Preliminary Results
30 Junho 2004 - 7:24AM
UK Regulatory
RNS Number:2940A
CES Software PLC
30 June 2004
CHAIRMAN'S STATEMENT
The Board of CES Software plc ("CES") announces its results for the year ended
31 December 2003.
Given the significant developments and milestones achieved in 2003, the company
and its subsidiaries ("the Group") are now well positioned for growth. The
Group is focused on delivering on its core strategy, which is to provide a
world-class person-to-person gaming experience to the end user base transacting
across its network. The Group will deliver these services to the end user
through arrangements with leading, licensed gaming operators in regulated
jurisdictions, across geographic regions and markets.
2003 was a period of intensive technology development and testing, which saw the
Group complete development on the first version of its exchange wagering
platform. The exchange platform was successfully test-marketed in the UK with
Betmart Limited, the Group's first licensee, which is a joint venture owned 50%
by the Group and 50% by 4Gi Limited.
2003 also saw the company obtain a quotation on the Alternative Investment
Market ('AIM') of the London Stock Exchange. On 4 December 2003, CES was
admitted to AIM raising over #4.3 million before expenses by way of a placing of
shares to institutional investors in the United Kingdom, Europe, and North
America.
The bulk of the Group's operating loss for 2003 is attributable to research and
the development of its exchange technology. Going forward, the Board is
confident in management's ability to maintain a low cost structure that will
afford the Group maximum flexibility in pursuing its business strategy.
The focus of the business in the months since the end of 2003 has been on
establishing distribution channels through which it will commercialise its
existing technology. A significant undertaking for the Group has been
establishing Ebex, an exchange targeting the Continental European markets, with
BETandWIN Interactive Entertainment AG, a leading interactive bookmaker in
Europe. Drawing on the Group's technology, an experienced executive team, and
BETandWIN's marketing expertise, Ebex has the potential to become a highly
successful business. In addition to Ebex, the Group continues to seek to
establish new business relationships with licensed gaming operators in leading
regulated jurisdictions.
The Board is confident that, thanks to the efforts in 2003, the Group is well
positioned to capitalise on the enormous and growing person-to-person gaming
market in 2004 and beyond.
Andrew Rivkin
Executive Chairman
29 June 2004
Notes 12 months Period from
ended 31 9 May 2002
December to 31
2003 December
2002
#000 #000
Administrative expenses (742) (428)
Operating loss (742) (428)
Share of operating loss in joint venture (2) -
Loss on ordinary activities before interest and other (744) (428)
income
Interest receivable and similar income (4) 1
Loss on ordinary activities before taxation (740) (427)
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation and loss for (740) (427)
the financial period
Appropriations (non equity) (35) (20)
Retained loss for the period (775) (447)
Loss per share
Basic and diluted 2 (0.07p) (0.04p)
The results disclosed in the consolidated profit and loss accounts are on a
historical cost basis.
All of the above results are from continuing operations.
31 December 2003 31 December 2002
#000 #000 #000 #000
Fixed assets
Intangible assets 51 85
Tangible assets 19 10
Investment in joint ventures:
Share of gross assets 20 1
Share of gross liabilities (21) -
(1) 1
69 96
Current assets
Debtors 280 15
Cash at bank and in hand 3,437 375
3,717 390
Creditors:
Amounts falling due within one year (273) (40)
Net current assets 3,444 350
Total assets less current liabilities and net 3,513 446
assets
Capital and reserves
Called up share capital 978 -
Share premium account 3,345 -
Shares to be issued - 876
Other reserve (298) -
Capital redemption reserve 664 -
Profit and loss account (1,176) (430)
Shareholders' funds - equity 3,513 446
These financial statements were approved by the Board of Directors on 29 June
2004.
Consolidated cash flow statement Notes 12 months Period from
ended 31 9 May 2002
December to 31
2003 December
2002
#000 #000
Net cash outflow from operating activities 3 (732) (249)
Returns on investments and servicing of finance 4 1
Capital expenditure and financial investment (17) (13)
Acquisitions and disposals - (103)
Cash outflow before management of liquid resources (745) (364)
and financing
Management of liquid resources 350 (350)
Financing 3,813 742
Increase in cash in the period 3,418 28
Reconciliation of net cash flow to movement in net 12 months Period from
funds ended 31 9 May 2002
December to 31
2003 December
2002
#000 #000
Increase in cash in the period 3,418 28
Cash (inflow)/outflow from (decrease)/increase in
liquid resources (350) 350
Translation differences and other non cash movements (6) (3)
Movement in net funds in the period 3,062 375
Net funds at the start of the period 375 -
Net funds at the end of the period 3,437 375
Statement of total consolidated recognised gains and losses 12 months Period from 9
ended 31 May 2002 to
December 31 December
2003 2002
#000 #000
Loss for the financial period:
Group (738) (427)
Joint venture (2) -
(740) (427)
Foreign exchange differences (6) (3)
Total consolidated recognised gains and losses (746) (430)
12 months Period from 9
ended 31 May 2002 to
Reconciliation of movements in shareholders' funds December 31 December
2003 2002
#000 #000
Loss for the financial period (740) (427)
Appropriations (35) (20)
Retained loss for the financial period (775) (447)
Reversal of financing charge on preference shares 35 20
New ordinary share capital issued in lieu of compensation and other - 134
services
New share capital subscribed net of issue costs 3,813 742
Foreign exchange differences (6) (3)
Net increase in shareholders' funds 3,067 446
Opening shareholders' funds 446 -
Closing shareholders' funds 3,513 446
1 Basis of preparation
The financial information set out above does not constitute the Group's
statutory accounts for the year ended 31 December 2003 or the period to 31
December 2002, but is derived from those accounts. In the statutory accounts,
the acquisition of Columbia Exchange Systems Limited on 21 November 2003 was
accounted for in accordance with the principles of merger accounting set out in
Financial Reporting Standard 6 "Mergers and Acquisitions". Accordingly, the
financial information is presented as if the combination had existed throughout
the current financial period and the period ended 31 December 2002. The
auditors have reported on those accounts; their report was unqualified and did
not contain statements under Section 237(2) or (3) of the Companies Act 1985.
2 Loss per share
Loss per ordinary share has been calculated using the weighted average number of
shares in issue during the relevant financial periods. The weighted average
number of equity shares in issue is 11,140,186 (2002: 10,217,308) and the loss,
being loss after tax and preference dividends, is #775,000 (2002: #447,000).
Diluted loss per share has not been presented as including all potential
ordinary shares in the calculation would be anti-dilutive.
3 Reconciliation of operating loss to operating cash 12 months ended Period from 9 flows
31 December 2003 May to 31
December 2002
#000 #000
Operating loss (742) (428)
Amortisation of intangibles 34 18
Depreciation 8 3
Charge for share based compensation - 126
Charge for share based payments for services - 8
Increase in debtors (265) (15)
Increase in creditors 233 39
Net cash outflow from operating activities (732) (249)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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