Sportswinbet Limited
28 September 2006
PRELIMINARY STATEMENT OF RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Sportswinbet Limited ('SportsWinBet' or the 'Company') has today published its
results for the period ended 30 June 2006.
The Company recorded a loss for the six months ended 30 June 2006 of £238,000
(period to 31 December 2005 loss of £946,000). As at 30 June 2006 the Company
had cash resources of £1,503,000 and net assets of £1,820,000.
Mladen Ninkov, Chairman commented as follows:
During the period the Company continued to look for investment opportunities in
the gaming sector with little success. This was caused initially by the buoyancy
and over exuberence attributed to the value of existing gaming operations by the
financial markets.
Recently, significant uncertainties have been introduced into the whole gaming
sector from actions taken against both gaming companies and their management by
regulatory authorities in a number of countries. This has raised serious
concerns as to the viability of the whole gaming sector in the public markets.
Consequently, although the Company has not abandoned its search for transactions
in the gaming sector, it has expanded its search into a number of other areas to
ensure that shareholder value can be enhanced. When a suitable target has been
identified, shareholder consent for an acquisition will be sought, pursuant to
the AIM Rules. The Company's wholly owned subsidiary, Sportswinbet (C.I.)
Limited, was granted an e-gaming licence by the Alderney Gambling Control
Commission ('AGCC') as announced to the market on 14 November 2005. In
accordance with AGCC procedures this licence becomes operational once a Control
Systems Submission has been approved by the AGCC. This process is ongoing.
28 September 2006
Further information
Liam Murray Telephone: +44(0)20 7090 7800
City Financial Associates Limited
CONSOLIDATED INCOME STATEMENT
(expressed in thousands £ sterling)
Six months to Period to
30/06/2006 31/12/2005
Unaudited Audited
£'000 £'000
Revenue - -
Net operating expenses (273) (603)
Impairment of property, plant and equipment - (405)
Operating loss (273) (1,008)
Finance income 35 62
Loss before taxation (238) (946)
Income tax expense - -
Loss after taxation attributable to equity share owners (238) (946)
(Loss) per share £(0.004) £(0.02)
CONSOLIDATED BALANCE SHEET
(expressed in thousands £ sterling)
30/06/2006 31/12/2005
Unaudited Audited
£'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 234 234
Intangible assets - computer software 56 56
290 290
Current assets
Other current assets 27 87
Cash and deposits 1,503 1,697
1,530 1,784
TOTAL ASSETS 1,820 2,074
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent company
Share premium 2,982 2,982
Profit and loss reserve (1,184) (946)
Total equity 1,798 2,036
Current liabilities
Trade and other payables 22 38
Total liabilities 22 38
TOTAL EQUITY AND LIABILITIES 1,820 2,074
Number of shares in issue 57,056,501 57,056,501
Attributable net asset value / total equity per share £0.03 £0.04
SPORTSWINBET LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(expressed in thousands £ sterling)
Share premium Profit and Total
loss
£'000 £'000 £'000
At 31st December 2005 2,982 (946) 2,036
Loss for the six months - (238) (238)
At 30th June 2006 2,982 (1,184) 1,798
CONSOLIDATED CASH FLOW STATEMENT
(expressed in thousands £ sterling)
Six months Period to
to 30/06/2006 31/12/2005
Unaudited Audited
£'000 £'000
Net cash flows from operating activities
Loss before taxation (238) (946)
Finance income (35) (62)
Adjustment in respect of provisions against continuing operations - 405
Decrease / (increase) in other current assets 60 (87)
(Decrease) / increase in trade and other payables (16) 38
Net cash (outflow) from operating activities (229) (652)
Cash flows from investing activities
Interest received 35 62
Purchase of property, plant and equipment - (639)
Purchase of intangible fixed assets - (56)
Net cash outflow from investing activities 35 (633)
Cash flows from financing activities
Issue of ordinary share capital - 2,982
- 2,982
(Decrease) / increase in cash and cash equivalents (194) 1,697
Notes:
1. This statement has been prepared using accounting policies consistent
with those applied in the preparation of the statutory accounts of the Company
for the period ended 31st December 2005. The summary accounts comprising the
consolidated income statement, consolidated balance sheet, consolidated
statement of changes in equity and consolidated cash flow statement have been
represented to comply with International Financial Reporting Standards.
2. The summary accounts set out above do not constitute statutory accounts
as defined by Section 240 of the UK Companies Act 1985. The consolidated
balance sheet at 31st December 2005, the consolidated income statement and,
consolidated cash flow statement for the period then ended have been extracted
from the Group's 2005 statutory financial statements upon which the auditors'
opinion is unqualified.
3. Earnings per share have been calculated on the basis of the net loss
after taxation of £238,000 (2005 £946,000) and the weighted average number of
shares in issue in the six months ended 30th June 2006 of 57,056,501 (2005
44,592,658). There are no share purchase options.
This information is provided by RNS
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