TIDMTWL
RNS Number : 2284C
Weather Lottery PLC (The)
27 April 2012
The Weather Lottery plc
("TWL" or the "Company")
Half-Yearly Report for the period ended 31 January 2012
27 April 2012
Chairman's Statement
The half-year figures reflect an improved, but still difficult
trading period for the company. The half-year loss of GBP201,000 is
an improvement on the figures for the same period one year ago
(loss for the six months to 31 January 2011: GBP321,000) showing a
reduction in loss on that period of approximately 37%. However it
is still evidence of a difficult trading period as the Company has
continued to resolve historic problems in the gaming and poker
divisions.
The core lottery business continues to perform adequately. The
Board believes there is still considerable scope for expansion of
this business, however the constraints placed on cash by the loss
making and non performing assets has restricted the opportunity to
engage in a full development programme. The Board hopes to
accelerate this process if, as expected, losses continue to fall at
the Company level. Our largest client for lottery services, The
National Trust, have indicated a wish to renew their contract and
if possible expand the operations in fund raising. This is positive
news and a testament to the efforts of the staff to provide a good
service to customers, even in difficult times.
I believe the figures for the full year should again show an
improvement with further significant reduction in losses as a
result of settlements achieved by the company in respect of certain
non-performing gaming contracts and the gradual running down of the
business in FC Betz Ltd, the internet gaming site. The Devilfish
Poker site has been re-organised to reduce month on month losses at
present. The Board would consider the disposal of both businesses
if a suitable exit is identified.
Soccerdome Limited, the five-a-side football business in
Nottingham, has been affected by a proposal by Nottingham City
Council (the "Council") to commit to a major development of the
site adjacent to the football pitches. Such a development would
directly affect our existing site. A final decision by the Council
on whether or not to proceed has not yet been taken but is expected
soon. The delay in the decision over the proposed improvements is
due to the possibility that the site of our lease may be affected
by the development. The creation of a major leisure centre at the
site with state-of-the-art athletics, swimming and other sporting
facilities is likely to significantly enhance the usage and value
of the Company's five-a-side centre. A further announcement will be
made once a decision has been made by the Council. In the meantime
the actual performance of the facility has been disappointing as
the Company has postponed the required refurbishment of the pitches
until after a decision has been made by the Council. The Company
has resolved to take legal action against the vendors of Soccerdome
Limited for breach of warranty at the time of sale.
The Company is currently reviewing its Board composition and
will make further announcements as and when appropriate.
The Right Honourable Lord E T Razzall CBE
Chairman
For further information contact:
The Weather Lottery PLC begin_of_the_skype_highlighting
end_of_the_skype_highlighting 01905 621123
Website www.theweatherlottery.com
Allenby Capital Limited (Nomad) begin_of_the_skype_highlighting
Nick Harriss/James Reeve 020 3328 5658end_of_the_skype_highlighting
SVS Securities (Broker) begin_of_the_skype_highlighting
end_of_the_skype_highlighting
Ian Callaway/Alex Mattey 020 7638 5600
CONDENSED CONSOLIDATED INCOME STATEMENT
Period ended Period Year ended
ended
31 January 31 January 31 July
2012 2011 2011
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 634 668 1,343
Cost of Sales (429) (461) (573)
--------------------- ------------------------ ------------------------
Gross Profit 205 207 770
Administrative expenses (401) (521) (1,545)
Profit from operations (196) (314) (775)
Finance expenses (5) (7) (14)
Finance income - - -
--------------------- ------------------------ ------------------------
Profit before taxation (201) (321) (789)
Taxation - -
--------------------- ------------------------ ------------------------
Attributable to equity holders (201) (321) (789)
Earnings per share:
Basic (loss)/profit per ordinary
share 1 (0.05)p (0.14)p (0.30)p
--------------------- ------------------------ ------------------------
Fully diluted (loss)/profit per
ordinary share (0.05)p (0.13)p (0.27)p
--------------------- ------------------------ ------------------------
All results derive from
continuing operations.
There are no recognised income or expenses
other than the loss for the period.
All results derive from continuing operations.
There are no recognised income or expenses other than the loss
for the period.
CONDENSED CONSOLIDATED BALANCE SHEET
Period ended Period Year ended
ended
31 January 31 January 31 July
2012 2011 2011
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 490 64 503
Goodwill 467 572 467
Intangible assets 73 30 73
------------------- ---------------------- -----------------------
1,030 666 1,043
------------------- ---------------------- -----------------------
Current assets
Inventories 8 2
Trade and other receivables 208 365 209
Cash and cash equivalents 16 32 74
------------------- ---------------------- -----------------------
224 405 285
------------------- ---------------------- -----------------------
Total Assets 1,254 1,071 1,328
------------------- ---------------------- -----------------------
LIABILITIES
Current liabilities
Trade and other payables 902 722 874
Bank and other borrowings 38 - 38
------------------- ---------------------- -----------------------
940 722 912
Non-current liabilities
Bank and other borrowings 39 - 49
------------------- ---------------------- -----------------------
979 722 961
------------------- ---------------------- -----------------------
Total Assets/(Liabilities) 275 349 367
------------------- ---------------------- -----------------------
EQUITY
Capital and reserves attributable to
equity
holders
Called up share capital 3 403 268 380
Share premium account 1,319 859 1,233
Retained earnings (1,447) (778) (1,246)
------------------- ---------------------- -----------------------
Total equity 275 349 367
------------------- ---------------------- -----------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Retained
Capital Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 August 2010 186 476 (457) 205
Issue of new shares in the
period 82 383 465
Loss for the period (321) (321)
Balance at 31 January 2011 268 859 (778) 349
Shares issued less costs 112 374 486
Loss for the period (468) (468)
Balance at 31 July 2011 380 1,233 (1,246) 367
Issue of new shares in
period 23 86 109
Loss for the period (201) (201)
Balance at 31 January 2012 403 1,319 (1,447) 275
----------- ------------------------------ --------------------- ---------------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Period Period Year ended
ended ended
31-Jan 31-Jan 31-Jul
2012 2011 2011
Notes (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash generated (used
in)/from operations 4 (145) (22) (121)
Interest and financing
costs (5) (7) (14)
------------------------------- ------------------------ -----------------------
Net cash(outflow) from
operating activities (150) (29) (135)
------------------------------- ------------------------ -----------------------
Cash flow from investing
activities:
Acquisition of
subsidiary undertakings (40) (18)
Purchase of intangible
assets (73) (63)
Purchase of property,
plant and equipment (7) - (4)
------------------------------- ------------------------ -----------------------
Net cash generated from
investing activities (7) (113) (85)
------------------------------- ------------------------ -----------------------
Financing
Net proceeds from issue
of shares 109 126 236
Proceeds of new bank and
other loans 18
Repayment of bank and
other loans (10) (8)
------------------------------- ------------------------ -----------------------
Net cash from financing
activities 99 126 246
------------------------------- ------------------------ -----------------------
(Decrease)/increase in
cash and cash
equivalents:
(Decrease)/increase in
cash and cash
equivalents (58) (16) 26
Cash and cash
equivalents at
beginning of period 74 48 48
Cash and cash
equivalents at end of
period 16 32 74
------------------------------- ------------------------ -----------------------
Comprising of:
Cash and cash
equivalents per the
balance sheet 16 32 74
Less:
Bank overdraft - - -
------------------------------- ------------------------ -----------------------
Cash and cash
equivalents for
cashflow statement
purposes 16 32 74
------------------------------- ------------------------ -----------------------
NOTES TO THE INTERIM FINANCIAL REPORT
1. Accounting policies
Basis of Accounting and Preparation
These interim results for the six months ended 31 January 2012
have been prepared using the historical cost and fair value
conventions on the basis of the accounting policies set out below.
This interim report has been prepared in accordance with IFRS's, it
is not in accordance with IAS 34 and therefore is not fully
compliant with IFRS.
These interim results have been prepared under the historical
cost convention. Areas where other bases are applied are identified
in the accounting policies below.
The financial information set out in this interim report does
not constitute statutory accounts as defined in the Companies Act
2006. The Company's statutory financial statements for the year
ended 31 July 2011 have been filed with the Registrar of Companies.
The auditor's report on those financial statements was unqualified,
did not include a reference to any matters which the auditor drew
attention by way of emphasis without qualifying their report and
did not contain a statement under section 498(2) or (3) of the
Companies Act 2006.
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial position
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of the preparation of this announcement and
the Company undertakes no obligation to update these
forward-looking statements. Nothing in this Interim Financial
Report should be construed as a profit forecast.
The results for the six months ended 31 January 2012 were
approved by the Board on 27 April 2012.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 January and 31 July each year.
Control is achieved where the Company has the power to govern the
financial and operating policies so as to obtain benefits from its
activities.
Business combinations
The purchase method of accounting is used for all acquired
businesses as defined by IFRS3 - Business Combinations.
As a result of the application of the purchase method of
accounting, goodwill is initially recognised as an asset being the
excess at the date of acquisition of the fair value of the purchase
acquisition consideration plus directly attributable costs of
acquisition over the net fair values of the identifiable assets,
liabilities and contingent liabilities of the subsidiaries
acquired.
Goodwill arising on acquisitions before the date of transition
to IFRS is subject to alternative policies for valuation as
described below.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Intangible assets
An intangible asset is considered identifiable only if it is
separable or arises from contractual or other legal rights,
regardless of whether those rights are transferable or separable
from the entity or from other rights and obligations.
For intangible assets with finite useful lives, amortisation is
calculated so as to write off the cost of an asset less its
estimated residual value over its economic life as follows:
Software development - 10 years
Website development costs - 3 years
In addition to amortisation, at each balance sheet date the
Group reviews the carrying amounts of its intangible assets to
determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). Recoverable amount is
the higher of fair value less costs to sell and value in use. An
impairment loss is recognised as an expense immediately, unless the
relevant asset is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease. Where an
impairment loss subsequently reverses, the carrying amount of the
asset is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
Financial instruments
Financial assets and financial liabilities are recognised on the
Group's balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Trade receivables
Trade receivables do not carry any interest and are stated at
their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.
Financial liability and equity
Financial liabilities and equity instruments are classified
according to the substance of the contractual agreements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of
its liabilities. Equity instruments are recognised at the amount of
proceeds received net of costs directly attributable to the
transaction. To the extent that those proceeds exceed the par value
of the shares issued they are credited to a share premium
account.
Trade payables
Trade payables are not interest-bearing and are stated at their
nominal value.
Goodwill
Goodwill arising on consolidation represents the excess cost of
acquisition over the group's interest in the fair value of the
identifiable assets and liabilities of a subsidiary, associate or
jointly controlled entity at the date of acquisition.
Goodwill is recognised as an asset and reviewed for impairment
at least annually. Any impairment is recognised immediately in the
income statement and is not subsequently reversed. Goodwill arising
on acquisition before the date of transition to IFRS has been
retained at the previous UK GAAP amounts subject to being tested
for impairment at that date.
On disposal of a subsidiary, associate or jointly controlled
entity, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
Revenue recognition
Revenue represents takings received for entry into the prize
draws. The revenue is recognised upon receipt of the money for the
period that the draws take place, net of VAT and other
sales-related taxes.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
The charge for taxation is based on the taxable profit or loss
for the period and takes into account taxation deferred because of
timing differences between the treatment of certain items for
taxation and accounting purposes. Current tax is provided at
amounts expected to be paid (or recovered) using the tax rates and
laws that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the balance sheet date
where transactions or events that result in an obligation to pay
more, or a right to pay less, tax in the future have occurred at
the balance sheet date. Timing differences are differences between
the Group's taxable profits and its results as stated in the
financial information that arises from the inclusion of gains and
losses in tax assessments in periods different from those in which
they are recognised in the financial information.
A net deferred tax asset is regarded as recoverable and
therefore recognised only when, on the basis of all available
evidence, it can be regarded as more likely than not that there
will be suitable taxable profits from which the reversal of the
underlying timing differences can be deducted.
Deferred tax is measured at the tax rates that are expected to
apply in the periods in which the timing differences are expected
to reverse based on tax rates and laws that have been enacted or
substantively enacted at the balance sheet date. Deferred tax is
measured on a non-discounted basis.
2. Earnings per ordinary share
The calculation of basic earnings per share is based on the
results and weighted average number of ordinary shares as
follows:
Period ended Period ended Year ended
31-Jan 31-Jan 31-Jul
2012 2011 2011
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Attributable to equity (201) (321) (789)
-------------------- --------------------- ---------------------
Weighted average number of
ordinary shares:
Basic 398,923,455 227,915,849 266,479,621
-------------------- --------------------- ---------------------
Fully diluted 422,923,455 251,915,849 290,479,621
-------------------- --------------------- ---------------------
The fully diluted number of ordinary shares includes 24 million
options, to subscribe for Ordinary shares of 0.1p each, which were
issued in June 2010. None of these options have been exercised in
the period.
3. Share capital
As at As at As at
31-Jan 31-Jan 31-Jul
2012 2011 2011
GBP'000 GBP'000 GBP'000
Issued and fully paid:
402,627,159 ordinary shares of 0.1p each 403 268 380
------------------ -------------------- --------------------
4. Cash used in Operations
Period ended Period Year
ended ended
31-Jan 31-Jan 31-Jul
2012 2011 2011
GBP'000 GBP'000 GBP'000
(Loss)/Profit from operations (201) (314) (775)
Depreciation of tangible fixed assets 26 13 7
Amortisation of intangible assets - - 130
Negative goodwill - - (123)
Share based payments - - -
(Increase) in inventories (6) -
Decrease/(increase) in debtors 1 (36) 120
(Decrease)/increase in creditors (28) 321 520
Cash generated (used in)/from operations (145) (22) (121)
--------------------- ------------------------ ------------------------
5. Interim Financial Report
The unaudited interim financial report, which is the
responsibility of the directors and was approved by them on 27
April 2012 does not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006.
This report is available on The Weather Lottery's website at
www.theweatherlottery.com. Copies are available from the Company at
its registered office:
25-27 Hagley Mews, Hall Drive, Hagley, Stourbridge, DY9 9LQ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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