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SPORTSWINBET LIMITED

('Sportswinbet' or the 'Company')

PRELIMINARY STATEMENT OF RESULTS 

FOR THE YEAR ENDED 31 DECEMBER 2008

Sportswinbet has today published its results for the year ended 31 December 2008. In the year ended 31 December 2008 the Group generated revenues of £503,807 (2007: £205,258) and recorded a profit after taxation of £317,204 (2007 Loss: £103,651). As at 31 December 2009 the Group had cash resources of £1,739,217. (2007: £1,566,608).

Mladen Ninkov, Chairman, commented as follows:

During the latter part of 2008 the trial Sportswinbet branded sportsbook operation was re-started following its suspension in 2007. This new trial started well and generated revenue for the Company of £503,807 during 2008. Since the year end, however, operational issues have again been encountered as attempts were made to scale up the operation. Unless these can be resolved in the next few months then income from this trial in 2009 will be less than 2008 and it is possible that it will be discontinued.

The Group continues to look at investment opportunities in the gaming sector in line with its stated investment policy. The Board is considering whether the current investment policy should be modified in line with changing economic environment. 

Mladen Ninkov

Chairman

Further information

Liam Murray, Nominated Adviser    Telephone: +44(0)20 7492 4777

Dowgate Capital Advisers Limited

Consolidated Income Statement 

For The Year Ended 31 December 2008

	Notes	Year  ended  31 December 2008		Year  ended  31 December 2007
		£		£
Revenue		503,807		205,258
Administrative expenses		(246,302)		(333,142)
Impairment of intangible fixed assets		-		(56,100)
Operating profit/(loss)		257,505		(183,984)
Finance income		59,699		80,333
Profit/(Loss) on ordinary activities before taxation		317,204		(103,651)
Income tax expense		-		-
Profit/(Loss) on ordinary activities after taxation		317,204		(103,651)
Earnings/(loss) per share (basic and diluted)	4	£0.005		£(0.002)

Balance SheetsAt 31 December 2008

		Group	Group		Company	Company
		2008	2007		2008	2007
		£	£		£	£
Non current assets
Investments		-	-		3	3
Property, plant and equipment		-	-		-	-
Intangible fixed assets		-	-		-	-
		-			3	3
Current assets
Trade and other receivables		163,880	-		520,788	318,157
Cash and cash equivalents		1,739,217	1,566,608		1,376,847	1,245,540
		1,903,097	1,566,608		1,897,635	1,563,697
Current liabilities
Trade and other payables		(37,372)	(18,087)		(30,052)	(15,587)
Net current assets		1,865,725	1,548,521		1,867,583	1,548,110
Total net assets		1,865,725	1,548,521		1,867,586	1,548,113
Equity
Share premium account		2,982,826	2,982,826		2,982,826	2,982,826
Retained earnings		(1,117,101)	(1,434,305)		(1,115,240)	(1,434,713)
Total equity		1,865,725	1,548,521		1,867,586	1,548,113

 

 

Cash Flow Statements

For The Year Ended 31 December 2008

 

		Group	Group		Company	Company
		2008	2007		2008	2007
		£	£		£	£
Net cash flows from operating activities
Profit/(Loss) before taxation		317,204	(103,651)		319,473	(103,115)
Interest received		(59,699)	(80,333)		(52,385)	(71,421)
(Increase)/Decrease in receivables and prepayments		(163,880)	58,334		(202,631)	(5,327)
Increase/(Decrease) in payables		19,285	(26,759)		14,465	(27,256)
Depreciation		-	94,439		-	-
Provision in respect of intangibles		-	56,100		-	-
Cash generated from operations		112,910	(1,870)		78,922	(207,119)
Interest received		59,699	80,333		52,385	71,421
Net cash generated by operating activities		172,609	78,463		131,307	(135,698)
Increase / (decrease) in cash and cash equivalents		172,609	78,463		131,307	(135,698)
Cash and cash equivalents at beginning of the financial period		1,566,608	1,488,145		1,245,540	1,381,238
Cash and cash equivalents at end of the financial period		1,739,217	1,566,608		1,376,847	1,245,540
Cash and cash equivalents consist of:
Cash at bank and in hand		1,739,217	1,566,608		1,376,847	1,245,540

 

Statement of Changes In Equity

For The Year Ended 31st December 2008

	Group			Company
	Share Capital	Profit and Loss Account	Total		Share Capital	Profit and Loss Account	Total
	£	£	£		£	£	£
At 31st December 2006	2,982,826	(1,330,654)	1,652,172		2,982,826	(1,331,598)	1,651,228
Loss for the year	-	(103,651)	(103,651)		-	(103,115)	(103,115)
Total losses recognised in the year	-	(103,115)	(103,115)		-	(103,115)	(103,115)
At 31st December 2007	2,982,826	(1,434,305)	1,548,521		2,982,826	(1,434,713)	1,548,113
Profit/(Loss) for the year	-	317,204	317,204		-	319,473	(142,170)
Total Profit/(losses) recognised in the year	-	317,204	317,204		-	319,473	(142,170)
At 31st December 2008	2,982,826	(1,117,101)	1,865,725		2,982,826	(1,115,240)	1,405,943

 

Notes:

 

1.   This statement has been prepared using accounting policies and presentation consistent with those applied 
      in the preparation of the statutory accounts of the Company.

 

2.   The summary accounts set out above do not constitute statutory accounts as defined by Section 240 of the 
      UK Companies Act 1985. The summarised balance sheets at 31 December 2008 and the summarised 
      income statement and, summarised cash flow statements and summarised statement of changes in 
      equity for the year then ended have been extracted from the Group's 2008 statutory financial statements 
      upon which the auditors' opinion is unqualified. The results for the period ended 31 December 2007 have 
      been extracted from the statutory accounts for that period, which contain an unqualified auditors' report.

 

3.   The annual report and accounts for will be sent by post to all registered shareholders by 30 June 2009.  

 

4.   The earnings per share has been calculated on the basis of the net profit after taxation of £317,204 
      (2007 loss: £103,651) and the weighted average number of shares in issue in the year ended 31 December 
      2008 of 57,056,501 (2007: 57,056,501).

ENDFR SEDSWMSUSEIM