RNS Number:1525J
RAM Investment Group PLC
28 February 2005
Company Registration No. SC147230 (Scotland)
RAM INVESTMENT GROUP PLC
UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2004
RAM INVESTMENT GROUP PLC
COMPANY INFORMATION
Directors Barry Edward Adams MA (Chairman)
Nicholas Simon Lebetkin
Laurence Selman
Secretary Iain Austen Manley
Company number SC147230
Registered Office Level 2, Saltire Court
20 Castle Terrace,
Edinburgh EH1 2ET
Nominated Adviser Beaumont Cornish
Limited
Georgian House
63 Coleman Street
London EC2R 5BB
Auditors Newman Peters
19 Fitzroy Square
London W1T 6EQ
Solicitors Shepherd+ Wedderburn
Level 2, Saltire Court
20 Castle Terrace
Edinburgh EH1 2ET
Moore & Blatch
11, The Avenue
Southampton
Hampshire SO17 1XF
Bankers Bank of Scotland
St James Gate
14-16 Cockspur Street
London SW1V 5BL
Registrars Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 OLA
RAM INVESTMENT GROUP PLC
CONTENTS
Page
Chairman's Statement 4
Consolidated Profit and Loss 7
Account
Consolidated Balance Sheet 8
Consolidated Cash Flow Statement 9
Notes to the Financial Information 10-12
RAM INVESTMENT GROUP PLC
CHAIRMAN'S STATEMENT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2004
FINANCIAL RESULTS
The Group's pre-tax loss for the six months to 30 November 2004 was
#268,210 (2003: loss of #55,176) comprising #57,720 administration costs,
#35,917 on set up costs for the FIFPro World XI Player Awards contract via
the Company's wholly owned subsidiary, RAM Media Limited, and #174,573 for
one-off exceptional expenditure on the Divedome project, primarily legal
and professional fees, via the Company's wholly owned subsidiary, Divedome
Limited.
RAM MEDIA LIMITED
FIFPro
As detailed in the Chairman's statement for the year ended 31 May 2004,the
Company's wholly owned subsidiary, RAM Media Limited ("RAM Media"), entered
into a 50/50 joint venture on 4 October 2004 with FIFPro (Federation
Internationale des Associations de Footballeurs Professionnels) to host the
FIFPro World XI Player Awards, the world's first international football
awards event, where the nominees are voted for by professional football
players from around the globe.
RAM Media has acquired the exclusive rights to the event for a five-year
period with an option to extend the rights after the first five events. The
acquisition of the rights allows RAM Media, in partnership with FIFPro, to
exploit all media, broadcast, production, promotion and commercial sales
opportunities including sponsorship, merchandising, licensing, SMS and all
telephone and other rights during the period. RAM Media also plans to
include music performances at the event from the world's premier music
artists.
RAM Media acquired the rights for a cash consideration of Euro400,000 per
annum and the Directors believe that as well as being a revenue generating
transaction in its own right the deal will present further opportunities
for revenue growth over the period of the joint venture as such
opportunities are identified and exploited.
Celador Music & Events
RAM Media has also entered into a commercial partnership with Celador Music
& Events Limited, a subsidiary of Celador International, that will enable
Celador to produce the event which will include music performances from the
world's premier music artists. Celador International is a company which
specialises in the development, distribution and licensing of some of the
world's most successful television shows including Who Wants To Be A
Millionaire?
An update on the progress of the FIFPro World XI Player Awards is expected
to be forthcoming in the near future.
DIVEDOME LIMITED
As described in the Chairman's statement for the year ended 31 May 2004 the
Company's executives have invested time and resources in developing
Divedome Limited, a newly formed subsidiary, which plans to develop the
world's first indoor warm water scuba diving centre.
As described previously, the Directors expect that by March 2005 they will
know or will be able to assess whether the projected funding requirement
for Divedome has been or can be achieved and it will then be some time
after that before the full commercial impact of such a leisure facility can
be determined. Whilst the Directors have been considerably encouraged by
the reaction of the dive community and other potential funding partners to
the scheme there is no guarantee that the Divedome concept will be
developed.
An update on the progress of the Divedome project is expected to be
forthcoming in the near future.
TIGER GAMBLING LIMITED
On 11 January 2005 the Company announced that it had agreed heads of terms
to form a joint venture with Tiger Telematics (NASDAQ: TGTL) to exploit the
technology and design behind Tiger's mobile gaming console 'Gizmondo'
specifically for applications in the areas of gambling. The Directors
believe that this joint venture presents the opportunity to exploit a large
untapped market which could generate strong revenues for the Company in the
medium to long term.
Joint Venture
The agreement envisages a new company being formed called Tiger Gambling
Limited which will be 75 percent owned by Tiger Telematics and 25 percent
owned by the Company with profits generated being shared on a 50/50 basis.
The Company will have day-to-day management control of Tiger Gambling
Limited and will be responsible for drawing up and executing the company's
strategy of exploiting the Gizmondo console for the gambling market.
Under the Heads of Terms, the Company will be granted a global licence to
promote and develop the console in the gambling market for an initial 18
month period, subject to a three year extension provided that initial sales
targets are achieved. Revenues are expected from many sources such as
equity and currency trading, spread betting, sports betting, gaming and
traditional gambling such as poker, black jack and roulette. The device
gives gambling and betting corporations the opportunity to interact with
its customers in a way they have never been able to do before. In addition,
the Company anticipates additional revenues from advertising through
Gizmondo's 'Smart Adds' applications which allow advertisers to deliver
customized feature-rich content to users of the device.
Tiger Telematics/Gizmondo
Gizmondo is a handheld mobile entertainment device that contains a 400Mhz
processor, state of the art graphics chip and high resolution screen. Built
in GPS technology provides interactive and innovative gaming, GPRS allows
high speed global communication applications and other features include
gaming, a camera, music player, movie player, messaging and email. The new
console for gambling will be based on the current Gizmondo device but will
be branded and marketed under a different name.
PLACINGS
On 11 January 2005 the Company placed 70,000 new Ordinary Shares of 1p
each, at a price of 60p per share, fully paid and on 4 February 2005
completed a placing of 608,556 new Ordinary Shares at 76p per share, fully
paid.
These new Ordinary Shares which rank pari passu with the existing shares in
issue, represent 10.71 per cent of the Company's enlarged issued share
capital. The net proceeds of the placings, being approximately #502,000
will be applied in supporting certain of the Company's current projects and
providing working capital for the Group as a whole. The 678,556 new
Ordinary Shares were admitted to trading on AIM on 10 February 2005.
FUTURE PROSPECTS
It is expected that a further trading update will be made in the next few
weeks, providing more detail on the progress of both the FIFPro World XI
Player Awards and Divedome.
Edward Adams
Chairman
RAM INVESTMENT GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2004
Half year Half year Year
to to to
30 November 30 November 31 May
2004 2003 2004
# # #
Turnover - - 8,159,116
Cost of sales - - (7,681,701)
-------- -------- --------
Gross profit - - 477,415
Administration expenses (66,052) (56,708) (150,920)
Exceptional items
FIFPro contract set up costs (35,917) - -
Divedome project costs (174,573) - -
-------- -------- --------
Operating profit/(loss) (276,542) (56,708) 326,495
-------- -------- --------
Profit/(loss)on ordinary activities
before interest and taxation (276,542) (56,708) 326,495
Interest receivable and
similar income 8,332 1,532 2,676
-------- -------- --------
Profit/(loss)on ordinary activities
before taxation (268,210) (55,176) 329,171
Tax on profit on ordinary
activities - - (26,109)
Profit/(loss)on ordinary
activities after taxation (268,210) (55,176) 303,062
======== ======== ========
Profit/(loss) per ordinary share
Basic & Diluted (5.3)p (0.57)p 6.1p
There were no recognised gains or losses other than the loss for each financial
period.
RAM INVESTMENT GROUP PLC
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2004
30 November 30 November 31 May
2004 2003 2004
# # #
Fixed assets
Tangible assets 61,980 - -
Current assets
Debtors - 1,034,781 8,883,302
Cash at bank and in hand 204,297 86,710 49,304
-------- -------- ---------
204,297 1,121,491 8,932,606
Creditors: amounts falling
due within one year (109,731) (1,054,974) (8,507,850)
-------- -------- ---------
Net current assets 94,566 66,517 424,756
-------- -------- ---------
Net assets 156,546 66,517 424,756
======== ======== =========
Capital and reserves
Called up share capital 10,033,440 10,033,440 10,033,440
Share premium account 10,874,429 10,874,429 10,874,428
Profit and loss account (20,751,323) (20,841,351) (20,483,112)
-------- -------- ---------
Equity shareholders'funds 156,546 66,517 424,756
======== ======== =========
The financial statements were approved by the Board on 28 February 2005.
RAM INVESTMENT GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2004
Half year Half year Year
to to to
30 November 30 November 31 May
2004 2003 2004
# # #
Net cash (outflow)/inflow
from operating activities 1,050,775 (54,307) (934,992)
Return on investments and servicing
of finance
Interest received 8,332 1,532 2,676
Interest paid
Net cash inflow from returns on
investment and servicing of finance 8,332 1,532 2,676
Capital expenditure and financial investment
Payments to acquire tangible assets (61,980) - -
Net cash (outflow)/inflow from capital
expenditure and financial investment (61,980) - -
Net cash inflow/(outflow) before
management of liquid resources
and financing 997,127 (52,775) (932,316)
Financing
Issue of ordinary shares - 200,000 121,192
Other new short term loans - - 842,134
Repayment of loans (842,134) - -
Expenses paid in connection with
share issues - (78,807) -
Net cash (outflow)/inflow
from financing (842,134) 121,193 963,326
------- -------- -------
Increase/(decrease) in cash and
cash equivalents 154,993 68,418 31,010
======= ======== =======
RAM INVESTMENT GROUP PLC
NOTES TO THE FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2004
1 Going Concern
The directors believe that the Company has adequate resources to
continue in operation for the foreseeable future. For this
reason they continue to adopt the going concern basis for
preparing the Company's financial statements.
2 Accounting Policies
2.1 Accounting convention
The financial statements have been prepared under the historical
cost convention. The accounting policies are consistent with
those set out in the audited financial statements for the year
ended 31 May 2004 which were unqualified and did not contain a
statement under section 237 of the Companies Act 1985. The
financial information does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. Figures from
the year ended 31 May 2004 included within this report are an
abridged version of the full accounts filed with the Registrar
of Companies.
3 Reconciliation of operating loss to net cash inflow from operating
activities
Half Year Half Year Year
to to to
30 November 30 November 31 May
2004 2003 2004
# # #
Operating profit/(loss) (276,542) (56,708) 326,495
(Increase)/decrease in
debtors 8,883,302 (1,030,511) (8,879,032)
(Decrease)/increase in
creditors due within one
year (7,555,985) 1,032,912 7,617,545
-------- -------- ---------
Net cash (outflow)/inflow
from operating activities 1,050,775 (54,307) (934,992)
-------- -------- --------
4 Analysis of changes in net
funds
1 June Cash 30 November
2004 Flows 2004
# # #
Net Cash:
Cash at bank and in hand 49,304 154,993 204,297
Debt:
Debts falling due within one (842,134) 842,134 -
year
-------- ------- --------
Net funds/(debt) (792,830) 997,127 204,297
-------- ------- --------
5 Reconciliation of net cash flow to movement in net
funds/(debt)
Half year Half year Year
to to to
30 November 30 November 31 May
2004 2003 2004
# # #
Increase (decrease) in the period 154,993 68,416 31,010
Cash outflow/(inflow) from 842,134 (781,554) (842,134)
decrease/(increase) in net debt
-------- -------- ---------
Movement in net funds/(debt) 997,127 (713,138) (811,124)
in the period
Opening net funds/(debt) (792,830) 18,294 18,294
-------- -------- ---------
Closing net funds/(debt) 204,297 (694,844) (792,830)
======== ======== =========
6 Earnings/(loss) per Share
Earnings/(loss) per Ordinary Share is calculated by dividing the
profit/(loss) attributable to shareholders by the weighted average number
of shares in issue.
Half year Half year Year
to to to
30 November 30 November 31 May
2004 2003 2004
# # #
Profit/(loss) attributable to (268,210) (55,176) 303,062
shareholders
Weighted average number of 4,999,344 9,668,281 4,999,344
shares in issue
Profit/(loss) per Ordinary Share (5.3)p (0.57)p 6.1p
- basic & diluted
This information is provided by RNS
The company news service from the London Stock Exchange
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