RNS Number : 8052Z
Sportswinbet Plc
29 September 2009
SPORTSWINBET LIMITED
('Sportswinbet' or the 'Company')
HALF-YEARLY STATEMENT OF RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
Sportswinbet Limited has today published its results for the six months ended 30 June 2009.
The Company recorded a loss for the six months ended 30 June 2009 of £277,381 (30th June 2008 loss of £91,000). As at 30 June 2009 the Company had cash resources of £1,729,619 and net assets of £1,588,343.
The result for the period was adversely affected by the discontinuation of the trial Sportswinbet branded sportsbook operation in association with Kolarmy Technology. The operational difficulties that I referred to in my statement accompanying the results for the year ended 31 December 2008 were not capable of being resolved and accordingly, a decision was taken to discontinue. This resulted in a number of costs being incurred and these costs also include an exchange loss on the Company's holding of Hong Kong Dollars which was the currency in which this venture generated income.
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.
Further information
Aaron Smyth / Jo Turner
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
SportsWinBet Limited
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(expressed in thousands £ sterling)
|
|
Six months to 30/06/2009
Unaudited
|
|
Six months to 30/06/2008
Unaudited
|
|
Year ended
31/12/2008
Audited
|
|
|
£000
|
|
£000
|
|
£000
|
|
|
|
|
|
|
|
|
Revenue
|
-
|
|
-
|
|
504
|
|
|
|
|
|
|
|
|
Administration expenses
|
(282)
|
|
(127)
|
|
(246)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(282)
|
|
(127)
|
|
(258)
|
|
|
|
|
|
|
|
|
Finance income
|
5
|
|
36
|
|
60
|
|
|
|
|
|
|
|
|
(Loss) / profit on ordinary activities before taxation
|
(277)
|
|
(91)
|
|
318
|
|
|
|
|
|
|
|
|
Income tax expense
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
(Loss) / profit on ordinary activities after taxation
|
(277)
|
|
(91)
|
|
318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) / earnings per share - basic and diluted
|
£(0.005)
|
|
£(0.002)
|
|
£0.005
|
|
|
|
|
|
|
|
SportsWinBet Limited
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(expressed in thousands £ sterling)
|
|
30/06/2009
Unaudited
|
|
30/06/2008
Unaudited
|
|
31/12/2008
Audited
|
|
|
£000
|
|
£000
|
|
£000
|
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and equipment
|
-
|
|
-
|
|
-
|
|
Intangible assets - computer software
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
Current assets
|
|
|
|
|
|
|
Trade and other receivables
|
6
|
|
3
|
|
163
|
|
Cash and deposits
|
1,730
|
|
1,463
|
|
1,739
|
|
|
1,736
|
|
1,466
|
|
1,902
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
1,736
|
|
1,466
|
|
1,902
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
Equity attributable to owners of the parent company
|
|
|
|
|
|
|
Share premium
|
2,982
|
|
2,982
|
|
2,982
|
|
Profit and loss reserve
|
(1,394)
|
|
(1,525)
|
|
(1,117)
|
|
Total equity
|
1,588
|
|
1,457
|
|
1,865
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables
|
148
|
|
9
|
|
37
|
|
Total liabilities
|
148
|
|
9
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES
|
1,736
|
|
1,466
|
|
1,902
|
|
|
|
|
|
|
|
|
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
|
SportsWinBet Limited
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(expressed in thousands £ sterling)
|
|
Share premium
|
Profit and loss
|
Total
|
|
|
£000
|
£000
|
£000
|
|
|
|
|
|
|
At 31st December 2007
|
2,982
|
(1,434)
|
1,548
|
|
|
|
|
|
|
Profit for the six months to 30th June 2008
|
-
|
(91)
|
(91)
|
|
|
|
|
|
|
At 30th June 2007
|
2,982
|
(1,525)
|
1,457
|
|
|
|
|
|
|
Profit for the six months to 31st December 2008
|
-
|
408
|
408
|
|
|
|
|
|
|
At 31st December 2008
|
2,982
|
(1,117)
|
1,865
|
|
|
|
|
|
|
(Loss) the six months to 30th June 2009
|
-
|
(277)
|
(277)
|
|
|
|
|
|
|
At 30th June 2009
|
2,982
|
(1,394)
|
(1,588)
|
|
|
|
|
|
SportsWinBet Limited
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(expressed in thousands £ sterling)
|
|
Six months to 30/06/2009
Unaudited
|
|
Six months to 30/06/2008
Unaudited
|
|
Year ended
31/12/08
Audited
|
|
|
£000
|
|
£000
|
|
£000
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities
|
|
|
|
|
|
|
(Loss) / profit before taxation
|
(277)
|
|
(91)
|
|
317
|
|
Finance income
|
(5)
|
|
(36)
|
|
(59)
|
|
(Increase) / decrease in trade and other receivables
|
158
|
|
(3)
|
|
(164)
|
|
(Decrease) / increase in payables
|
(110)
|
|
(9)
|
|
19
|
|
Net cash (outflow) from operating activities
|
(14)
|
|
(139)
|
|
113
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Interest received
|
5
|
|
36
|
|
60
|
|
|
|
|
|
|
|
|
Net cash outflow from investing activities
|
5
|
|
36
|
|
173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) / increase in cash and cash equivalents
|
(9)
|
|
(103)
|
|
173
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the financial period
|
1,739
|
|
1,566
|
|
1,566
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the financial period
|
1,730
|
|
1,463
|
|
1,739
|
|
|
|
|
|
|
|
|
Cash and cash equivalents comprise:
Cash at bank and in hand
|
1,730
|
|
1,463
|
|
1,739
|
Notes:
1. This statement has been prepared using accounting policies consistent with those applied in the preparation of the statutory accounts of the Group for the period ended 31st December 2008. The format of the balance sheet has been re-presented such as to show the total of assets and the total of equity and liabilities.
2. The summary accounts set out above do not constitute statutory accounts as defined by Section 434 of the UK Companies Act 2006. The consolidated balance sheet at 31 December 2008, the consolidated income statement and consolidated cash flow statement for the period then ended have been extracted from the Group’s 2008 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 £277,381(30 June 2008 loss £91,000, full year 2008 profit £317,204) and the weighted average number of shares in issue in the six months ended 30th June 2009 of 57,056,501 (30 June 2008 57,056,501, full year 2009 57,056,501). There are no share purchase options.
4. Copies of the Half-yearly Report will be available to the public from the Company website, www.sportswinbet.com, and from the Company Secretary at the Company's registered address at Nemours Chambers, Qwomar Complex, 4th Floor, PO Box 3170, Road Town, Tortola, British Virgin Islands.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFEDAIITFIA