27th Apr 2007 12:57
Global Gaming Technologies PLC27 April 2007 27 April 2007 Global Gaming Technologies plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2007 Chairman's Statement The Board of Global Gaming Technologies plc announces today the Group's resultsfor the six month period ended 31 January 2007. The Group recorded a lossbefore tax of £126,000. There is a loss per share of 0.07p (period ended 31January 2006: loss per share: 0.5p). During the period we have continued with the process of sourcing potentialacquisitions and finding a new Chief Executive for the business. We have alsoensured that costs within the business remain under strict control following thereorganization of the business in the prior year, with directors taking nosalaries or fees until a transaction has been completed. Our strategy has been to acquire businesses providing enabling data and mediatechnologies to the gaming industry. We have continued to look at a number ofpotential opportunities in the gaming sector. However, as a result of thesignificant changes that have taken place in that sector, the Board has decidedthat it would be prudent to widen its remit and to look at opportunities acrossa broader range of businesses to source potential acquisitions which are notreliant on the gaming industry and can demonstrate good potential growthcharacteristics. In line with this strategy the Board also proposes to changethe name of the Company in due course. I will report further progress to shareholders as and when it is appropriate todo so. Ron Trenter Chairman 27 April 2007 Enquiries: John Bick tel: 07917 649362 Global Gaming Technologies plc Consolidated profit and loss accountfor the period ended 31 January 2007 Six month Six month Year period to period to ended 31 January 31 January 31 July 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 NotesNet trading margin - (3) (12) Administrative expenses (127) (964) (11,942)Operating income - 17 36 Operating loss (127) (950) (11,918) Interest receivable and similar income 1 10 14 Loss on ordinary activities before and after 3 (126) (940) (11,904)tax Loss per share (pence) 2 (0.07p) (0.5p) (6.37p) Global Gaming Technologies plc Consolidated balance sheetAs at 31 January 2007 31 January 31 January 31 July 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 NotesFixed assetsIntangible assets 100 10,911 100Tangible assets - 2 - 100 10,913 100Current assetsDebtors 11 65 24Cash at bank and in hand 56 379 57 67 444 81 Creditors: amounts falling due within one (202) (152) (90)year Net current (liabilities)/assets (135) 292 (9) Total assets less current liabilities, (35) 11,205 91and net assets Capital and reservesCalled up share capital 3 472 467 472Share premium account 3 1,364 1,369 1,364Other reserves 3 - 10,398 -Profit and loss account 3 (1,871) (1,029) (1,745) Equity shareholders' funds (35) 11,205 91 Global Gaming Technologies plc Consolidated cash flow statementfor the period ended 31 January 2007 Notes Six month Six month Year period to period to ended 31January 31 January 31 July 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Net cash outflow from operating activities 4 (2) (418) (744) Returns on investments and servicing of financeInterest received 1 10 14Interest paid - - - 1 10 14 Capital expenditure and financialinvestmentPurchase of subsidiary undertakings - 36 36 - 36 36 Decrease in cash (1) (372) (694) Global Gaming Technologies plc Notes to the Interim Reportfor the period ended 31 January 2007 1. Basis of preparation The Interim Report was approved by the Directors on ( ) April 2007. TheInterim Report has been prepared using accounting policies consistent with UKgenerally accepted accounting practice, full details of which were set out inthe Company's annual report and accounts for the year ended 31 July 2006. The Interim Report has been prepared on a going concern basis as the directorshave prepared cash flow forecasts which demonstrate the group has sufficientfunding available to allow it to continue in business for a period of at least12 months from the date of approval of the Interim Report. One of the Group'skey shareholders, Corvus Capital Inc has provided the Group with a loan facilityof £100,000. The Interim Report is unaudited and does not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. 2. Loss per share The loss per share is calculated on the loss on ordinary activitiesafter taxation of £126,000 (six months ended 31 January 2006: £940,000, yearended 31 July 2006: £11,904,000) and on the weighted average number of ordinaryshares in issue during the period of 188,669,301 (six months ended 31 January2006:188,086,400, year ended 31 July 2006: 186,808,822 ). Global Gaming Technologies plc Notes to the Interim Report (continued)for the period ended 31 January 2007 3. Share capital and reserves Share Share Profit & loss Capital Premium account £000 £000 £000 At 31 July 2006 472 1,364 (1,745)Result for the period - - (126)At 31 January 2007 472 1,364 (1,871) 4. Reconciliation of operating loss to cash flows Six month Six month Year period to period to ended 31 January 31 January 31 July 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Operating loss (127) (950) (11,918)Amortisation and impairment of intangibles - 505 11,114Share option charge - - 53Movement in debtors 13 (10) 32Movement in creditors 112 37 (25) Net cash outflow from operating activities (2) (418) (744) Global Gaming Technologies plc Notes to the Interim Report (continued)for the period ended 31 January 2007 5. Reconciliation of net cash flow to movement in net cash Six month Six month Year period to period to ended 31 January 31 January 31 July 2007 2006 2006 (Unaudited) (Unaudited) (Audited) £000 £000 £000 Decrease in cash (1) (372) (694)Change in net cash from cash flowsOpening net cash 57 751 751Closing net cash 56 379 57 6. Publication of non-statutory accounts The financial information set out in this Interim Report does notconstitute statutory accounts as defined in section 240 of the Companies Act1985. The figures for the year ended 31 July 2006 have been extracted from thestatutory financial statements. The auditors' report on those financialstatements was unqualified and did not contain a statement under section 237(2)of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sirius Pet