12th Dec 2017 07:00
12 December 2017
PCG Entertainment Plc
("PCGE", the "Company" or the "Group")
PCG Entertainment Plc / Index: AIM / Epic: PCGE
PCG Entertainment Plc (AIM: PCGE), the AIM quoted Asia-Pacific online gaming and media company, today announces its interim results for the six months ended 30 September 2017.
A summary of the interim report and accounts is set out below. The full report and accounts are available to view on the Company's website at www.pcge.com
Chairman's Statement
Following our change of year-end from December to March, we are now announcing our interim results for the six-month period ending 30 September 2017 (the "Period"). During the Period the Company has continued to operate its media license in China. I am also pleased to report that the gambling license from the Kahnawake Gaming Commission has been renewed for a further year. We continue to examine potential additional deals for the Company across geographies and sectors.
The Company is currently in discussions with its former CEO in an attempt to settle his employment tribunal action. As always, we will update shareholders as soon as we are able to do so on all PCGE's initiatives.
During the Period, the Company had a net loss of US$588,332. The comparisons set out below are with the interim results for the half-year to 30 June 2016, together with the results for the year ended 31 March 2017.
Richard Poulden
Chairman
Interim Results' Highlights include:
1 Group cash balances at 30 September 2017 of US$1,969,336 (30 June 2016: US$60,502
2 The loss for the Group for the 6 months to 30 September 2017 was US$588,332 (30 June 2016: loss of US$745,766)
For further information:
PCG Entertainment Plc |
|
Richard Poulden, Chairman | Tel: +44 20 7812 0645 |
|
|
Allenby Capital |
|
Nick Naylor / Nick Harriss | Tel: +44 20 3328 5656 |
|
|
Beaufort Securities |
|
Elliot Hance | Tel: +44 20 7382 8300 |
|
|
Damson Communications |
|
Abigail Stuart-Menteth/Amelia Hubert | Tel: +44 20 7812 0645 |
Consolidated Income Statement
for the six months ended 30 September 2017
Notes | Unaudited Six months ended 30 September 2017 US$ |
| Unaudited Six months ended 30 June 2016 US$ |
| Audited Year ended 31 March 2017
US$ | |
Revenue |
| - |
| 8,616,129 |
| - |
Cost of sales |
| - |
| (4,783,802) |
| - |
Gross profit |
| - |
| 3,832,327 |
| - |
|
|
|
|
|
|
|
Administrative expenses |
| (678,722) |
| (4,320,819) |
| (5,926,477) |
Other operating income |
| - |
| - |
| 48,868 |
Operating loss |
| (678,722) |
| (488,492) |
| (5,877,609) |
|
|
|
|
|
|
|
Foreign exchange loss |
| (26,270)
|
| (248,274)
|
| (19,525)
|
Interest payable |
| - |
| (9,000) |
| (33) |
Loss on ordinary activities before taxation |
| (704,991) |
| (745,766) |
| (5,897,167) |
Tax on loss on ordinary activities |
| - |
| - |
| - |
Loss for the financial period from continuing activities |
|
(704,991) |
|
(745,766) |
|
(5,897,167) |
(Loss)/profit for the period from discontinued operations |
|
- |
|
- |
|
(8,348,897) |
Retained loss for the period |
| (704,991) |
| (745,766) |
| (14,246,064) |
|
|
|
|
|
|
|
Change in foreign currency |
| 116,660 |
| - |
| 45,297 |
Total comprehensive loss for the financial period |
| (588,332) |
| (745,766) |
| (14,200,767) |
Consolidated Statement of Financial Position as at 30 September 2017 |
| |||||
|
| Unaudited |
| Unaudited |
| Audited |
|
| 30 September |
| 30 June |
| 31 March |
| Notes | 2017 |
| 2016 |
| 2017 |
ASSETS: |
| US$ |
| US$ |
| US$ |
Current assets |
|
|
|
|
|
|
Trade and other receivables |
| - |
| 2,717,315 |
| 427,260 |
Cash and cash equivalents |
| 1,969,336
|
| 60,502
|
| 1,287,964 |
|
| 1,969,336
|
| 2,777,817 |
| 1,715,224 |
Non-current assets |
|
|
|
|
|
12,305,000 |
Equity Share Account |
| 676,578 |
|
|
|
|
Intangible assets |
| - |
| 11,310,000 |
| 25,000 |
Property, plant and equipment |
| -
|
| 1,836
|
| 700 |
|
| 676,578 |
| 11,311,836 |
| 25,700 |
Total assets |
| 2,645914 |
| 14,089,653 |
| 1,740,924 |
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
Current liabilities |
| 1,055,772 |
| 1,428,913 |
| 1,424,272 |
Non-current liabilities |
| - |
| - |
| - |
Equity |
|
|
|
|
|
|
Share capital |
| 4,908,503 |
| 2,108,394 |
| 3,101,735 |
Share premium |
| 24,487,537 |
| 24,277,686 |
| 24,487,537 |
Share based payment reserve |
| 309,408 |
| 309,408 |
| 309,408 |
Foreign currency translation reserve |
| 125,831 |
| 117,759 |
| 70,777 |
Retained earnings |
| (28,241,137) |
| (14,152,507) |
| (27,652,805) |
|
| 1,590,143 |
| 12,660,740 |
| 316,652 |
Total liabilities and equity |
| 2,645,914 |
| 14,089,653 |
| 1,740,924 |
Consolidated Statement of Cash Flows
for the six months ended 30 September 2017
|
| Unaudited Six months ended 30 September 2017 US$ |
| Unaudited Six months ended 30 June 2016 US$ |
| Audited Year ended 31 March 2017
US$ | |||
Cash flows from operating activities |
|
|
|
|
|
| |||
Operating loss |
| (562,632) |
| (745,766) |
| (14,246,064) | |||
Reconciliation to cash generation from operations: |
|
|
|
|
|
| |||
| Amortisation |
| - |
| 995,000 |
| - | ||
| Interest expense |
| - |
| 9,000 |
| - | ||
| Decrease / (increase) in receivables |
| 427,260 |
| 449,784 |
| 548,544 | ||
| (Decrease) / increase in payables |
| (368,500) |
| (1,002,654) |
| (400,008) | ||
| Depreciation |
| - |
| 386 |
| 1,403 | ||
| Loss and disposal of assets |
| - |
| - |
| 9,721,870 | ||
| Impairment of intangibles |
| - |
| - |
| 3,500,000 | ||
| Exchange rates differences |
| - |
| - |
| 21,140 | ||
| Decrease/(Increase) in Equity Share Account |
|
(676,578) |
|
- |
|
- | ||
| Shares issued in lieu of amounts payable |
| - |
| - |
| 24,577 | ||
Cash absorbed in operations |
| (1,180,450) |
| (294,250) |
| (828,538) | |||
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
| |||
Net proceeds from disposal of subsidiaries |
|
- |
|
- |
|
505,856 | |||
Net cash flow from investing activities |
| - |
| - |
| 505,856 | |||
|
|
|
|
|
|
| |||
Cash flows from financing activities |
|
|
| ||||||
Issue of shares for cash |
|
|
| 1,806,768 |
| - |
| 1,469,103 | |
Share issue expenses capitalised against share premium account |
|
|
|
- |
|
- |
|
(145,206) | |
Net cash flow from financing activities |
|
|
| 1,806,768 |
| - |
| 1,323,897 | |
|
|
|
|
|
|
|
|
| |
Net increase/(decrease) in cash |
|
|
| 626,318 |
| (294,250) |
| 1,001,215 | |
Effect of exchange rates on cash and cash equivalents |
|
|
|
55,054 |
|
92,279 |
|
24,276 | |
|
| 681,372 |
| (201,971) |
| 1,025,491 | |||
Cash at bank and in hand at the start of the period |
|
|
|
1,287,964 |
|
262,473 |
|
262,473 | |
Cash at bank and in hand at end of the period |
|
|
|
1,969,336 |
|
60,502 |
|
1,287,964 | |
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