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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| U.k. Spac Plc | LSE:SPC | London | Ordinary Share | GB00B3CQW227 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.205 | 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:8727Z
Sportscard Group PLC
5 March 2001
SPORTSCARD GROUP PLC
Interim Results for the 6 months
ended 31 December 2000
Highlights
- Exclusive contract announced today with The
Telegraph Group, giving access to 1.5 million
database.
- Numbers of cardholders up 39% to 8,900 over
reporting period.
- Target to have 500,000 cardholders by 2005.
- "Hard to find" tickets obtained for major UK
sporting events, including Twickenham and Wimbledon.
- Test marketing agreements signed with LA Fitness plc
and Cannons Health and Fitness plc.
- Access secured to 250,000 rugby enthusiasts via
agreement signed with marketing arm of English First
Division Rugby.
- Financial results in line with expectations.
David Banford, Chief Executive, Sportscard Group plc,
said:
"Since our IPO back in October of 2000 the Company has
made significant progress in our focused strategy of
marketing Sportscard directly to sports enthusiasts. The
concept of a rewards-based credit card focused on the
cardholder's lifestyle is proving to be a compelling
proposition, with card membership growing rapidly.
"The access we have to highly specific databases via our
sports business partners enables us to generate card
conversion rates significantly above the national
average. With the number of passionate sports enthusiasts
continuing to rise, we remain excited about the prospects
for our business going forward."
Enquiries:
David Banford, Chief Executive Tel: 020 7925 2500
Sportscard Group plc
Oliver Jones / Rebecca Fox Tel: 020 7353 9203
Bell Pottinger Financial
CHAIRMAN'S STATEMENT
I would like to welcome all new shareholders who have
invested in the Company over the past five months. In
October 2000 the Company successfully raised #9.9 million
(net of expenses) on the Alternative Investment Market
(AIM) of the London Stock Exchange during a time when the
market for IPO's was highly selective. The successful
flotation of the Company was, we believe, an endorsement
of the Company's proposition and its management team.
I am pleased to present our maiden interim financial
statement as a public company and the first under my
Chairmanship. These figures mainly reflect pre-flotation
activity since only two full months cover our time as a
company traded on AIM. The operating loss shown is in
line with our budget and the expectations at the time of
our flotation. The Company's net cash position was #7.6
million on 31 December 2000, in line with forecast.
Our public listing has significantly raised the Company's
profile, and we are currently in negotiation with the
owners of a number of the largest sports databases in the
country to form alliances, both on and off-line. These
will create exciting growth opportunities for the Company
allowing for significantly increased brand visibility and
enhanced rates of cardholder acquisition. I expect to
announce further details of these initiatives over the
course of the next few months and report on them in the
full year report.
BUSINESS REVIEW
The primary purpose of the flotation was to raise the
funds needed to accelerate the Company's card acquisition
strategy, especially through endorsed direct mail to
proprietary sports databases. Significant agreements have
now been reached with English First Division Rugby, The
Telegraph Group, LA Fitness and Cannons Health and
Fitness among others. When fully developed, these will
allow Sportscard to market a branded loyalty credit card
offering the full range of Sportscard benefits enhanced
by loyalty rewards programmes introduced jointly with
club management and designed to attract and retain
members.
We continue to negotiate new and attractive benefits that
create a compelling consumer proposition and
differentiate Sportscard in a competitive marketplace.
Particular emphasis has been placed on sourcing 'hard to
find' sports tickets to key sporting events to be made
available to cardholders through the Sports Ticket
hotline totally free of charge. These are redeemed
against Sports Points or, depending on supply, offered
'at cost' against purchases on the Sportscard.
Sports tickets available to cardholders include
Premiership football matches, rugby union at Twickenham,
events at the Millennium Stadium, tennis at Wimbledon,
motor racing at Silverstone, cricket at all Test Match
venues including Lords and the Oval as well as horse
racing covering the Grand National, The Derby and Royal
Ascot. Investment has been made in establishing official
sources of supply including the purchase of underlying
debentures, as well as the introduction of proprietary
software for allocating and distributing tickets to
cardholders, to take account of ticket supply,
desirability and loyalty behavioural patterns of
Sportscard holders.
The UK credit card market now has 44 million credit cards
in circulation, and continues to grow in volume and value
terms at well above the rate of inflation with increasing
take-up of non fee-paying cards. We believe that the
strength of our rewards-based consumer proposition will
enable us to outperform traditional credit card offers.
This is especially so in the context of proprietary
sports databases.
In addition, account profitability statistics show
Sportscards that have been acquired via endorsed direct
mail demonstrate consistently higher approval rates,
revolving balance and activity levels than unendorsed
cards. Furthermore the risk profile is significantly
better than Capital One's average.
In March 2000 we signed a five year agreement with
Capital One Bank (Europe) plc ("Capital One") to act as
card issuer and to assist the Company in achieving
mutually agreed cardholder and account profitability
targets. Capital One is well-known for using information-
based strategy to guide card marketing and achieve
profitable account activity. We plan to introduce, in
conjunction with them, a range of bespoke credit card
products across a wide credit spectrum, as well as on-
line application and approval processes.
The nature and extent of the ongoing testing by Capital
One necessary to drive down the cost of cardholder
acquisition and to validate a robust platform to roll-out
Sportscard's marketing plans has resulted in some delays.
Additionally, it has taken longer to conclude
negotiations with certain strategic partners than
originally anticipated and, as a result, our cardholder
numbers, currently at 11,620, fall short of plan. The
Company is taking steps to make up this lost ground, and
will mail 1.5 million pieces of direct mail by 10 March
2001, together with an estimated total of three million
additional pieces, including several endorsed direct mail
campaigns during June and September 2001. It is unlikely
that the Company will achieve cardholder numbers forecast
for the current year, but the company's cash position
reflects the reduced marketing activity.
During this period we continue to develop our back office
infrastructure and are now well positioned to sustain
rapid cardholder growth. To facilitate these areas of
growth, we have made several key appointments including
Director of Customer Services, Director of Card
Marketing, and several middle management positions in the
area of sales, marketing and IT.
PROSPECTS
Together with my fellow Directors, we are actively
putting in place the foundations of an exciting and
profitable business that we believe will provide an
opportunity for the creation of significant shareholder
value over time. We look forward to the future with great
optimism.
Peter Ridsdale
Chairman
5 March 2001
Consolidated Profit & Loss Account
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2000 1999 2000
# # #
Turnover 106,442 21,791 112,847
Cost of sales 851,411 103,529 639,853
---------- --------- ----------
Gross loss (744,969) (81,738) (527,006)
Operating expenses 711,420 216,789 1,118,920
---------- --------- ----------
Operating loss (1,456,389) (298,527) (1,645,926)
Interest receivable 62,043 5,430 5,733
Interest payable and
similar charges (86,085) (126,037)
---------- --------- -----------
Loss on ordinary
activities before
and after taxation (1,480,431) (295,079) (1,766,230)
Accumulated loss brought
forward (2,325,658) (559,428) (559,428)
---------- ---------- -----------
Accumulated loss carried
forward (3,806,089) (854,507) (2,325,658)
========== ========== ==========
Loss per share
Basic (4.06)p (1.24)p (7.43)p
======== ======= ========
Diluted (4.06)p (1.24)p (7.43)p
======== ======= ========
Consolidated Balance Sheet
Unaudited Unaudited Audited
31 December 31 30 June
December
2000 1999 2000
# # #
Fixed assets
Tangible fixed assets 25,063 13,166 14,867
Current assets
Stocks 13,510 4,000 3,760
Debtors 914,237 156,922 243,341
Cash at bank and in hand 7,628,019 80,053 1,526
---------- ---------- -----------
8,555,766 240,975 248,627
Creditors:
Amounts falling due
within one year 1,231,220 207,098 1,687,602
---------- ---------- -----------
Net current
assets/(liabilities) 7,324,546 33,877 (1,438,975)
---------- ----------- -----------
Total assets less current
liabilities 7,349,609 47,043 (1,424,108)
Creditors:
Amounts falling due after
more than one year 343,386 - -
---------- ----------- -----------
Net assets/(liabilities) 7,006,223 47,043 (1,424,108)
========== =========== ===========
Capital and reserves
Share capital 4,986,905 2,400,000 2,400,000
Share premium 7,323,857 - -
Merger reserves (1,498,450) (1,498,450) (1,498,450)
Profit and loss (3,806,089) (854,507) (2,325,658)
----------- ----------- ------------
Equity shareholders'
funds 7,006,223 47,043 (1,424,108)
========== =========== ===========
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
Six months Six months Year
Ended ended ended
31 December 31 December 30 June
Note 2000 1999 2000
# # #
Net cash outflow
from operating
activities (a) (1,771,340) (324,915) (954,662)
Returns on
investments and
servicing of
finance 47,730 3,448 (5,305)
Capital expenditure (15,569) (8,648) (13,694)
----------- ----------- -----------
Cash outflow before
management of
liquid resources
and financing (1,739,179) (330,115) (973,661)
Management of
liquid resources (7,000,000) - -
Financing (d) 9,930,691 1,073 1,073
---------- ----------- -----------
Increase/(decrease)
in cash (c) 1,191,512 (329,042) (972,588)
========== ========== ==========
Notes to the Consolidated Cash Flow Statement
a. Reconciliation of operating loss to net cash outflow from
operating activities
31 December 31 December 30 June
2000 1999 2000
# # #
Operating loss (1,456,389) (298,527) (1,645,926)
Depreciation 5,373 2,544 5,834
Loss on sale of fixed
assets - - 55
Increase/(decrease) in
stocks (9,750) (185) 55
Increase in debtors (670,896) (115,013) (201,432)
Increase in creditors 360,322 86,266 886,752
----------- ----------- -----------
Net cash outflow from
operating activities (1,771,340) (324,915) (954,662)
========== ========== ==========
b. Changes in net funds
1 July Cash 31
December
2000 flows 2000
# # #
Cash at bank and in hand 1,526 626,493 628,019
Bank overdraft (565,019) 565,019 -
--------- --------- ----------
(563,493) 1,191,512 628,019
Short term deposits - 7,000,000 7,000,000
--------- ---------- ----------
Total (563,493) 8,191,512 7,628,019
========= ========= =========
c. Reconciliation of net cash flow to movement in net fund
#
Increase in cash in the period 1,191,512
Cash outflow from increase in short
term deposits 7,000,000
Movement in net funds for the period 8,191,512
Opening net funds (563,493)
-------------
Closing net funds 7,628,019
=============
d. Financing
# #
Total proceeds from placing 10,865,000
Flotation costs settled by the issue
of shares 567,949
Flotation costs settled by cash 366,360
934,309
---------
Net receipts from the issue of shares 9,930,691
=========
Notes to the Half Yearly Report
1. Basis of Preparation
The financial information set out in this half yearly
report is based on the consolidated results of Sportscard
Group plc and its subsidiaries, The Sportscard Credit
Card Company Limited, Sporting Village Limited and Sports
Tickets Limited (together referred to as the "Group").
The consolidated results have been prepared using the
merger method of accounting. The results within this half
yearly report have been prepared in accordance with the
accounting policies set out in the annual report and
financial statements of The Sportscard Credit Card
Company Limited for the year ended 30 June 2000. The
results to 31 December 1999 have been extracted from The
Sportscard Credit Card Company Limited's management
accounts.
During the period, a group re-organisation took place
whereby a new holding company, Sportscard Group plc, was
incorporated. It holds all the shares in The Sportscard
Credit Card Company Limited. The results have been
prepared as if the Group had been in existence throughout
the period.
Results for the year ended 30 June 2000 have been
extracted from the annual report and financial statements
of The Sportscard Credit Card Company Limited, with the
exception of Capital and Reserves. The Capital and
Reserves did not form part of the annual report and
financial statements of The Sportscard Credit Card
Company Limited, as they have been restated for the
purposes of this half yearly report in accordance with
merger accounting requirements. The annual report and
financial statements of The Sportscard Credit Card
Company Limited carried an unqualified audit report and
have been delivered to the Registrar of Companies.
2. Loss per Share
The basic loss and diluted loss per share have been
calculated on the loss on ordinary activities after
taxation of #1,480,431 (Year ended 30 June 2000 -
1,766,230), apportioned over the weighted average number
of ordinary shares that were in issue for the period of
36,482,482 (Year ended 30 June 2000 - 23,760,000).
3. Half Yearly Report
The financial information contained in this document does
not constitute statutory financial statements as defined
in section 240 of the Companies Act 1985.
Copies of the half yearly report for the six months ended
31 December 2000 will be sent to shareholders. Further
copies will be available from the Company Secretary at
the registered office.
4. Related party transactions
At 31 December 2000 an amount of #343,386 was owed to
Pacific Investments plc, a related party who own 25% of
the ordinary share capital of the company. This amount is
due for repayment on 9 October 2002 and bears no
interest.
Independent Review Report
Introduction
We have been instructed by the company to review the financial
information set out on pages 3 to 8 and we have read the other
information contained in the half yearly report and considered
whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities
The half yearly report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors. Where a company is fully listed,
The Listing Rules of the Financial Services Authority require
that the accounting policies and presentation applied to the
half yearly results should be consistent with those applied in
preparing the preceding annual report and financial statements
except where any changes, and the reasons for them, are
disclosed. As a company listed on the Alternative Investment
Market, Sportscard Group plc has voluntarily complied with
this requirement in preparing its half yearly report.
Review work performed
We conducted our review in accordance with guidance in
Bulletin 1999/4 issued by the Auditing Practices Board. A
review consists principally of making enquiries of group
management and applying analytical procedures to the financial
information and underlying financial data and, based thereon,
assessing whether accounting policies and presentation have
been consistently applied unless otherwise disclosed. A review
excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a
lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review, we are not aware of any material
modifications that should be made to the financial information
as presented for the six months ended 31 December 2000.
BDO Stoy Hayward
Chartered Accountants
and Registered Auditors
London
Date: 5 March 2001
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