RNS Number:6522B
TradingSports Exchange Systems PLC
05 August 2004
TRADINGSPORTS EXCHANGE SYSTEMS PLC
("TradingSports" or "the Company")
Unaudited Interim results of TradingSports Exchange Systems plc for the six
months ended 30 June 2004
As stated in the various announcements made to the Stock Exchange and in the
circular sent to Shareholders dated 5 August 2004, trading for the six months to
30 June 2004 has been behind Directors' expectations.
As a result, the Board asked Roger Mitchell to undertake a full strategic review
of the Company's business, as the original business model was not performing as
had been expected.
The revised plan is currently being implemented, including the closure of the
London office and consolidation of activities in Glasgow, and having announced
the proposed subscription on 5 August 2004, the Company will have sufficient
funds to deliver its plan and the Board looks forward to the future with
confidence.
Andrew Tottenham
Chairman
For further information:
TradingSports Exchange Systems plc Tel: 0141 586 3422
Roger Mitchell, Chief Executive Officer
Consolidated Profit and Loss
Account
for the six month ended 30 June
2004
Six months Six months Year ended
ended 30 June
2003
ended 31 December
30 June 2004 2003
(Unaudited) (Unaudited) (Audited)
# # #
Turnover 107,713 25,077 160,536
Cost of sales (8,305) (12,884) (42,819)
---------- ---------- ----------
Gross profit 99,408 12,193 117,717
Administrative expenses (1,208,390) (355,325) (1,735,631)
---------- ---------- ----------
Operating loss (1,108,982) (343,132) (1,617,914)
Reorganisation costs (399,057) (510,579) (485,239)
---------- ---------- ----------
Loss on ordinary activities before (1,508,039) (853,711) (2,103,153)
interest and taxation
Interest receivable 12,519 9,234 39,475
Interest payable (1,209) (1,611) (3,624)
---------- ---------- ----------
Loss on ordinary activities before (1,496,729) (846,088) (2,067,302)
taxation
Tax on loss on ordinary - - -
activities ---------- ---------- ----------
Retained loss for the financial (1,496,729) (846,088) (2,067,302)
period ========== ========== ==========
Loss per ordinary share
Basic loss per share (pence) (13.9) (30.1) (29.0)
========== ========== ==========
Balance Sheets as at 30 June Unaudited Unaudited Audited
2004
as at as at as at
30 June 2004 30 June 2003 31 December
2003
# # #
Fixed assets
Tangible assets 964,675 1,212,824 1,059,375
Investments - - -
---------- ---------- ----------
964,675 1,212,824 1,059,375
Current assets
Debtors 188,359 239,353 286,309
Cash at bank 527,565 2,692,250 1,233,062
---------- ---------- ----------
715,924 2,931,603 1,519,371
Creditors: amounts falling due (943,190) (904,073) (559, 607)
within one year ---------- ---------- ----------
Net current assets (227,266) 2,027,530 959,764
Net assets 737,409 3,240,354 2,019,139
========== ========== ==========
Capital and reserves
Called up share capital 1,149,426 1,049,426 1,049,426
Share premium account 3,152,015 3,037,016 3,037,015
Profit and loss account (3,564,033) (846,088) (2,067,302)
---------- ---------- ----------
Shareholders' funds 737,409 3,240,354 2,019,139
========== ========== ==========
Consolidated Cash Flows for the Unaudited Unaudited Audited
six months ended 30 June 2004
30 June 2004 30 June 2003 31 December
2003
# # #
Net cash outflow from operating (909,680) (815,883) (2,283,458)
activities ---------- ---------- ----------
Returns on investment and
servicing of finance
Interest received 12,519 9,234 39,475
Interest paid (1,209) (1,611) (3,624)
---------- ---------- ----------
Net cash inflow from returns on 11,310 7,623 35,851
investment and servicing of ---------- ---------- ----------
finance
Capital expenditure
Payments to acquire tangible (24,537) (20,981) (40,824)
fixed assets
Receipts from disposal of 2,410 - -
tangible fixed assets ---------- ---------- ----------
Net cash outflow from capital (22,127) (20,981) (40,824)
expenditure
Acquisitions and disposals
Acquisition of subsidiary - (1) (1)
Disposal subsidiary - - 1
Net cash acquired with - 136,651 136,651
subsidiary ---------- ---------- ----------
Net cash inflow from acquisitions - 136,651 136,651
and disposals ---------- ---------- ----------
Net cash outflow before (920,497) (692,591) (2,151,780)
financing
Financing
Issue of ordinary share capital 215,000 4,000,001 4,000,001
Cost of share issue - (615,159) (615,159)
---------- ---------- ----------
Net cash inflow from financing 215,000 3,384,842 3,384,842
---------- ---------- ----------
(Decrease)/increase in cash in (705,497) 2,692,250 1,233,062
the period ========== ========== ==========
Notes to the Unaudited Interim Results
1. Basis of preparation of interim financial results
The interim results for the six months ended 30 June 2004 and six months ended
30 June 2003 are un-audited and do not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985. They have been drawn up using
accounting policies and principles consistent with those applied in the
preparation of the audited accounts for the year ended 31 December 2003. The
comparative information contained in the report for the year ended 31 December
2003 does not constitute the statutory accounts for that financial period. Those
accounts have been reported on by the Company's Auditors, Nexia Audit Limited,
and delivered to the Registrar of Companies. The report of the auditors was
unqualified.
2. Reorganisation costs
These costs are expected to arise entirely as the result of the strategic
reorganisation of the business as announced on 5 May 2004 and as explained in
the circular to shareholders dated 4 August 2004.
3. Earnings per ordinary share
Basic earnings per share figures have been calculated based upon 11,494,261
shares in issue, being the weighted average number of ordinary shares in issue
during the period.
4. Interim Report
This interim report was approved by the Directors on 4 August 2004. A copy of
the Interim Report will be posted to shareholders in the circular to
shareholders dated 5 August 2004.
5 August 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
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