Half-Yearly Report
19 September 2008 - 2:15PM
UK Regulatory
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 Six months to 30/06/2007 Year ended
30/06/2008 Unaudited 31/12/07
Unaudited Audited
�000 �000 �000
Revenue - 205 205
Administration expenses (127) (237) (333)
Impairment of intangible fixed - - (56)
assets
Operating loss (127) (32) (184)
Finance income 36 37 80
(Loss) / profit on ordinary (91) 5 (104)
activities before taxation
Income tax expense - - -
(Loss) / profit on ordinary (91) 5 (104)
activities after taxation
(Loss) / earnings per share - �(0.002) �0.000 �(0.002)
basic and diluted
CONSOLIDATED BALANCE SHEET
(expressed in thousands � sterling)
30/06/2008 30/06/2007 31/12/2007
Unaudited Unaudited 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 �0.03 �0.03 �0.03
equity per share
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 - 5 5
2007
At 30th June 2007 2,982 (1,325) 1,657
(Loss) for the six months to 31st - (109) (109)
December 2007
At 31st December 2007 2,982 (1,434) 1,548
(Loss) the six months to 30th June - (91) (91)
2008
At 30th June 2008 2,982 (1,525) 1,457
CONSOLIDATED CASH FLOW STATEMENT
(expressed in thousands � sterling)
Six months to Six months to Year ended
30/06/2008 30/06/2007 31/12/07
Unaudited Unaudited Audited
�000 �000 �000
Net cash flows from operating
activities
(Loss) / profit before (91) 5 (104)
taxation
Finance income (36) (37) (80)
(Increase) / decrease in trade (3) (111) 58
and other receivables
(Decrease) / increase in (9) (31) (26)
payables
Depreciation - 94 94
Provision in respect of - - 56
intangibles
Net cash (outflow) from (139) (80) (2)
operating activities
Cash flows from investing
activities
Interest received 36 37 80
Net cash outflow from 36 37 80
investing activities
(Decrease) / increase in cash (103) (43) 78
and cash equivalents
Cash and cash equivalents at
the beginning of the financial 1,566 1,488 1,488
period
Cash and cash equivalents at 1,463 1,445 1,566
the end of the financial
period
Cash and cash equivalents
comprise: 1,463 1,445 1,566
Cash at bank and in hand
Notes:
* 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 2007. 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 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
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