Zattikka PLC Trading Update (9585I)
09 Julho 2013 - 1:56PM
UK Regulatory
TIDMZATT
RNS Number : 9585I
Zattikka PLC
09 July 2013
For immediate release 9 July 2013
ZATTIKKA PLC
('Zattikka' or the 'Group')
Trading Update
Zattikka, the online games entertainment group, makes the
following trading update, ahead of its interim results for the half
year to 30 June 2013.
In its preliminary results announcement for the full year ended
31 December 2013, the Group indicated that, while the start to
trading in 2013 was encouraging, results would be heavily weighted
to the second half of 2013. However, trading in June fell below the
board's expectations. As a result of reviewing again the likely
outcome for the rest of the year, the board now believes that the
Group's trading performance will be materially below market
expectations for the full year ending 31 December 2013.
The primary variations in trading from management's previous
expectations are the delay to the anticipated release of Arena of
Heroes to allow for App Store support (released 27 June), the need
to update certain elements of the content of Legacy of a Thousand
Suns (initially launched in April 2013) and, most significantly in
respect to the outlook, the lack of anticipated growth in the
subscriber base in Hattrick. The net result is reduced cash flows
from operations which will restrict the Group's ability to invest
in growth in the second half. As a result the board is now
undertaking a full strategic review of its businesses, operations
and cost structure. As part of this review the board is entering
into negotiations with certain holders of the loan notes issued by
the Group on admission to AIM with a view to extinguishing a
substantial proportion of the Group's liabilities, including an
amount of approximately GBP0.275m loan note interest now due.
The Group had cash or cash equivalents of approximately $950k at
30 June 2013. As stated in the preliminary results published on 6
June 2013, the ability of the Group to continue as a going concern
is dependent on further implementing its business plans, continuing
access to its on-demand working capital loan facility (which is now
fully drawn) and the continuing support of its creditors, including
the loan note holders. The Group is evaluating all strategic
options.
A further announcement will be made in due course.
The Group expects to announce its interim results by 30
September 2013.
For further information, please contact:
Zattikka
Mark Opzoomer, Chief Executive Officer +44 (0) 20 7491 6410
Rob Gorle, Chief Financial Officer
Canaccord Genuity Limited
Nominated Adviser and Broker
Simon Bridges / Peter Stewart +44 (0) 20 7523 8000
Buchanan
Jeremy Garcia / Clare Akhurst +44 (0) 20 7466 5000
www.buchanan.uk.com
About Zattikka:
Zattikka plc is a digital games entertainment group, developing
games and providing publishing services in this sector of the
rapidly evolving multi-billion dollar global digital entertainment
market. Headquartered in the United Kingdom with shares listed on
London's AIM (ZATT), Zattikka games studios include Sneaky Games
(USA), Spellgun (USA and China) and Hattrick (Europe). Business to
business services include high quality game art and design services
provided by Concept Art House (USA and China) and in-game analytics
insights through its bespoke SNAP technology platform developed in
London.
For more information visit www.zattikka.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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