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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.39% | 25.80 | 25.75 | 25.85 | 353 | 16:35:02 |
RNS Number:2995U Gaming Insight PLC 15 January 2004 GAMING INSIGHT PLC ("the Group") Results for the six months ended 30 June 2003 The Chairman's Statement Group Results The last six months have been challenging for the group and culminated in the winding-up of the Group's principal trading subsidiary, Gobarkingmad Limited in June 2003. For the six months to 30 June 2003, pre tax losses were #2.1 million compared to losses of #6.2 million in the prior period, largely attributable to there being no amortisation of goodwill and intangible assets. Loss per share was (0.27)p from a prior period EPS of (2.45)p. Turnover in the period was substantially lower at #2.1 million, compared to #7.8 million in the corresponding prior period, as a result of the Group's strategy to reduce its involvement in the on-line casino market. In March 2003 the Group engaged external consultants with considerable gaming expertise to review the business and assist the board in formulating the strategy of the Group going forward. A number of the consultants recommendations have been implemented. The consultants continue to work with the board looking at a variety of potential businesses in the same sector as well as future funding. Funding The Group secured loan funding from Highland Fund Advisors in June 2003 of #325,000 and a further loan amounting to #500,000 have been advanced to the group by Highland Fund Advisors and Brookspey Limited (a company in which I have an interest). #100,000 of the funding was received in December and the balance has now been received. Directors David Sanderson resigned as the Chief Executive and Director of the Company on 19 September 2003, Victor Chandler resigned as a Director on 10 December 2003 and Stuart Polak resigned as a Director on 17 June 2003. Haresh Kanabar and David Warren were appointed to the board as Directors on 23 January 2003 and 8 January 2003 respectively. 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 Company depends on our ability to successfully implement a new strategy and raise additional funds as required. Nigel Robertson Chairman 15 January 2004 Consolidated Profit and Loss Account For the six months ended 30 June 2003 (unaudited) 6 months ended 6 months ended 12 months to 30 June 2003 30 June 2002 31 December 2002 Note (unaudited) (unaudited) (audited) #000 #000 #000 Turnover 2,079 7,786 12,345 Costs of Sales (1,929) (7,239) (11,371) ------------ ------------ ------------- Gross Profit 150 547 974 Administrative expenses (2,232) (2,212) (4,731) Amortisation of goodwill and intangible assets - (4,358) (9,410) Depreciation (12) (131) (581) ------------ ------------ ------------- Operating loss (2,094) (6,154) (13,748) Net interest receivable/(payable) 5 (43) (67) Taxation 3 - - - ------------ ------------ ------------- Loss after taxation (2,089) (6,197) (13,815) ------------ ------------ ------------- Loss per share 4 (0.27) p (2.45)p (4.1)p ------------ ------------ ------------- All recognised gains and losses are included in the profit and loss account. Consolidated Balance Sheet At 30 June 2003 (unaudited) 30 June 30 June 31 December 2003 2002 2002 (unaudited) (unaudited) (audited) #000 #000 #000 Fixed Assets Intangible Assets - 5,051 - Tangible Assets 33 479 36 ----------- ------------ ------------- Total Fixed Assets 33 5,530 36 ----------- ------------ ------------- Current Assets/(Liabilities) Cash 284 276 126 Debtors 320 483 897 Creditors: amounts falling due within one year (2,984) (2,359) (3,577) ----------- ------------ ------------- Total Assets less Current Liabilities (2,347) 3,930 2,518 Creditors: amounts falling due after more than one year - (2,315) - ----------- ------------ ------------- Net (Liabilities)/Assets (2,347) 1,615 (2,518) ----------- ------------ ------------- Capital and reserves Share capital - Issued and fully paid 8,230 2,526 5,970 - Deferred 36,657 36,657 36,657 Share premium account 9,804 9,763 9,804 Profit and loss account (57,038) (47,331) (54,949) ----------- ------------ ------------- Shareholders' (Deficit)/ Funds (2,347) 1,615 (2,518) ----------- ------------ ------------- Consolidated cash flow statement For the 6 months ended 30 June 2003 (unaudited) 6 months ended 6 months ended 12 months ended 30 June 2003 30 June 2002 31 December 2002 (unaudited) (unaudited) (audited) #000 #000 #000 Net cash outflow from operating activities (1,741) (932) (3,485) Returns on investments and servicing of finance Interest received 5 3 5 Interest payable - (1) (72) ------------ ------------ ------------- Net cash flow from returns on investments and servicing of finance 5 2 (67) ------------ ------------ ------------- Capital expenditure and financial investment Purchase of tangible fixed assets (7) (60) (70) ------------ ------------ ------------- Net cash outflow from capital expenditure and financial investment (7) (60) (70) ------------ ------------ ------------- Financing Issue of loans 325 1,008 1,973 Repayment of loans (684) (293) (76) Issue of shares 2,260 - 1,300 Expenses paid in connection - - - with share issues ------------ ------------ ------------- Net cash inflow from financing 1,901 715 3,197 Increase/(Decr ease) in cash 158 (275) (425) ============ ============ ============= Notes to the Interim Report 1 BASIS OF PREPARATION The interim accounts for the six months ended 30 June 2003 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The financial information has been prepared in accordance with applicable accounting standards and under the historical cost accounting convention. Accounting policies consistent with those applied in the financial statements for the year ended 31 December 2002 have been used in preparing the unaudited interim financial statements for the 6 months ended 30 June 2003. 2 DIVIDENDS The Directors are not declaring a dividend for the six months ended 30 June 2003. 3 TAXATION There is no tax charge for the period due to the loss arising. 4 LOSS PER SHARE The calculation of the loss per share is based on the loss for the period of #2,089,000 (30 June 2002 - #6,197,000; 31 December 2002 - #13,815,000) and the weighted average number of shares in issue during the period of 785,363,172 (30 June 2002 - 252,556,139; 31 December 2002 - 338,674,564) A diluted earnings per share is not presented because the options in issue are anti-dilutative. 5 COPIES OF INTERIM RESULTS Copies of the interim results will be sent to shareholders and will be available from the Company's office, 22 Soho Square, London W1D 4NS. This information is provided by RNS The company news service from the London Stock Exchange END IR SFMFMISLSEIF
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