Interim Results
September 27 2002 - 2:02AM
UK Regulatory
RNS Number:7353B
Gaming Insight PLC
27 September 2002
27 September 2002
Enquiries:
David Sanderson, Chief Executive
Gaming Insight Plc Tel: 020 7070 7280
John Bick
Holborn Tel: 020 7929 5599
Gaming Insight Plc
Unaudited Interim Results for the six months ended 30 June 2002
Highlights
* Turnover increased by 34% to #7.8 million
* gobarkingmad launched, early performance exceeds expectations
- over 10,000 players have registered
- average weekly revenues are growing strongly
- average weekly number of bets are approaching 17,000
* Cost control is bearing results - net loss reduced to #6.2
million
* #2 million of additional funding has been raised
* Irish dog racing broadcasting rights have been extended
* Deal signed with Sky to offer the first interactive horse racing
form guide
Results
I am pleased to report our interim results for the six month period ending the
30th June 2002.
The Group continues to develop its business and has increased its turnover by
34% to #7.8 million (30 June 2001:#5.8 million). Stringent cost controls are
yielding positive results, such that the Group's administrative costs have been
reduced from #3.4 million to #2.2 million in the first half of this year.
After a charge of #4.4 million in respect of amortisation of goodwill and
intangible assets, the net loss for the period stands at #6.2 million, a #1.6
million reduction compared to the same period in 2001. Loss per share stands at
2.45 pence (30 June 2001:4.14 pence).
Funding
The Company is pleased to announce that #2 million has been secured by way of a
placing of 200 million ordinary shares with institutional and sophisticated
investors (partially by way of a conversion of recently issued loan notes). In
addition it has been agreed with loan holders in the company that #1.41 million
nominal value of loan notes issued by the company in April 2002 will be
converted into 141 million ordinary shares in accordance with the terms of those
loan notes. Both the placing and conversion are expected to complete on 3
October 2002. The Board considers this to be a demonstration of investor
support for the company from both the new and existing shareholders.
Operational Review
gobarkingmad was successfully launched with full interactivity on Sky digital on
June 24th 2002. In so doing, the Gaming Insight group delivered the world's
first multi-platform, interactive racing channel. Gobarkingmad allows TV viewers
in 7 million Sky digital homes in the UK and internet users around the world to
simultaneously bet on live racing into a common Totalizator or Pari-mutuel pool
of bets, 24 hours a day.
Since it's launch, supported by a high profile TV advertising campaign featuring
Vinnie Jones, over 10,000 players have registered. Average weekly revenue shows
steady growth, and weekly bets placed are now approaching 17,000. Turnover in
the week commencing 16 September 2002, compared to the weekly average turnover
in August, rose by 186%. Interactive TV customers accounted for 65% of the total
revenue to date.
gobarkingmad recently secured the rights to broadcast the Paddy Power Irish
Derby Series - arguably the most prestigious dog racing event in the world.
Broadcasting rights have now been extended to allow continued, exclusive
coverage of racing from Shelbourne Park and Harolds Cross, Dublin which will
provide up to 6 nights per week live content.
The Casino Division of the Group continues to generate significant levels of
turnover, and its development has been further consolidated with the launch of
the divisions own proprietary 3-D casino software, which enables multi-hand and
multi-player experience. The Group will continue to build on the reputation it
has established in the market-place. The Group's strategy remains to partner
with major brands.
We have extended our agreement with Barclays Merchant Services to process all
our casino operations through its services. Gaming Insight's casino division
will directly benefit from the reduced costs, increased payment options and
multi-currency facilities made available to all its customers.
Racing Network continues to expand into new audiences and media and has signed a
deal with Sky Interactive to offer advanced horseracing form analysis to Sky
subscribers as part of the Sky Active Service. The service will be available via
premium rate interactive access in the Sky 'Win Zone'. In a deal signed with
Freeserve, Racing Network will provide to all Freeserve users a full suite of
reverse-billed horseracing and betting-focussed text messaging services. Other
key partners to the Group's horseracing text services include Discover Racing
(The British Horseracing Board marketing department). These exciting
developments position Racing Network as one of the leading providers of
multimedia horseracing and betting content to not only the global
English-speaking market but also to the valuable Chinese-speaking audience via
our www.horses888.com horseracing product.
Outlook
The Group has made substantial progress in the first half of the year. We are
most encouraged by the early results from the launch of the Group's interactive
racing service and further progress can be expected in the second half of the
year. The opportunities for the Group's interactive racing business are
substantial, particularly in terms of international distribution through other
media networks.
Nigel Robertson
Chairman
27 September 2002
Consolidated Profit and Loss Account
For the six months ended 30 June 2002 (unaudited)
Note 6 months ended 6 months ended 12 months to
30 June 30 June 31 December
2002 2001 2001(audited)
#000 #000 #000
Turnover 7,786 5,821 12,989
Costs of Sales (7,239) (5,463) (12,204)
Gross Profit 547 358 785
Administrative Expenses (2,212) (3,429) (9,509)
Earnings before interest, (1,665) (3,071) (8,724)
taxation, depreciation and
amortisation
Net interest (payable)/ (43) 69 (123)
receivable
Amortisation of goodwill (4,358) (4,599) (10,634)
and intangible assets
Depreciation (131) (213) (196)
Taxation 3 - - -
Net Loss (6,197) (7,814) (19,677)
Loss per share 4 (2.45)p (4.14)p (9.05)p
All recognised gains and losses are included in the profit and loss account.
Consolidated Balance Sheet
At 30 June 2002 (unaudited)
30 June 30 June 31 December
2002 2001 2001(audited)
#000 #000 #000
Fixed Assets
Intangible Assets 5,051 14,394 9,410
Tangible Assets 479 740 549
5,530 15,134 9,959
Current Assets/(Liabilities)
Cash 276 209 551
Debtors 483 710 1,143
Creditors: amounts falling due (2,359) (4,289) (2,241)
within one year
Total Assets less Current 3,930 11,764 9,412
Liabilities
Creditors: amounts falling due (2,315) (1,600) (1,600)
after more than one year
Net Assets 1,615 10,164 7,812
Capital and reserves
Share capital - Issued and 2,526 37,774 2,526
fully paid
- Deferred 36,657 202 36,657
Share premium account 9,763 1,458 9,763
Profit and loss account (47,331) (29,270) (41,134)
Shareholders' Funds 1,615 10,164 7,812
Consolidated cash flow statement
For the 6 months ended 30 June 2002 (unaudited)
6 months ended 30 6 months ended 30 12 months ended 31
June 2002 June 2001 December 2001 (audited)
#000 #000 #000
Net cash outflow from operating (932) (2,776) (8,430)
activities
Returns on investments
and servicing of finance
Interest received 3 69 27
Interest payable (1) - (150)
Net cash flow from returns on 2 69 (123)
investments and servicing of
finance
Capital expenditure and financial
investment
Purchase of tangible fixed assets (60) (736) (679)
Net cash outflow from capital (60) (736) (679)
expenditure and financial
investment
Financing
Issue of loans 1,008 3,478 3,235
Repayment of loans (293) - -
Issue of shares - - 6,775
Expenses paid in connection - - (399)
with share issues
Net cash inflow from financing 715 3,478 9,611
(Decrease)/increase in cash (275) 35 379
Notes to the Interim Report
1 BASIS OF PREPARATION
The interim accounts for the six months ended 30 June 2002 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 2001 have been used in preparing the unaudited
interim financial statements for the six months ended 30 June 2002.
2 DIVIDENDS
The Directors are not declaring a dividend for the six months ended 30 June
2002.
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
#6,197,000 (30 June 2001 - #7,814,000; 31 December 2001 - #19,677,000) and the
weighted average number of shares in issue during the period of 252,556,139 (30
June 2001 - 188,868,043; 31 December 2001 - 217,328,293). 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 will be sent to shareholders and will be available
from the company's registered office, 22 Soho Square, London W1D 4NS.
This information is provided by RNS
The company news service from the London Stock Exchange
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