Interim Results
21 Diciembre 2007 - 1:01AM
UK Regulatory
RNS Number:4326K
Playwize PLC
21 December 2007
21 DECEMBER 2007
PLAYWIZE PLC
("PLAYWIZE" OR THE "COMPANY")
Interim Results
for the six months ended 30 September 2007
The Board of Playwize, the AIM quoted developer of software for the
entertainment industry, today reports its interim results for the six months
ended 30 September 2007.
Highlights:
* Turnover: �15,000 (2006: �46,000);
* Pre-tax losses: �657,000 (2006: �915,000);
* Net funds: �67,000 (2006 �342,000);
* Signing of agreement with Ladbrokes for licensing of technology.
Post Balance Sheet Update
* Ladbrokes launches Ladbrokes 3D Poker using Playwize technology.
* Placing raises �1.15 million for future development.
John Corre, Chairman of Playwize, commented: "The period under review was
a period of transition for the Group. In May 2007, your Board announced that it
had resolved to undertake a new commercial strategy for the company's online
poker product whereby it intended to pursue licensing arrangements with various
online poker rooms to licence the Company's Internet poker technology. In
September 2007, we were pleased to announce the first of these licensing
agreements, with Ladbrokes International Ltd. ("Ladbrokes"), a wholly owned
subsidiary of Ladbrokes plc, a world-leading provider of interactive betting and
gaming services The technology was licensed to Ladbrokes for two-years in
exchange for an upfront payment and ongoing licensing fees in the form of a
revenue sharing arrangement. Ladbrokes launched Ladbrokes 3-D Poker featuring
the company's video gaming technology in November 2007.Whilst it is too soon to
judge how successful this will be, I am pleased to report that Ladbrokes are
delighted with the software and are happy with the initial pre marketing take-up
of the technology to date. No income from this source is included in the
accounts under review. It is anticipated that this will be the first of a number
of such agreements to license the Company's Internet poker technology.
---ends---
Enquiries:
Playwize plc 020 8282 7200
Foo Katan, Chief Executive
HB Corporate
Jim McGeever/Rory Creedon 020 7510 8600
CHAIRMAN'S STATEMENT
I am pleased to announce the Group's results for the six months ended 30
September 2007.
Financials
Turnover for the six months ended 30 September 2007 was �15,000 compared with
�46,000 in the same period last year. The loss (both before and after tax) for
the half year was �657,000 compared with a loss of �915,000 in the same period
last year. The Group finished the period with net funds of �67,000 compared to
�342,000 at 30 September 2006.
No dividend is proposed for the period (2006: �nil).
Business Update
The period under review was a period of transition for the Group. In May 2007,
your Board announced that it had resolved to undertake a new commercial strategy
for the company's online poker product whereby it intended to pursue licensing
arrangements with various online poker rooms to licence the Company's Internet
poker technology. At that time, the Board also sought authority to raise
additional capital to enable the Company not only to fund continued development
of new technologies to be used in the internet gaming market, including the
online poker and casino markets, but also to market its technology to a wider
audience, and this authority was granted by shareholders at the EGM held in June
2007. In September 2007, we were pleased to announce the first of these
licensing agreements, with Ladbrokes International Ltd. ("Ladbrokes"), a wholly
owned subsidiary of Ladbrokes plc, a world-leading provider of interactive
betting and gaming services The technology was licensed to Ladbrokes for
two-years in exchange for an upfront payment and ongoing licensing fees in the
form of a revenue sharing arrangement. Ladbrokes launched Ladbrokes 3-D Poker
featuring the company's video gaming technology in November 2007. Whilst it is
too soon to judge how successful this will be, I am pleased to report that
Ladbrokes have advised the Company that they are delighted with the take-up of
the technology to date. No income from this source is included in the accounts
under review. It is anticipated that this will be the first of a number of such
agreements to license the Company's Internet poker technology.
In November 2007, we were also pleased to announce that a successful Placing of
shares had taken place, raising a net sum of �1.15 million. The raising of these
funds indicates that our new strategy has substantial support in the investment
community.
The Board has recently decided, to place our wholly owned subsidiary, Bits
Studios Ltd (the Group company previously involved in the production of video
games, an activity no longer carried on by the Group) into Creditors Voluntary
Liquidation, and notices have now been sent to creditors.
Although the accounts for the period under review reflect continuing substantial
losses, this should not be looked at as an indication for the future, as the
second six months of the year will reflect a continuing reduction in overheads,
and income from the Ladbrokes licensing agreement, and possibly others of a
similar nature.
I would like to take this opportunity to thank our staff and shareholders for
their continued support during a difficult time for the Group in the past year
or so. The Board believes that the long-term business outlook remains positive.
John Corre
Chairman
consolidated profit and loss account
for the six months ended 30 September 2007
+-----------------------+-----+--+---------+---------+--------+
| | | | | |
| | | | | | |
| | | |Unaudited|Unaudited| Audited|
| | | | | | |
| | | | 6 months| 6 months| Year|
| | | | ended| ended| |
| | | | | | ended|
| | | | 30| 30| |
| | | |September|September| 31|
| | | | | | |
| | | | 2007| 2006| March|
| | | | | | |
| | | | | | 2007|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| |Note | | �'000| �'000| �'000|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Turnover | | | 15)| 46| 71|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Cost of sales | | | (478)| (725)| (1,504)|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | (463)| (679)| (1,433)|
| | | | | | |
|Gross loss | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | (627)| (918)| (1,954)|
| | | | | | |
|Operating loss | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Interest receivable | | | 1)| 12)| 16|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Interest payable | | | (31)| (9))| (24)|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | (657)| (915)| (1962)|
| | | | | | |
|Loss on ordinary | | | | | |
|activities before | | | | | |
|taxation | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | (657)| (915)| (1962)|
| | | | | | |
|Retained loss for the | | | | | |
|period | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Loss per share | | | Pence| pence| Pence|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Basic | 2 | | (1.09)| (1.56)| (3.3)|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
|Diluted | 2 | | (1.09)| (1.54)| (3.3)|
| | | | | | |
+-----------------------+-----+--+---------+---------+--------+
The results relate wholly to continuing operations.
There is no material difference between the results stated above and the results
shown on an historical basis.
There are no other gains or losses other than those recognised in the profit and
loss account.
consolidated balance sheet
as at 30 September 2007
+-----------------------+-----+--+---------+---------+-------+
| | | |Unaudited|Unaudited|Audited|
| | | | | | |
| | | | As at| As at| As at|
| | | | | | |
| | | | 30| 30| 31|
| | | | | | |
| | | |September|September| March|
| | | | | | |
| | | | 2007| 2006| 2007|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | �'000| �'000| �'000|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Fixed assets | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Tangible assets | | | 20)| 6)| 29|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | 20)| 6)| 29)|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Current assets | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Debtors | | | 119)| 151)| 105|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Cash at bank and in | | | 67)| 342 | 130|
|hand | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | 186)| 493)| 235)|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Creditors: amounts | | | (1,756)| (362)|(1174) |
|falling due | | | | | |
| | | | | | |
|within one year | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | (1,570)| 131)| (939))|
| | | | | | |
|Net current assets | | | | | |
|(liabilities) | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | (1,550)| 137)| (910))|
| | | | | | |
|Net assets | | | | | |
|(liabilities) | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Capital and reserves | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Called up share capital| | | 620)| 604)| 604)|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Share premium account | | | 5,770)| 5,770)| 5,770)|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Merger reserve | | | 736)| 735)| 735)|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
|Profit and loss account| | | (8,676)| (6,972)|(8,019)|
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
| | | | (1,550)| 137)| (910))|
| | | | | | |
|Shareholders' funds | | | | | |
|(deficit) | | | | | |
| | | | | | |
| | | | | | |
+-----------------------+-----+--+---------+---------+-------+
consolidated cash flow statement
for the six months ended 30 September 2007
+-------------------------+-----+--+---------+---------+-------+
| | | |Unaudited|Unaudited|Audited|
| | | | | | |
| | | | 6 months| 6 months| Year|
| | | | ended| ended| |
| | | | | | ended|
| | | | 30| 30| |
| | | |September|September| 31|
| | | | | | |
| | | | 2007| 2006| March|
| | | | | | |
| | | | | | 2007|
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
| |Note | | �'000| �'000| �'000|
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
| | | | | | |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Net cash (outflow)/inflow| 3 | | (394))| 332| (2100)|
|from operating activities| | | | | |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Returns on investments | | | | | |
|and servicing of finance | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Interest received | | | 1)| 12)| 16)|
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Interest payable | | | (31)| (9)|- |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
| | | | (30)| 3)| 16|
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Taxation | | | | | |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Research and Development | | | -)| -| 35|
|Tax Credit | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Capital expenditure | | | | | |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Purchase of tangible | | | -)| (5)| (39)|
|fixed assets | | | | | |
+-------------------------+-----+--+---------+---------+-------+
| | | | -)| (5)| (39)|
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Net cash (outflow)/inflow| | | (424)| 330|(2,088)|
|before use of liquid | | | | | |
|resources and financing | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Financing | | | | | |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Issue of ordinary share | | | 16))| 266)| 1572)|
|capital | | | | | |
+-------------------------+-----+--+---------+---------+-------+
|Increase/(decrease) in | | | 345))| (230))| 670)|
|short term borrowings | | | | | |
+-------------------------+-----+--+---------+---------+-------+
| | | | 361))| 36)| 2242)|
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
| | | | (63))| (366)| 154|
| | | | | | |
|(Decrease)/increase in | | | | | |
|cash | | | | | |
| | | | | | |
| | | | | | |
+-------------------------+-----+--+---------+---------+-------+
notes to the interim financial statements
for the six months ended 30 September 2007
1 Basis of preparation
The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group's Annual Report and Accounts for the
year ended 31 March 2007. The financial information for the year ended 31 March
2007 has been extracted from the Annual Report and Accounts, which have been
filed with the Registrar of Companies. The auditors' report on those accounts
was unqualified and did not contain any statements under section 237(2) or (3)
of the Companies Act 1985. The financial information contained in this document
does not constitute statutory financial statements as defined in section 240 of
the Companies Act 1985.
2 Loss per share
Basic earnings per share amounts are calculated by dividing profit/(loss) for
the period attributable to ordinary equity holders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing profit/(loss) for
the period attributable to ordinary equity holders by the weighted average
number of ordinary shares outstanding during the period plus the weighted
average number of ordinary shares that would be issued on the conversion of all
dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted
earnings per share computations:
Six months ended 30 September 2007
Loss per share has
been calculated using Weighted average number
the following: Earnings Of shares
Basic (�657,000) 60,413,631
Diluted (�657,000) 60,413,631
Six Months ended 30 September 2006
Earnings per share has
been calculated using Weighted average number
The following: Earnings Of shares
Basic (�914,946) 58,536,674
Diluted (�914,946) 59,389,149
Year ended 31 March 2007
Earnings per share has
been calculated using Weighted average number
The following: Earnings Of shares
Basic (�1,962,000) 59,500,297
Diluted (�1,962,000) 59,500,297
notes to the interim financial statements
for the six months ended 30 September 2007 (continued)
3 Net cash inflow/(outflow) from operating activities
+----------------------------+----------+---------+---------+
| | Unaudited|Unaudited| Audited|
| | | | |
| | 6 months| 6 months| Year|
| | ended| ended| |
| | | | ended|
| | 30| 30| |
| | September| | 31|
| | |September| |
| | 2007| | March|
| | | 2006| |
| | | | 2007|
| | | | |
+----------------------------+----------+---------+---------+
| | �'000| �'000| �'000|
| | | | |
+----------------------------+----------+---------+---------+
| | | | |
| | | | |
+----------------------------+----------+---------+---------+
|Operating loss | (627)| (918)| (1,954)|
| | | | |
+----------------------------+----------+---------+---------+
|Depreciation and | 9 | 4)| 15)|
|amortisation of fixed assets| | | |
| | | | |
+----------------------------+----------+---------+---------+
|Loan arrangement fees | -)| - | 11)|
|settled in shares | | | |
| | | | |
+----------------------------+----------+---------+---------+
|(Increase)/decrease in | (14)| 1,493)| (29)|
|debtors | | | |
| | | | |
+----------------------------+----------+---------+---------+
|Increase/(decrease) in | 238)| (247)| (143)))|
|creditors | | | |
| | | | |
+----------------------------+----------+---------+---------+
| | (394)| 332)|(2,100)))|
| | | | |
|Net cash (outflow)/inflow | | | |
|from operating activities | | | |
| | | | |
| | | | |
+----------------------------+----------+---------+---------+
4 Reconciliation of net cash flow to movement in net funds/(debt)
+----------------------------+----------+----------+---------+
| | | | |
| | | | |
| | Unaudited| Unaudited| Audited|
| | | | |
| | 6 months| 6 months| Year|
| | ended| ended| |
| | | | ended|
| | 30| 30| |
| | September| | 31|
| | | September| |
| | 2007| | March|
| | | 2006| |
| | | | 2007|
| | | | |
+----------------------------+----------+----------+---------+
| | �'000| �'000| �'000|
| | | | |
+----------------------------+----------+----------+---------+
|(Decrease)/increase in cash | (408)| 366| (316)|
|in the period | | | |
+----------------------------+----------+----------+---------+
|Decrease in liquid resources| -)| -)| -)|
| | | | |
+----------------------------+----------+----------+---------+
|Change in net funds | (408)| 366| (316)|
|resulting from cash flows | | | |
+----------------------------+----------+----------+---------+
|Opening net (deficit)/funds | (570)| (24)| (254)|
| | | | |
+----------------------------+----------+----------+---------+
| | (978)| 342)| (570)|
| | | | |
|Closing net (deficit)/funds | | | |
| | | | |
+----------------------------+----------+----------+---------+
notes to the interim financial statements
for the six months ended 30 September 2007 (continued)
5 Analysis of net funds
+---------------------+-----+--------+-----------+----------+
| | At| )| | At|
| | | | | |
| | 1| )| | 30|
| | | | | September|
| |April| Cash|Translation| 2007|
| | | |differences| |
| | 2007| Flows| | |
| | | | | |
+---------------------+-----+--------+-----------+----------+
| |�'000| �'000| �'000| �'000|
| | | | | |
+---------------------+-----+--------+-----------+----------+
| | | | | |
| | | | | |
+---------------------+-----+--------+-----------+----------+
|Cash at bank and in | 130)| (63)| -)| 67)|
|hand | | | | |
+---------------------+-----+--------+-----------+----------+
|Loans |(700)| (345)| -| (1,045)|
| | | | | |
+---------------------+-----+--------+-----------+----------+
| |(570)| (408)| -)| (978)|
| | | | | |
+---------------------+-----+--------+-----------+----------+
|Short term deposits | -)| -))| -)| -)|
| | | | | |
+---------------------+-----+--------+-----------+----------+
| |(730)| (408)| -)| (978)|
| | | | | |
|Total net funds | | | | |
| | | | | |
| | | | | |
| | | | | |
+---------------------+-----+--------+-----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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