Half Yearly Report -2-


In March 2010, the Company issued GBP1.500m of loan notes to Pennine AIM VCT PLC 
and repaid the outstanding balance on its fixed interest loan from Clydesdale 
Bank. In March the Group also changed its bankers from Clydesdale Bank to Coutts 
& Co and obtained overdraft facilities of GBP0.500m from the latter. 
As at the 30 June 2010 the Company had cash and cash equivalents of GBP0.065m 
(30 June 2009 GBP0.244) and bank overdrafts of GBP0.125m (2009: GBP0.251m). In 
addition, at 30 June 2010, the Company had a fixed interest loan of GBP1.500m 
(30 June 2009 GBP0.661m). 
In July the Company placed 470,000 shares at GBP3 per share, thereby raising 
GBP1.41m. 
Chuggington continues to be very well received in all media and approval from 
both parents and consumers has been very rewarding.   We are encouraged with our 
progress to date and believe that Chuggington is now well positioned to deliver 
real growth and value for our shareholders. 
 
Ludorum plc 
Consolidated Statement of Comprehensive Income for the six months ended 30 June 
2010 
 
+--------------------------------------+-------+--------------+-------------------------+ 
|                                      |       |          Six |                     Six | 
|                                      |Notes  |       months |                  months | 
|                                      |       |        ended |                   ended | 
|                                      |       |      30 June |                 30 June | 
|                                      |       |         2010 |                    2009 | 
|                                      |       |       GBP000 |                  GBP000 | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Continuing operations                |       |              |                         | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Revenue                              |  2    |        1,301 |                    940  | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Cost of sales                        |       |        (631) |                   (596) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Gross profit                         |       |          670 |                    344  | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Costs attributable to the incentive  |       |        (327) |                   (154) | 
| option plan                          |       |              |                         | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Other administrative expenses        |       |      (1,589) |                 (1,172) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Total administrative expenses        |       |      (1,916) |                 (1,326) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Operating loss                       |       |      (1,246) |                   (982) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Finance cost - bank and loan         |       |         (42) |                     (5) | 
| interest                             |       |              |                         | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Finance income - bank interest       |       |              |                         | 
|                                      |       |            - |                       - | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Net finance cost                     |       |         (42) |                     (5) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Loss before taxation                 |       |      (1,288) |                   (987) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Taxation                             |       |          (9) |                     (2) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Loss for the period                  |       |      (1,297) |                   (985) | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Other comprehensive income: foreign  |       |           15 |                    (10) | 
| exchange differences                 |       |              |                         | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Total comprehensive income for the   |       |      (1,282) |                   (995) | 
| period                               |       |              |                         | 
+--------------------------------------+-------+--------------+-------------------------+ 
| Loss per share (basic and diluted)   |       |      (13.7p) |                 (12.0p) | 
+--------------------------------------+-------+--------------+-------------------------+ 
 
 
 
 
 
 
 
 
Ludorum plc 
Consolidated balance sheet as at 30 June 2010 
 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|                      | Notes |  30 June  | 31 December |                       30 June | 
|                      |       |      2010 |             |                               | 
|                      |       |           |        2009 |                          2009 | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|                      |       |    GBP000 |      GBP000 |                        GBP000 | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Assets               |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Non -current assets  |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Property, plant and  |       |        73 |          66 |                            49 | 
| equipment            |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|  Intangible assets   |  3    |     2,362 |       1,998 |                         1,671 | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|                      |       |     2,435 |       2,064 |                         1,720 | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Current assets       |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|  Trade and other     |       |     1,695 |       2,121 |                           920 | 
| receivables          |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Cash and cash        |       |        65 |         169 |                           244 | 
| equivalents          |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|                      |       |     1,760 |       2,290 |                         1,164 | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Liabilities          |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Current Liabilities  |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Income tax payable   |       |       (8) |         (9) |                           (7) | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Trade and other      |       |   (6,199) |     (5,026) |                       (2,319) | 
| liabilities          |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Borrowings           |  4    |   (1,625) |     (1,183) |                         (912) | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|                      |       |   (7,832) |     (6,218) |                       (3,238) | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Net current          |       |   (6,072) |     (3,928) |                       (2,074) | 
| (liabilities) /      |       |           |             |                               | 
| assets               |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Non - current        |       |           |             |                               | 
| liabilities          |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
| Share ownership      |       |         - |       (524) |                             - | 
| liability            |       |           |             |                               | 
+----------------------+-------+-----------+-------------+-------------------------------+ 
|  Provisions          |       |           |             |                         (116) |
Ludorum (LSE:LUD)
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