Interim Results
30 September 2004 - 9:01AM
UK Regulatory
RNS Number:5081D
Gaming Insight PLC
30 September 2004
Gaming Insight plc
("the Company")
Interim Results
Chairman's Statement
for the six months ended 30 June 2004
Group Results
I am reporting the interim results for Gaming Insight plc for the six-month
period ended 30 June 2004.
For the six months to 30 June 2004, pre tax losses were #0.12 million compared
to losses of #2.1 million in the prior period, largely as a result of the
closure of Gobarkingmad Limited ("GBM"). Loss per share was (0.01)p from a prior
period EPS of (0.27)p. There was no turnover in the period, as the Company does
not have any operating subsidiaries.
In December 2003 the Company entered into an agreement with Highland Fund
Advisors and Brookspey Limited ( a company controlled by Mr Nigel Robertson, the
Chairman of the Company) securing loan facilities of #500,000. #100,000 of this
facility was drawn down in December 2003 and the balance of #400,000 was drawn
in January 2004.
On 16 April 2004, Racing Network.co.uk, in which the Company has a 51% interest,
was placed into liquidation. The Company's investment and debt in Racing
Network.co.uk was fully provided for and the small gain arising out of the
liquidation has been reflected in the financial results for the period.
Outlook
We are continuing to look at suitable opportunities for acquisitions and the
future of the Company is dependent on its ability to successfully complete an
acquisition and raise additional funds that may be required as part of an
acquisition.
Nigel Robertson
Chairman
30 September 2004
Consolidated Profit and Loss Account
For the six months ended 30 June 2004 (unaudited)
Note 6 months ended 6 months ended 12 months to
30 June 2004 30 June 2003 December 2003
(unaudited) (unaudited) (audited)
#000 #000 #000
Turnover - 2,079 2,204
Costs of Sales - (1,929) (2,008)
-------------------------------------------------------------------------------
Gross Profit - 150 196
Administrative
Expenses (130) (2,232) (2,676)
Depreciation (4) (12) (30)
-------------------------------------------------------------------------------
Operating loss (134) (2,094) (2,510)
Gain on liquidation
of 36 1,758
a subsidiary
Net interest
(payable) (20) 5 (4)
/receivable
Taxation - - -
-------------------------------------------------------------------------------
Loss after taxation (118) (2,089) (756)
-------------------------------------------------------------------------------
Loss per share 4 (0.01) p (0.27)p (0.1)p
-------------------------------------------------------------------------------
All recognised gains and losses are included in the profit and loss account.
Consolidated Balance Sheet
At 30 June 2004 (unaudited)
30 June 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (unaudited)
#000 #000 #000
Fixed Assets
Tangible Assets 4 33 8
-------------------------------------------------------------------------------
Total Fixed Assets 4 33 8
-------------------------------------------------------------------------------
Current Assets/(Liabilities)
Cash 115 284 77
Debtors 35 320 60
Creditors: amounts falling due
within (1,286) (2,984) (834)
one year
Total Assets less Current (1,132) (2,347) (689)
Liabilities
-------------------------------------------------------------------------------
Creditors: amounts falling due
after - - (325)
more than one year
-------------------------------------------------------------------------------
Net Liabilities (1,132) (2,347) (1,014)
-------------------------------------------------------------------------------
Capital and reserves
Share capital - Issued and fully 8,230 8,230 8,230
paid
- Deferred 36,657 36,657 36,657
Share premium account 9,804 9,804 9,804
Profit and loss account (55,823) (57,038) (55,705)
-------------------------------------------------------------------------------
Shareholders' Deficit (1,132) (2,347) (1,014)
-------------------------------------------------------------------------------
Consolidated cash flow statement
For the 6 months ended 30 June 2004 (unaudited)
6 months ended 6 months ended 12 months ended
30 June 2004 30 June 2003 31 December 2003
(unaudited) (unaudited) (audited)
#000 #000 #000
Net cash
outflow from
operating
activities (312) (1,741) (2,101)
Returns on investments
and servicing of
finance
Interest
received 3 5 7
Interest
payable (23) - (11)
-------------------------------------------------------
Net cash flow
from returns
on investments
and servicing
of finance (20) 5 (4)
-------------------------------------------------------
Capital expenditure and
financial investment
Purchase of
tangible fixed
assets - (7) (2)
-------------------------------------------------------
Net cash
outflow from
capital
expenditure
and financial
investment - (7) (2)
-------------------------------------------------------
Acquisitions and
disposal
Cash disposed
of on
liquidation (16)
Of subsidiary
Financing
Issue of loans 400 325 455
Repayment of
loans (30) (684) (45)
Issue of
shares - 2,260 1,664
-------------------------------------------------------
Net cash
inflow from
financing 370 1,901 2,074
Increase/(Decr
ease) in cash 38 158 (49)
=======================================================
Notes to the Interim Report
1 BASIS OF PREPARATION
The interim accounts for the six months ended 30 June 2004 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 2003 have been used in preparing
the unaudited interim financial statements for the 6 months ended 30 June
2004.
2 DIVIDENDS
The Directors are not declaring a dividend for the six months ended 30 June
2004.
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 #118,000 (30 June 2003 - #2,089,000; 31 December 2003 - #756,000) and
the weighted average number of shares in issue during the period of
823,029,839 (30 June 2002 - 785,363,172; 31 December 2003 - 804,196,506). 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 are available from the Company's office at 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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