RNS Number : 8634D
Sportswinbet Limited
19 September 2008
Sportswinbet Limited ('SportsWinBet' or the 'Company')
Half-Yearly Report for the six months ended 30 June 2008
Sportswinbet has today published its results for the six months ended 30 June 2008.
The Company recorded a loss for the six months ended 30 June 2008 of £91,000 (30 June 2007 profit of £5,000). As at 30 June 2008 the Company had cash resources of £1,463,000 and net assets of £1,457,000.
During the period the Company evaluated a number of investments in the gaming sector. None of these opportunities met the Company's investment criteria. Suitable opportunities continue to be sought in line with stated investment strategy.
Contact:-
Liam Murray, Nominated Adviser
Dowgate Capital Advisers Limited
Telephone: +44(0)20 7492 4777
Information on the Company is available on the Company's web site: www.sportswinbet.com
CONSOLIDATED INCOME STATEMENT
(expressed in thousands £ sterling)
|
|
Six months to 30/06/2008
Unaudited
|
|
Six months to 30/06/2007
Unaudited
|
|
Year ended
31/12/07
Audited
|
|
|
£000
|
|
£000
|
|
£000
|
|
|
|
|
|
|
|
|
Revenue
|
-
|
|
205
|
|
205
|
|
|
|
|
|
|
|
|
Administration expenses
|
(127)
|
|
(237)
|
|
(333)
|
|
Impairment of intangible fixed assets
|
-
|
|
-
|
|
(56)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(127)
|
|
(32)
|
|
(184)
|
|
|
|
|
|
|
|
|
Finance income
|
36
|
|
37
|
|
80
|
|
|
|
|
|
|
|
|
(Loss) / profit on ordinary activities before taxation
|
(91)
|
|
5
|
|
(104)
|
|
|
|
|
|
|
|
|
Income tax expense
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
(Loss) / profit on ordinary activities after taxation
|
(91)
|
|
5
|
|
(104)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) / earnings per share - basic and diluted
|
£(0.002)
|
|
£0.000
|
|
£(0.002)
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
(expressed in thousands £ sterling)
|
|
30/06/2008
Unaudited
|
|
30/06/2007
Unaudited
|
|
31/12/2007
Audited
|
|
|
£000
|
|
£000
|
|
£000
|
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and equipment
|
-
|
|
-
|
|
-
|
|
Intangible assets - computer software
|
-
|
|
56
|
|
-
|
|
|
-
|
|
56
|
|
-
|
|
Current assets
|
|
|
|
|
|
|
Trade and other receivables
|
3
|
|
169
|
|
-
|
|
Cash and deposits
|
1,463
|
|
1,445
|
|
1,567
|
|
|
1,466
|
|
1,614
|
|
1,567
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
1,466
|
|
1,670
|
|
1,567
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
Equity attributable to equity holders of the parent company
|
|
|
|
|
|
|
Share premium
|
2,982
|
|
2,982
|
|
2,983
|
|
Profit and loss reserve
|
(1,525)
|
|
(1,325)
|
|
(1,434)
|
|
Total equity
|
1,457
|
|
1,657
|
|
1,549
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables
|
9
|
|
13
|
|
18
|
|
Total liabilities
|
9
|
|
13
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
1,466
|
|
1,670
|
|
1,567
|
|
|
|
|
|
|
|
|
Number of shares in issue
|
57,056,501
|
|
57,056,501
|
|
57,056,501
|
|
|
|
|
|
|
|
|
Attributable net asset value / total equity per share
|
£0.03
|
|
£0.03
|
|
£0.03
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(expressed in thousands £ sterling)
|
|
Share premium
|
Profit and loss
|
Total
|
|
|
£000
|
£000
|
£000
|
|
|
|
|
|
|
At 31st December 2006
|
2,982
|
(1,330)
|
1,652
|
|
|
|
|
|
|
Profit for the six months to 30th June 2007
|
-
|
5
|
5
|
|
|
|
|
|
|
At 30th June 2007
|
2,982
|
(1,325)
|
1,657
|
|
|
|
|
|
|
(Loss) for the six months to 31st December 2007
|
-
|
(109)
|
(109)
|
|
|
|
|
|
|
At 31st December 2007
|
2,982
|
(1,434)
|
1,548
|
|
|
|
|
|
|
(Loss) the six months to 30th June 2008
|
-
|
(91)
|
(91)
|
|
|
|
|
|
|
At 30th June 2008
|
2,982
|
(1,525)
|
1,457
|
|
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENT
(expressed in thousands £ sterling)
|
|
Six months to 30/06/2008
Unaudited
|
|
Six months to 30/06/2007
Unaudited
|
|
Year ended
31/12/07
Audited
|
|
|
£000
|
|
£000
|
|
£000
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities
|
|
|
|
|
|
|
(Loss) / profit before taxation
|
(91)
|
|
5
|
|
(104)
|
|
Finance income
|
(36)
|
|
(37)
|
|
(80)
|
|
(Increase) / decrease in trade and other receivables
|
(3)
|
|
(111)
|
|
58
|
|
(Decrease) / increase in payables
|
(9)
|
|
(31)
|
|
(26)
|
|
Depreciation
|
-
|
|
94
|
|
94
|
|
Provision in respect of intangibles
|
-
|
|
-
|
|
56
|
|
Net cash (outflow) from operating activities
|
(139)
|
|
(80)
|
|
(2)
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Interest received
|
36
|
|
37
|
|
80
|
|
|
|
|
|
|
|
|
Net cash outflow from investing activities
|
36
|
|
37
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) / increase in cash and cash equivalents
|
(103)
|
|
(43)
|
|
78
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the financial period
|
1,566
|
|
1,488
|
|
1,488
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the financial period
|
1,463
|
|
1,445
|
|
1,566
|
|
|
|
|
|
|
|
|
Cash and cash equivalents comprise:
Cash at bank and in hand
|
1,463
|
|
1,445
|
|
1,566
|
Notes:
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 2007, the consolidated income
statement and consolidated cash flow statement for the period then ended have been extracted from
the Group's 2007 statutory financial statements upon which the auditors' opinion is unqualified.
3. Loss / earnings per share have been calculated on the basis of the net loss after taxation of £91,000 (30
June 2007 profit £5,000, full year 2007 loss £104,000) and the weighted average number of shares in issue
in the six months ended 30th June 2008 of 57,056,501 (30 June 2007 57,056,501, full year 2008
57,056,501). There are no share purchase options.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GUURUBUPRGPB