TIDMSWB
RNS Number : 5665U
Sportswinbet Limited
26 June 2009
?
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
GBP503,807 (2007: GBP205,258) and recorded a profit after taxation of GBP317,204
(2007 Loss: GBP103,651). As at 31 December 2009 the Group had cash resources of
GBP1,739,217. (2007: GBP1,566,608).
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 GBP503,807 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 | | Year |
| | | ended | | ended |
| | | 31 | | 31 |
| | | December | | December |
| | | 2008 | | 2007 |
+---------------------------------------------+-------+-------------+--+------------+
| | | GBP | | GBP |
+---------------------------------------------+-------+-------------+--+------------+
| 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 | | 317,204 | | (103,651) |
| taxation | | | | |
+---------------------------------------------+-------+-------------+--+------------+
| | | | | |
+---------------------------------------------+-------+-------------+--+------------+
| Income tax expense | | - | | - |
+---------------------------------------------+-------+-------------+--+------------+
| Profit/(Loss) on ordinary activities after | | 317,204 | | (103,651) |
| taxation | | | | |
+---------------------------------------------+-------+-------------+--+------------+
| | | | | |
+---------------------------------------------+-------+-------------+--+------------+
| Earnings/(loss) per share (basic and | 4 | GBP0.005 | | GBP(0.002) |
| diluted) | | | | |
+---------------------------------------------+-------+-------------+--+------------+
Balance SheetsAt 31 December 2008
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| | | Group | Group | | Company | Company |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| | | 2008 | 2007 | | 2008 | 2007 |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| | | GBP | GBP | | GBP | GBP |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| Non current assets | | | | | | |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| Investments | | - | - | | 3 | 3 |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| Property, plant and | | - | - | | - | - |
| equipment | | | | | | |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| Intangible fixed assets | | - | - | | - | - |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| | | - | | | 3 | 3 |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| Current assets | | | | | | |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| Trade and other | | 163,880 | - | | 520,788 | 318,157 |
| receivables | | | | | | |
+---------------------------+------+-------------+-------------+--+-------------+-------------+
| 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 |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| | | GBP | GBP | | GBP | GBP |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| 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 | | (163,880) | 58,334 | | (202,631) | (5,327) |
| receivables and prepayments | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| Increase/(Decrease) in payables | | 19,285 | (26,759) | | 14,465 | (27,256) |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| Depreciation | | - | 94,439 | | - | - |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| Provision in respect of | | - | 56,100 | | - | - |
| intangibles | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| 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 | | 172,609 | 78,463 | | 131,307 | (135,698) |
| activities | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| Increase / (decrease) in cash | | 172,609 | 78,463 | | 131,307 | (135,698) |
| and cash equivalents | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| Cash and cash equivalents at | | 1,566,608 | 1,488,145 | | 1,245,540 | 1,381,238 |
| beginning of the financial | | | | | | |
| period | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| Cash and cash equivalents at | | 1,739,217 | 1,566,608 | | 1,376,847 | 1,245,540 |
| end of the financial period | | | | | | |
+---------------------------------+--+-----------+-----------+--+-----------+-----------+
| 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 | Profit | Total | Share | Profit | Total |
| | Capital | and Loss | | Capital | and Loss | |
| | | Account | | | Account | |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| At 31st December | 2,982,826 | (1,330,654) | 1,652,172 | 2,982,826 | (1,331,598) | 1,651,228 |
| 2006 | | | | | | |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| Loss for the year | - | (103,651) | (103,651) | - | (103,115) | (103,115) |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| Total losses | | | | | | |
| recognised in the | - | (103,115) | (103,115) | - | (103,115) | (103,115) |
| year | | | | | | |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| At 31st December | 2,982,826 | (1,434,305) | 1,548,521 | 2,982,826 | (1,434,713) | 1,548,113 |
| 2007 | | | | | | |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| Profit/(Loss) for | - | 317,204 | 317,204 | - | 319,473 | (142,170) |
| the year | | | | | | |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| Total | | | | | | |
| Profit/(losses) | - | 317,204 | 317,204 | - | 319,473 | (142,170) |
| recognised in the | | | | | | |
| year | | | | | | |
+--------------------+-----------+-------------+-------------+-----------+-------------+-----------+
| | | | | | | |
| At 31st December | 2,982,826 | (1,117,101) | 1,865,725 | 2,982,826 | (1,115,240) | 1,405,943 |
| 2008 | | | | | | |
+--------------------+-----------+-------------+------+------+-----------+-------------+-----------+
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 GBP317,204
(2007 loss: GBP103,651) and the
weighted average number of shares in issue in the year ended 31 December
2008 of 57,056,501 (2007: 57,056,501).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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