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Name | Symbol | Market | Type |
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Thames Water 26 | LSE:TES | London | Bond |
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RNS Number:6522B TradingSports Exchange Systems PLC 05 August 2004 TRADINGSPORTS EXCHANGE SYSTEMS PLC ("TradingSports" or "the Company") Unaudited Interim results of TradingSports Exchange Systems plc for the six months ended 30 June 2004 As stated in the various announcements made to the Stock Exchange and in the circular sent to Shareholders dated 5 August 2004, trading for the six months to 30 June 2004 has been behind Directors' expectations. As a result, the Board asked Roger Mitchell to undertake a full strategic review of the Company's business, as the original business model was not performing as had been expected. The revised plan is currently being implemented, including the closure of the London office and consolidation of activities in Glasgow, and having announced the proposed subscription on 5 August 2004, the Company will have sufficient funds to deliver its plan and the Board looks forward to the future with confidence. Andrew Tottenham Chairman For further information: TradingSports Exchange Systems plc Tel: 0141 586 3422 Roger Mitchell, Chief Executive Officer Consolidated Profit and Loss Account for the six month ended 30 June 2004 Six months Six months Year ended ended 30 June 2003 ended 31 December 30 June 2004 2003 (Unaudited) (Unaudited) (Audited) # # # Turnover 107,713 25,077 160,536 Cost of sales (8,305) (12,884) (42,819) ---------- ---------- ---------- Gross profit 99,408 12,193 117,717 Administrative expenses (1,208,390) (355,325) (1,735,631) ---------- ---------- ---------- Operating loss (1,108,982) (343,132) (1,617,914) Reorganisation costs (399,057) (510,579) (485,239) ---------- ---------- ---------- Loss on ordinary activities before (1,508,039) (853,711) (2,103,153) interest and taxation Interest receivable 12,519 9,234 39,475 Interest payable (1,209) (1,611) (3,624) ---------- ---------- ---------- Loss on ordinary activities before (1,496,729) (846,088) (2,067,302) taxation Tax on loss on ordinary - - - activities ---------- ---------- ---------- Retained loss for the financial (1,496,729) (846,088) (2,067,302) period ========== ========== ========== Loss per ordinary share Basic loss per share (pence) (13.9) (30.1) (29.0) ========== ========== ========== Balance Sheets as at 30 June Unaudited Unaudited Audited 2004 as at as at as at 30 June 2004 30 June 2003 31 December 2003 # # # Fixed assets Tangible assets 964,675 1,212,824 1,059,375 Investments - - - ---------- ---------- ---------- 964,675 1,212,824 1,059,375 Current assets Debtors 188,359 239,353 286,309 Cash at bank 527,565 2,692,250 1,233,062 ---------- ---------- ---------- 715,924 2,931,603 1,519,371 Creditors: amounts falling due (943,190) (904,073) (559, 607) within one year ---------- ---------- ---------- Net current assets (227,266) 2,027,530 959,764 Net assets 737,409 3,240,354 2,019,139 ========== ========== ========== Capital and reserves Called up share capital 1,149,426 1,049,426 1,049,426 Share premium account 3,152,015 3,037,016 3,037,015 Profit and loss account (3,564,033) (846,088) (2,067,302) ---------- ---------- ---------- Shareholders' funds 737,409 3,240,354 2,019,139 ========== ========== ========== Consolidated Cash Flows for the Unaudited Unaudited Audited six months ended 30 June 2004 30 June 2004 30 June 2003 31 December 2003 # # # Net cash outflow from operating (909,680) (815,883) (2,283,458) activities ---------- ---------- ---------- Returns on investment and servicing of finance Interest received 12,519 9,234 39,475 Interest paid (1,209) (1,611) (3,624) ---------- ---------- ---------- Net cash inflow from returns on 11,310 7,623 35,851 investment and servicing of ---------- ---------- ---------- finance Capital expenditure Payments to acquire tangible (24,537) (20,981) (40,824) fixed assets Receipts from disposal of 2,410 - - tangible fixed assets ---------- ---------- ---------- Net cash outflow from capital (22,127) (20,981) (40,824) expenditure Acquisitions and disposals Acquisition of subsidiary - (1) (1) Disposal subsidiary - - 1 Net cash acquired with - 136,651 136,651 subsidiary ---------- ---------- ---------- Net cash inflow from acquisitions - 136,651 136,651 and disposals ---------- ---------- ---------- Net cash outflow before (920,497) (692,591) (2,151,780) financing Financing Issue of ordinary share capital 215,000 4,000,001 4,000,001 Cost of share issue - (615,159) (615,159) ---------- ---------- ---------- Net cash inflow from financing 215,000 3,384,842 3,384,842 ---------- ---------- ---------- (Decrease)/increase in cash in (705,497) 2,692,250 1,233,062 the period ========== ========== ========== Notes to the Unaudited Interim Results 1. Basis of preparation of interim financial results The interim results for the six months ended 30 June 2004 and six months ended 30 June 2003 are un-audited and do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. They have been drawn up using accounting policies and principles consistent with those applied in the preparation of the audited accounts for the year ended 31 December 2003. The comparative information contained in the report for the year ended 31 December 2003 does not constitute the statutory accounts for that financial period. Those accounts have been reported on by the Company's Auditors, Nexia Audit Limited, and delivered to the Registrar of Companies. The report of the auditors was unqualified. 2. Reorganisation costs These costs are expected to arise entirely as the result of the strategic reorganisation of the business as announced on 5 May 2004 and as explained in the circular to shareholders dated 4 August 2004. 3. Earnings per ordinary share Basic earnings per share figures have been calculated based upon 11,494,261 shares in issue, being the weighted average number of ordinary shares in issue during the period. 4. Interim Report This interim report was approved by the Directors on 4 August 2004. A copy of the Interim Report will be posted to shareholders in the circular to shareholders dated 5 August 2004. 5 August 2004 This information is provided by RNS The company news service from the London Stock Exchange END IR VELBBZVBFBBL
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