Trading Update (3747T)
05 Décembre 2011 - 4:29PM
UK Regulatory
TIDMTWL
RNS Number : 3747T
Weather Lottery PLC (The)
05 December 2011
THE WEATHER LOTTERY PLC
('TWL' or the 'Company')
Trading Update
5 December 2011
TWL, the lottery and gaming company, wishes to update the market
on its second half trading in respect of its year ended 31 July
2011. Audited results for the period are expected to be announced
towards the end of December. The Company expects that these will
show, subject to audit, pretax losses of approximately GBP740,000,
compared to losses in the first half of GBP321,000 and for the full
year 2009/10 of GBP77,000.
As announced on 25 November 2011, the upgrade in the Company's
five-a-side facility at the Harvey Hadden Sports Complex in
Nottingham, acquired in June 2011, has been delayed and during the
period from acquisition to 31 July traded at approximately
breakeven.
Losses at FC Betz amounting to GBP267,000 in the first half
year, including expensed sponsorship costs of GBP177,000 and
operating losses of GBP90,000, were considerably reduced in the
second half and are now expected to amount to approximately
GBP400,000 for the full year, with club sponsorship expenses now
eliminated and consultancy costs significantly reduced. The Company
has continued to operate the site but at a much reduced level at a
break-even or small loss level month on month The Board does not
consider FC Betz to be part of the future of the business and is
seeking ways to dispose of it and its assets and database as soon
as possible.
The core lottery business is expected to report a small profit
for the year, despite expenses relating to the fraud committed by
former director Keith Millhench exceeding GBP100,000 for the year.
This is a moderate increase over the amounts provided in the first
half, with legal fees associated with the police investigation
continuing until the case was concluded in late October 2011. As
announced on 20 June, contract renegotiations have improved
profitability during the last quarter of the Company`s financial
year. The Company was granted confiscation orders by the court
against Millhench and one other which together with an existing
charge over shares held by Millhench amounts in value to
approximately GBP40,000. The extent to which this sum is
recoverable remains uncertain.
At the Company's Devilfish Poker subsidiary, losses for the
period from acquisition in December 2010 to 31 July 2011 are
expected to be approximately GBP150,000. These include exceptional
losses within the casino operation referred to in the Company's
June update of approximately GBP35,000. A renegotiation of supplier
contracts with effect from 1 September 2011 should significantly
improve the results of the operation from that time.
Head office costs for the year amounted to approximately
GBP200,000.
For further information contact
The Weather Lottery PLC
John Botros (Company Secretary) 07714209346
Religare Capital Markets (Nomad)
Peter Trevelyan-Clark 02074440800
SVS Securities (Broker)
Ian Callaway 02076385600
Greycoat Communications
Andrew Marshall 07785297111
This information is provided by RNS
The company news service from the London Stock Exchange
END
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