RNS Number:0883L
Gaming Corporation PLC
14 May 2003
Gaming Corporation plc
Gaming Corporation plc, the interactive gaming company and owner of
www.casino.co.uk today announces its interim results for the six months ended
31st March 2003
Highlights
* Turnover of #3.65 million for the period ended 31st March 2003 (2002
- #339,530)
* Losses before amortisation of goodwill reduced to #97,875 (2002 -
#272,044)
* New online casino operation already trading profitably
* Continued profitable growth of the Casino.co.uk Internet portal
During the period Gaming Corporation has become more focussed on its online
gaming activities. The Company now operates an online casino powered by Boss
Media AB one of the world's leading gaming software suppliers and a gaming
portal business at www.casino.co.uk.
Commenting on the results, Justin Drummond, Chief Executive of Gaming
Corporation said:
"Over the last six months the business has been successfully re-focused. The new
online casino launched in December through a software licensing deal with Boss
Media AB is already trading profitably. The change in focus is beginning to show
results and this has been reflected by the growth in turnover and reduction in
operating losses. The Company is now well positioned in a fast growing market
and we look forward to the second half of the financial year with confidence."
For further details contact:
Justin Drummond
Chief Executive
020 7349 4300
Damion Greef
Corporate Communications
07736 381 030
Gaming Corporation plc
Interim Results
Six months ended 31st March 2003
Chairman's Statement
Introduction
The Board of Gaming Corporation plc is pleased to present the results of the
Group for the six months ended 31st March 2003.
Financial Summary
The results for the period ended 31st March 2003 show consolidated turnover of
#3,646,331 (2002 - #339,530), a loss attributable to the members of the Group
for the period of #308,216 (2002 - #677,320) and a loss for the period after
taxation but before amortisation of goodwill of #97,875 (2002 - #272,044). At
the end of the period, net assets were #1.5 million (2002 - #3.2 million).
Current Trading and Prospects
The Group has continued to make further progress during the first half of 2003.
The new online casino operation was successfully launched in December as a
result of months of development and planning. The new division has performed
above expectations and has generated profits in the first few months of trading.
The casino portal operated at www.casino.co.uk has continued to perform well and
is still experiencing growth in both user numbers and customers. Onthebox, a
leading TV listings application, continues to grow and through a partnership
with BT Openworld can now offer customers TV programme alerts direct to mobile
phones via SMS. Onthebox generates licensing revenue from customers including
BT, Lycos and News International and acts as a marketing channel for the casino
operation.
The stated aim of creating a focused interactive gaming business has now been
achieved and the Board looks forward to a sustained period of growth. The
Company is well positioned in a fast growing sector and the Board remain
confident about the prospects for the Company.
David Rogers
Chairman
Group profit and loss account (unaudited)
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 31 ended 31 ended 30
March March September
2003 2003 2002
# # #
Turnover 3,646,331 339,530 842,593
Turnover - continuing activities 3,601,938 232,371 678,521
Turnover - discontinued activities 44,393 107,159 164,072
Cost of sales (3,366,615) (95,594) (308,663)
Gross profit 279,716 243,936 533,930
Selling and distribution costs (92,596) (10,045) (25,297)
Administrative expenses:
before goodwill amortisation (303,588) (495,061) (925,259)
goodwill amortisation (210,341) (405,276) (810,552)
impairment of goodwill - - (1,265,245)
(513,929) (900,337) (3,001,056)
Group operating loss attributable to continuing activities (321,007) (638,504) (2,271,157)
Group operating loss attributable to discontinued activities (5,802) (27,942) (221,266)
Group operating loss (326,809) (666,446) (2,492,423)
Interest receivable and similar income - 3,765 5,680
Interest payable and similar charges (4,779) (15,134) (22,773)
Loss on ordinary activities before taxation (331,588) (677,815) (521,708)
Taxation 22,951 - 64,137
Loss on ordinary activities for the period (308,637) (677,815) (2,445,379)
Minority interest 421 495 423
Loss for the period attributable to members of the parent
company (308,216) (677,320) (2,444,956)
Loss per share - basic & diluted 0.54p 1.46p 5.27p
Loss per share - adjusted 0.17p 0.59p 0.79p
Group balance sheet (unaudited)
Unaudited Unaudited Audited
31 31 30
March March September
2003 2002 2002
# # #
Fixed assets
Intangible assets 1,298,132 3,305,272 1,634,443
Tangible assets 201,384 98,974 78,669
Investments 2,523 2,523 2,523
1,502,039 3,406,769 1,715,635
Current assets
Debtors 353,022 216,926 513,293
Cash at bank and in hand 39,458 157,582 104,801
392,480 374,508 618,094
Creditors: amounts falling due within one year (387,923) (517,361) (625,868)
Net current (liabilities)/assets 4,557 (142,853) (7,774)
Total assets less current liabilities 1,506,596 3,263,916 1,707,861
Creditors: amounts falling due after more than one year - (56,976) (18,784)
Net assets 1,506,596 3,206,940 1,689,077
Capital and reserves
Called up share capital 2,470,993 2,317,920 2,356,920
Share premium account 717,948 666,865 705,865
Other reserve 1,422,065 1,422,065 1,422,065
Profit and loss account (3,102,868) (1,198,714) (2,794,652)
Shareholders' funds 1,508,138 3,208,136 1,690,198
Minority interests (1,542) (1,196) (1,121)
1,506,596 3,206,940 1,689,077
Net asset value per ordinary share 2.44p 6.92p 3.36p
Notes to the Interim Results
1 BASIS OF PREPARATION
The interim results for the six months ended 31 March 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 30 September 2002 have been used in preparing the unaudited
interim results for the 6 months ended 31 March 2003.
The interim results include the results of Nasstar Limited (formerly Space 7
Limited) until the date of its disposal on 31 October 2002.
2 DIVIDENDS
The Directors are not declaring a dividend for the six months ended 31 March
2003.
3 COPIES OF INTERIM RESULTS
Copies are available at the company's web site at www.gamingcorp.net. Copies
may also be obtained from the company's offices: Gaming Corporation plc, Second
Floor, The Plaza, 535 King's Road, London SW10 0SZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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