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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:2966U Gaming Insight PLC 15 January 2004 Gaming Insight Plc Results for the 12 months ended 31 December 2002 The Chairman's Statement Gaming Insight Plc ("Gaming Insight" or "the Group"), the digital media rights and interactive gaming group announces results for the twelve months ended 31 December 2002. Extracts from the Chairman's statement and the Report of the directors 2002 was a challenging year for Gaming Insight in which considerable effort was expended in laying the foundations for the Group's interactive gaming business, Gobarkingmad, to be launched in June. As a consequence the Group reduced its interests in on-line casino gaming. In June 2002 I highlighted the fact that the pioneering nature of operating the world's first interactive racing business meant that forecasting its likely performance was difficult, and that additional funding would be required with which to steer the business through its start-up phase and beyond. This did in fact prove necessary and during the year a series of fund raisings were undertaken to raise #3.2 million in aggregate. Gobarkingmad experienced significant difficulties and, having failed to realise its potential, in June 2003 the Board regretfully announced that the business was to be put into liquidation. During the year Mr. Ian Ryden and Mr. Ian Hayes resigned as Directors, and Mr. Tom Betts resigned as a non-Executive Director. After the year-end, Mr. David Sanderson, Mr. Stuart Polak and Mr. Victor Chandler resigned as Directors. The Company thanks them all for their efforts. Interactive Racing Division Review Gobarkingmad announced in January 2002 that stress testing on the interactive TV betting system was continuing in the run-up to launch. The service launched on 24 June 2002 on the Sky digital television network and was the world's first interactive racing channel. Early results were encouraging with over 10,000 players registering in the first month, and an average of over 17,000 weekly bets being placed. Revenue growth was initially steady, bolstered by a 3-month deal with Euro Off-Track, which gave the channel rights to broadcast the Paddy Power Irish Derby series and other high quality race meetings from Ireland. The Board believed that broadcasting Irish racing would help encourage the BGRB (British Greyhound Racing Board) to sanction UK racing on the channel. However, the continued impasse between the UK Bookmaking Industry and the BGRB prevented such broadcast rights being granted. As a consequence revenue growth slowed and the Board began to explore new strategies to develop the business. The decision was reached to add a fixed odds betting revenue stream to the business and to explore securing individual UK track rights. To achieve this Gobarkingmad reached agreement with Victor Chandler International to provide a fixed odds telephone and Internet betting service to Gobarkingmad's UK customers. In addition, Gobarkingmad rebranded the channel as "Red Button Racing", in order to define more clearly its purpose, and began work in developing "Lucky 8's" - an archive racing game - to be broadcast between live racing sessions on the channel. The business also secured its first international distribution contract with NSAB in Norway. A range of additional distribution opportunities were also examined and evaluated. However, the lack of UK or Irish racing proved a major inhibitor to delivering revenue growth. Casino Division Review The Casino division made a significant contribution to Group turnover in 2002, and continued to pursue additional consumer brand partners with which to develop casino franchises. New proprietary 3D software was completed and launched behind schedule in April 2002, by which time similar software packages from other developers had significantly increased the competition in the market. This has meant that no additional casino franchise contracts had been secured. In November 2002 it was announced that our interests in on-line gaming would be reduced to increase our strategic focus on the Interactive Racing Division. Consequently, the Harrods casino ceased to be operated in October 2002. Racing Network 2002 was a year of significant achievement for the Racing Network culminating in the launch of the first interactive horseracing form guide on BSkyB's Sky Active Win Zone. During the period a 5 year exclusive deal to provide betting advice services to the Victor Chandler International customer base was also secured. We are currently reviewing our strategic options with regard to the Racing Network. Post Period In January 2003 Mr. Haresh Kanabar, Mr. Victor Chandler and Mr. David Warren were appointed to the Board as Finance Director and non-Executive Directors respectively. On 8th January 2003 the Company announced that #2 million had been raised by way of issuing 200 million new ordinary shares. Seymour Pierce were appointed brokers and nominated adviser to the Company in place of Nomura. In January 2003 the Board announced a deal with PA News enabling Red Button Racing the right to broadcast race cards, form and results from some of the leading UK race tracks. However, third parties within the UK racing industry successfully lobbied PA News to withdraw the rights granted to Red Button Racing. The inability to secure the necessary UK racing rights adversely affected revenue generation, which in turn put considerable pressure on the commercial viability of Gobarkingmad Limited. Consequently the Group decided no longer to support Gobarkingmad Limited and the Board of Gobarkingmad Limited was left with no alternative but to allow the company to go into liquidation. The Group's shares have been suspended since the 12 June 2003 but, the Group is actively working towards a lifting of the suspension and a resumption of trading of its shares on the AIM market. A Notice convening the Annual General Meeting of the Company (the "AGM") is set out in the Company's financial statements for the year ended 31 December 2002. The AGM will be held at 10am on 16 February 2004 at Holiday Inn Mayfair, 3 Berkeley Street, London, W1J 8NE. Because the net assets of the Company are now less than half its called-up share capital we are obliged under section 142 of the Companies act 1985 to convene an Extraordinary General Meeting of the company (the "EGM"). The purpose of the meeting is to consider whether any, and if so what, steps should be taken to deal with the situation. Outlook External Consultants with considerable gaming expertise have been working with the Group since March 2003 to assist the board in developing future strategy. The Group has been looking at a variety of potential new businesses in the same sector. The future of the Group depends on our ability to successfully implement a new strategy and raise additional funds as required. 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 of the Annual Report. Nigel Robertson Chairman 14 January 2004 Extracts from the Financial Statements as at 31 December 2002 Consolidated profit and loss account for the year 31 December 2002 2002 2001 #'000 #'000 Turnover 12,345 12,989 Cost of sales (11,371) (12,204) _______ _______ Gross profit 974 785 Administrative expenses (14,722) (20,339) _______ _______ Operating loss (13,748) (19,554) Interest receivable and similar income 5 27 Interest payable (72) (150) _______ ______ Loss on ordinary activities before taxation (13,815) (19,677) Taxation on loss on ordinary activities - - _______ _______ Loss for the financial year (13,815) (19,677) _______ _______ Loss per share - Basic and diluted (4.1)p (9.05)p _______ _______ All amounts relate to continuing activities. All recognised gains and losses have been included in the profit and loss account. Consolidated and company balance sheet at 31 December 2002 Group Group Company Company 2002 2001 2002 2001 #'000 #'000 #'000 #'000 Fixed assets Intangible assets - 9,410 - - Tangible assets 36 549 18 18 Investments in subsidiary undertakings - - - 25,474 _______ _______ _______ _______ Current assets 36 9,959 18 25,492 Debtors 897 1,143 405 564 Cash at bank and in hand 126 551 12 196 _______ _______ _______ _______ 1,023 1,694 417 760 Creditors: amounts falling due within one year 3,577 2,241 1,535 533 _______ _______ _______ _______ Net current (liabilities)/assets (2,554) (547) (1,118) 227 _______ _______ _______ _______ Total assets less current liabilities (2,518) 9,412 (1,100) 25,719 Creditors: amounts falling due after more than one year - 1,600 - 1,000 _______ _______ _______ _______ Net (liabilities)/assets (2,518) 7,812 (1,100) 24,719 _______ _______ _______ _______ Capital and reserves Called up share capital 5,970 2,526 5,970 2,526 Deferred share capital 36,657 36,657 36,657 36,657 Share premium account 9,804 9,763 9,804 9,763 Profit and loss account (54,949) (41,134) (53,531) (24,227) _______ _______ _______ _______ Shareholders' (deficit)/funds (2,518) 7,812 (1,100) 24,719 _______ _______ _______ _______ Included within Group and Company shareholders' funds is an amount of #36,657,000 (2001 - #36,657,000) in respect of non-equity interests. Consolidated cash flow statement for the year 31 December 2002 2002 2002 2001 2001 #'000 #'000 #'000 #'000 Net cash outflow from operating activities (3,485) (8,430) Returns on investments and servicing of finance Interest received 5 27 Interest paid (72) (150) _______ _______ Net cash outflow from returns on investments and servicing of finance (67) (123) Tax paid - - Capital expenditure and financial investment Purchase of tangible fixed assets (70) (679) _______ _______ Net cash outflow from capital expenditure and financial investment (70) (679) Financing Redemption of loan notes (76) - Issue of shares 1,300 6,775 Expenses paid in connection with shares issued - (399) Issue of loans 1,973 3,235 _______ _______ Net cash inflow from financing 3,197 9,611 _______ _______ (Decrease)/increase in cash (425) 379 _______ _______ 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 2002 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 31 December 2002 2001 Basic (4.1p) (9.05p) The calculation of loss per share is based on the loss for the year of #13,815,000 (2001 - #19,677,000) and on the weighted average number of shares in issue during the year of 338,674,564 (2001 - 217,328,293). A diluted earnings per share is not presented because the options referred to are non-dilutive. 3. Post balance sheet events On 14 January 2003 the company completed a placing of 200,000,000 new ordinary shares to raise #2 million before expenses. In the same month Victor Chandler, David Warren and Haresh Kanabar joined the board as non-executive director's and finance director respectively. David Sanderson resigned as Chief executive and director on 19 September 2003. Stuart Polak Resigned as Non Executive Director on 17 June 2003. Victor Chandler resigned as Non-Executive Director on 10 December 2003. On 11 June 2003 the Board requested AIM to suspend trading in the Company's shares pending clarification of its financial position. On 17 June 2003 the company announced that it would not oppose a compulsory winding up petition against its principal trading subsidiary Gobarkingmad Limited and on 18 June 2003 Gobarkingmad was put into liquidation. The Liquidator is now managing the affairs of Gobarkingmad. As a result of the liquidation, assets with a net book value of #322,000 were impaired at the year end. This impairment has been reflected in the financial statements for 31 December 2002. In June 2003 Highland Fund Advisors loaned the company #325,000 at an interest rate of 5% per annum. This amount is repayable within 12 months from the date of the loan. Furthermore, in December 2003, Highland fund advisors and Brookspey Limited entered into an agreement with the company to lend #500,000 split equally between them to the company. #100,000 was paid on 10 December 2003, #300,000 was paid on 13 January 2004 and #100,000 was paid on 14 January 2004. The loan carries an interest rate of 5% per annum and is repayable within 12 months from the date of the loan. Consultants have been working with the board with a view to developing the future strategy of the company. The future of the group is dependent upon the successful implementation of the new strategy and also raising the required funds. Discussions with potential funding providers are ongoing. 4. Fundamental uncertainty - going concern The report of the independent auditors included the following explanation of the fundamental uncertainty with regards to going concern: In forming our opinion we have considered the adequacy of the disclosures made in note 27 to the financial statements relating to the future of the group. The financial statements have been prepared on a going concern basis which assumes that the group will remain in operational existence for the foreseeable future. This assumption depends on the ability of the directors to raise the funding required to support the group's operations. In view of the significance of this uncertainty we consider that it should be drawn to your attention but our opinion is not qualified in this respect. The financial information for the period ended 31 December 2001 is extracted from the Group's full statutory financial statements to that date, which received an unqualified audit report and have been filed with the Registrar of Companies. Enquiries: Haresh Kanabar Finance Director, Gaming Insight plc tel: 020 7070 7283 This information is provided by RNS The company news service from the London Stock Exchange END FR UVONRSVRAAAR
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