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Name | Symbol | Market | Type |
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Spdr Glob Infra | LSE:GIN | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.10 | -0.39% | 25.80 | 25.75 | 25.85 | 353 | 16:35:02 |
RNS Number:2740A Gaming Insight PLC 30 June 2004 Date: 30 June 2004 Enquiries: Haresh Kanabar Finance Director, Gaming Insight plc tel: 020 7070 7283 nn Gaming Insight Plc Results for the 12 months ended 31 December 2003 Gaming Insight Plc ("Gaming Insight, GIN"), the digital media rights and interactive gaming group announces results for the twelve months ended 31 December 2003. Extracts from the Chairman's statement and the Report of the directors 2003 was a disappointing year for Gaming Insight: in June 2003, Gobarkingmad Limited ("GBM"), the principal trading subsidiary of Gaming Insight, having failed to realise its potential, was put into liquidation. GBM was incorporated in April 2000 with a view to broadcasting live greyhound racing over the internet and a dedicated television channel and taking bets on its interactive betting platform. GBM planned to launch its interactive betting channel on Sky television in mid 2001 and entered into a number of significant contractual commitments to enable it to so. However, due to software and technical problems the launch was delayed until June 2002. The financial effects of this delay were to materially increase GBM's start-up costs. Following the launch of GBM's television channel, GBM failed to realise its full potential as a result of lower than expected levels of business, on-going problems with the software, lack of UK racing rights and intense competition within the industry. Appropriate action was taken to reduce GBM's cost base and, where possible, to renegotiate supplier contracts. However, the cost base of the business remained unacceptably high in proportion to the revenue being generated. Considerable efforts were made to increase GBM's level of business by securing domestic racing rights and entering into joint ventures but these were ultimately unsuccessful. In March 2003, GIN engaged external consultants with considerable gaming expertise to conduct a strategic review of GBM and to assist the board in formulating an appropriate strategy for the Company going forward. Following the presentation of the strategic review, the Board of the Company decided not to oppose winding up proceedings for GBM which went into liquidation on 18 June 2003. In January 2003 the Board announced that Mr Victor Chandler and Mr David Warren had joined the Board as non-Executive Directors, and that an additional #17m had been raised by way of issuing 166.4m new shares. Also, loans amounting to #596,000 were converted into equity at par. Seymour Pierce were appointed brokers and nominated adviser to the Company in place of Nomura. In order to allow the Company to develop its future strategy, Highland Fund Advisors advanced a loan of #325,000 in June 2003. In December 2003 Highland Fund Advisors and Brookspey Limited (a company controlled by Mr Nigel Robertson, the Chairman of the Company) granted the Company a facility of #500,000 of which #100,000 was advanced immediately and the balance of which was paid in January 2004. Directorate In January 2003 Mr Victor Chandler and Mr David Warren joined the Board as non-Executive Directors and Mr Haresh Kanabar was appointed Finance director. Mr Stuart Polak, Mr David Sanderson and Mr Victor Chandler resigned as Directors in June, September and December 2003 respectively and the Company thanks them for their contribution. David Warren resigned from the board today. Post Period On 16 April 2004 Racing Network.co.uk ("RN"), in which the Company had a 51% interest, was placed in voluntary liquidation. The Company's investment in RN had been fully provided for and the write-off will have no effect on the profit and loss account. Outlook The Company, which now has no operating subsidiaries and is a shell, is well placed to take advantage of suitable opportunities when they arise. In recent months the Board has looked closely at a number of possible acquisitions with the intention of either acquiring or reversing an existing business into the Company, but has not yet found itself in a position to recommend acceptable terms and conditions for such a transaction. Nevertheless, the Board is c ontinuously reviewing proposals for the future generation of value for the Company and since the beginning of the current year the quality of the proposals being received has notably improved. Results and dividends The consolidated profit and loss account shows the loss for the year. No dividend is recommended in respect of the year. Principal activities, trading review and future developments Details of the principal activities and a review of trading and future developments are included in the Chairman's report. Nigel Robertson Chairman 30 June 2004 Extracts from the Financial Statements as at 31 December 2003 Consolidated profit and loss account for the year 31 December 2003 Note 2003 2002 #'000 #'000 Turnover 2,204 12,345 Cost of sales (2,008) (11,371) _______ _______ Gross profit 196 974 Administrative expenses (2,706) (14,722) _______ _______ Operating loss (2,510) (13,748) Gain on liquidation of a subsidiary 1,758 - Interest receivable and similar income 7 5 Interest payable (11) (72) _______ ______ Loss on ordinary activities before taxation (756) (13,815) Taxation on loss on ordinary activities - - _______ _______ Loss for the financial year (756) (13,815) _______ _______ Loss per share Basic and diluted 2 (0.1)p (4.1)p _______ _______ All amounts relate to discontinued activities. All recognised gains and losses have been included in the profit and loss account. Consolidated and company balance sheet at 31 December 2003 Group Group Company Company 2003 2002 2003 2002 #'000 #'000 #'000 #'000 Fixed assets Intangible assets - - - - Tangible assets 8 36 8 18 Investments in subsidiary - - - - undertakings _______ _______ _______ _______ 8 36 8 18 Current assets Debtors 60 897 44 405 Cash at bank and in hand 77 126 68 12 _______ _______ _______ _______ 137 1,023 112 417 Creditors: amounts falling due 834 3,577 720 1,535 within one year _______ _______ _______ _______ Net current liabilities (697) (2,554) (608) (1,118) _______ _______ _______ _______ Total assets less current liabilities (689) (2,518) (600) (1,100) Creditors: amounts falling due 325 - 325 - after more than one year _______ _______ _______ _______ Net liabilities (1,014) (2,518) (925) (1,100) _______ _______ _______ _______ Capital and reserves Called up share capital 8,230 5,970 8,230 5,970 Deferred share capital 36,657 36,657 36,657 36,657 Share premium account 9,804 9,804 9,804 9,804 Profit and loss account (55,705) (54,949) (55,616) (53,531) _______ _______ _______ _______ Shareholders' deficit (1,014) (2,518) (925) (1,100) _______ _______ _______ _______ Included within Group and Company shareholders' funds is an amount of #36,657,000 (2002 - #36,657,000) in respect of non-equity interests. Consolidated cash flow statement for the year 31 December 2003 2003 2003 2002 2002 #'000 #'000 #'000 #'000 Net cash outflow from operating (2,101) (3,485) activities Returns on investments and servicing of finance Interest received 7 5 Interest paid (11) (72) _______ _______ Net cash outflow from returns on (4) (67) investments and servicing of finance Tax paid - - Capital expenditure and financial investment Purchase of tangible fixed assets (2) (70) _______ _______ Net cash outflow from capital expenditure and (2) (70) financial investment Acquisitions and disposal Cash disposed of on liquidation of (16) - subsidiary _______ _______ Net cash outflow from acquisitions and disposals (16) - Financing Repayment of loans (45) (76) Issue of shares 1,664 1,300 Receipt of loans 455 1,973 _______ _______ Net cash inflow from financing 2,074 3,197 _______ _______ Decrease in cash (49) (425) _______ _______ Notes to the financial statements 1. Accounting policies The financial information set out above has been prepared using accounting polices consistent with those used in the preparation of the full statutory accounts. Basis of consolidation The consolidated financial statements incorporate the results of Gaming Insight plc and all of its subsidiaries as at 31 December 2003 using the acquisition method of accounting. The results of subsidiary undertakings are included from the date of acquisition and until the date of disposal. Goodwill Goodwill represents the difference between the fair value of the consideration paid on acquisition of a business and the fair value of its identifiable net assets at the date of acquisition, less any provision for impairment. It is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life which is three years. Impairment of fixed assets and goodwill The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the asset against the higher of realisable value and value in use. Development costs Development costs in respect of websites and software are charged to the profit and loss account in the year of expenditure, unless individual projects satisfy all of the following criteria: * the project is clearly defined and related expenditure is separately identifiable; * the project is technically feasible and commercially viable; * current and future costs are expected to be exceeded by future sales; and * adequate resources exist for the project to be completed. In such circumstances the costs are carried forward and amortised over the directors' estimate of the useful life, commencing in the year the company starts to benefit from the expenditure. 2. Loss per share Year Ended Year Ended 31 December 2003 31 December 2002 Basic (0.1p) (4.1p) The calculation of loss per share is based on the loss for the year of #756,000 (2002 - #13,815,000) and on the weighted average number of shares in issue during the year of 804,196,506 (2001 - 338,674,564). No calculation has been shown for diluted loss per share because the options are non-dilutive. 3. Post balance sheet events On 16 April 2004 Racing Network.co.uk ("RN"), in which the Company had a 51% interest, was placed in voluntary liquidation. The Company's investment in RN had been fully provided for and the write-off will have no effect on the profit and loss account. Additional loan finance was secured in January 2004 from Highland Fund Advisors and Brooksprey Limited. The Company received #300,000 on 13 January 2004 and #100,000 was received on 14 January 2004. The loans carry on interest rate of 5% and are repayable in December 2004 4. Fundamental uncertainty - going concern The report of the independent auditors included the following explanation of the fundamental uncertainty with regards to going concern: The financial statements have been prepared on the going concern basis which assumes that the group will continue in operational existence for the foreseeable future. The group incurred a loss of #756,000 for the year and has incurred further losses since the balance sheet date. The group remains dependent on the continued financial support from a major shareholder who has confirmed to the directors that he intends to maintain such support for the foreseeable future. Accordingly, they consider the going concern basis of preparation to be appropriate. The financial statements do not include adjustments that would result if the financial support from the major shareholder were no longer available. 5. Qualified Opinion arising from limitation in audit scope The report of the independent auditors included the paragraph regarding qualified opinion arising from limitation in audit scope. In our opinion the financial statements give a true and fair view of the state of affairs of the group and the Company's affairs as at 31 December 2003 and, except for any adjustments that might have been found to be necessary had we been able to obtain sufficient evidence concerning gross bets placed and of the loss for the group for the year then ended and have been properly prepared in accordance with the Companies Act 1985. In respect alone of the limitation on our work relating to gross bets placed, following the shut-down of betting systems and the closure of betting activities, we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and we were unable to determine whether proper accounting records had been maintained. The figures for the year ended 31 December 2003 do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. They have been prepared under the accounting policies set out on the Company's statutory accounts for the year ended 31 December 2002. The figures for the year ended 31 December 2002 have been extracted from the full accounts for that period, which have been delivered to the Registrar of Companies and on which the auditors gave an unqualified report. This information is provided by RNS The company news service from the London Stock Exchange END FR UKUNRSSRNUAR
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