim Financial Statements
For the six months ended 30 September 2009
1.Basis of preparation
The accounting policies adopted in the interim financial statements are
consistent with the accounting policies described in the Group's Annual Report
and Accounts for the year ended 31 March 2009. The financial information for the
year ended 31 March 2009 has been extracted from the 2009 Annual Report, which
has been filed with the Registrar of Companies. The auditors' report on those
financial statements was unqualified and did not contain any statements under
section 237(2) or (3) of the Companies Act 1985. The financial information
contained in this document does not constitute statutory financial statements as
defined in Section 437 of the Companies Act 2006.
2.Going Concern
The directors have assessed the Group's ability to continue as a going concern
and have confirmed that the Group will continue to have support from the Group's
debt finance providers. For this reason, they continue to adopt the "going
concern" basis for preparing accounts.
3. Loss per share
Basic loss per share amounts are calculated by dividing profit for the period
attributable to ordinary equity holders by the weighted average number of
ordinary shares outstanding during the year.
In view of the group loss for the year, share warrants and options to subscribe
for ordinary shares in the Company are anti-dilutive and therefore no adjustment
has been made in order to calculate a diluted loss per share.
The following reflects the income and share data used in the basic and diluted
earnings per share computations:
+------------------------------------+--------------------+----------------------+
| | Basic & Diluted | Weighted number of |
| | Earnings | shares |
+------------------------------------+--------------------+----------------------+
| Six months to 30th September 2009 | (GBP123,000) | 1,935,180 |
+------------------------------------+--------------------+----------------------+
| Six months to 30th September 2008 | (GBP315,000) | 193,518,001 |
+------------------------------------+--------------------+----------------------+
| Year to 31st March 2009 | (GBP321,000) | 1,935,180 |
+------------------------------------+--------------------+----------------------+
4. Interim report
A copy of the interim report will be available for inspection at the registered
office of the company, 7 Cork Street, London, W1S 3LJ. The 2009 interim results
and other information about Playwize are available, in accordance with rule 26
of the AIM Rules for Companies, on the company's website at www.playwizeplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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