Interim Results
April 27 2007 - 8:57AM
UK Regulatory
RNS Number:6616V
Global Gaming Technologies PLC
27 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 results
for the six month period ended 31 January 2007. The Group recorded a loss
before tax of #126,000. There is a loss per share of 0.07p (period ended 31
January 2006: loss per share: 0.5p).
During the period we have continued with the process of sourcing potential
acquisitions and finding a new Chief Executive for the business. We have also
ensured that costs within the business remain under strict control following the
reorganization of the business in the prior year, with directors taking no
salaries or fees until a transaction has been completed.
Our strategy has been to acquire businesses providing enabling data and media
technologies to the gaming industry. We have continued to look at a number of
potential opportunities in the gaming sector. However, as a result of the
significant changes that have taken place in that sector, the Board has decided
that it would be prudent to widen its remit and to look at opportunities across
a broader range of businesses to source potential acquisitions which are not
reliant on the gaming industry and can demonstrate good potential growth
characteristics. In line with this strategy the Board also proposes to change
the name of the Company in due course.
I will report further progress to shareholders as and when it is appropriate to
do so.
Ron Trenter
Chairman
27 April 2007
Enquiries:
John Bick tel: 07917 649362
Global Gaming Technologies plc
Consolidated profit and loss account
for 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
Notes
Net 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 sheet
As at 31 January 2007
31 January 31 January 31 July
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Notes
Fixed assets
Intangible assets 100 10,911 100
Tangible assets - 2 -
100 10,913 100
Current assets
Debtors 11 65 24
Cash 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 91
and net assets
Capital and reserves
Called up share capital 3 472 467 472
Share premium account 3 1,364 1,369 1,364
Other 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 statement
for 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
finance
Interest received 1 10 14
Interest paid - - -
1 10 14
Capital expenditure and financial
investment
Purchase of subsidiary undertakings - 36 36
- 36 36
Decrease in cash (1) (372) (694)
Global Gaming Technologies plc
Notes to the Interim Report
for the period ended 31 January 2007
1. Basis of preparation
The Interim Report was approved by the Directors on ( ) April 2007. The
Interim Report has been prepared using accounting policies consistent with UK
generally accepted accounting practice, full details of which were set out in
the 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 directors
have prepared cash flow forecasts which demonstrate the group has sufficient
funding available to allow it to continue in business for a period of at least
12 months from the date of approval of the Interim Report. One of the Group's
key shareholders, Corvus Capital Inc has provided the Group with a loan facility
of #100,000.
The Interim Report is unaudited and does not constitute statutory
accounts 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 activities
after taxation of #126,000 (six months ended 31 January 2006: #940,000, year
ended 31 July 2006: #11,904,000) and on the weighted average number of ordinary
shares in issue during the period of 188,669,301 (six months ended 31 January
2006:188,086,400, 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 11,114
Share option charge - - 53
Movement in debtors 13 (10) 32
Movement 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 flows
Opening net cash 57 751 751
Closing net cash 56 379 57
6. Publication of non-statutory accounts
The financial information set out in this Interim Report does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The figures for the year ended 31 July 2006 have been extracted from the
statutory financial statements. The auditors' report on those financial
statements 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 Exchange
END
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