Interim Results
16 January 2004 - 4:04AM
UK Regulatory
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
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