RNS Number : 2957B
New Media Lottery Services PLC
14 August 2008
14 AUGUST 2008
NEW MEDIA LOTTERY SERVICES PLC
("NMLS" or "the Company")
(AIM:NMLS)
UNAUDITED PRELIMINARY RESULTS
FOR THE YEAR ENDED 30 APRIL 2008
The Board of New Media Lottery Services PLC, the AIM traded gaming content and systems provider today announces its preliminary results
for the year ended 30 April 2008.
FINANCIAL HIGHLIGHTS
* Revenues grew 104% to EUR848,379 (2007: EUR415,797) with sales continuing to grow quarter on quarter;
* Sales on client's Lottery Bingo site increased by 99% to EUR21.1 million (2007: EUR10.6 million);
* Corresponding client player deposits increased by 88% to over EUR1.6 million (2007: EUR867,000);
* Professional and administrative costs reduced despite more than doubling revenue;
* At the year end Net debt was EUR3.7m (2007: EUR2.4m), and overall net liabilities were EUR4.0m (2007: EUR2.2m); and
* Losses fell to EUR1.8 million (2007 loss: EUR2.7 million).
BUSINESS HIGHLIGHTS
* Well positioned to move into a period of rapid growth;
* The Company has recently launched a second lottery game website in Ireland with full marketing support commencing in September
08;
* Expected launch of multiple white label bingo and lottery gaming sites later this year;
* Expected roll out of a Server based lottery program with Inspired Gaming later this year;
* Ready to replicate lottery services in multiple jurisdictions throughout the coming year; and
* Application filed for US patent protection on a prepaid mobile lottery application.
POST BALANCE SHEET HIGHLIGHTS
* EUR1.3 million raised by way of a secured convertible loan from Trafalgar Capital Specialized Investment Fund.
Commenting on today's announcement, Lord Mancroft, non-executive chairman, said: "The Company has made considerable progress during the
year. NMLS is well positioned to move into a period of rapid growth through its various operations, supported by the continued growth at its
client websites. The Company intends to replicate lottery services in multiple jurisdictions throughout the coming year."
---ends---
Enquiries:
New Media Lottery Services PLC (001) 540 437 1688
John Carson
www.nmlsplc.com
Bishopsgate Communications Ltd 020 7562 3350
Nick Rome
Michael Kinirons
www.bishopsgatecommunications.com
Arbuthnot Securities 020 7012 2000
Paul Vanstone
www.arbuthnotsecurities.co.uk
CHAIRMAN'S STATEMENT
I am pleased to present NMLS' preliminary results for the year ended 30 April 2008. The Company has made considerable progress this
year and its performance is very promising.
NMLS provides and operates white label lottery gaming platforms to a number of International Lottery programs including charities,
sports associations and state lottery organisations. Unlike many internet gaming companies, NMLS only works with legitimate Government
sanctioned Lottery Programs. It does not market to players in jurisdictions with regulatory uncertainties such as North America.
Financials
Client site sales for the year to 30 April 2008 increased by 99% to EUR21.1 million compared to EUR10.6 million for the year to 30 April
2007. The net revenue to the Company for this period was EUR[848,379] compared to EUR[415,797] for the year to 30 April 2007. Corresponding
client player deposits similarly saw a substantial increase of 88% to more than EUR1.6 million compared to EUR867,000 for the year to April
30 2007.
NMLS' loss for the year to 30 April 2008 is EUR1.83 million (loss of EUR2.68 million in the year to 30 April 2007).
In June 2008 the Company raised EUR1.3 million by way of a secured convertible loan from Trafalgar Capital Specialized Investment Fund.
Review and Current Prospects
There have been a series of developments at the Company during the period in review.
NMLS has successfully launched its own social networking site called www.lonely.ie. The lonely.ie site is supported by advertiser
revenue and drives significant traffic to the lottery gaming sites. Lonely.ie has exceeded expectations in both advertising revenue growth
and user participation.
The Company has spent a great deal of time developing the server based platform for use in Ireland and expects it to be revenue
generating in 2008/2009. NMLS is well positioned to develop and hopes to benefit from a period of rapid growth through its various
operations. This will be supported by the continued growth at its client websites. The Company also intends to duplicate lottery services in
multiple jurisdictions throughout the coming year.
The NMLS software development group has now fully developed tested and implemented the Company's Server Based Lottery System. Inspired
Gaming Group plc and NMLS are currently assessing a number of lottery opportunities.
Rehab Lotteries
Sales at Rehab Bingo have been growing rapidly with the site benefiting from a growing profile on the back of a number of marketing
initiatives which include the sponsorship of a local Football Franchise. On a quarter by quarter basis the Company continues to grow and
exceed expectations. In addition, NMLS has launched a complementary Rehab Lottery Game site which will commence full scale marketing this
September. During the next quarter the Company will be launching a variety of additional lottery gaming sites in association with strategic
marketing partners.
US
The Company has filed for US patent protection on a new prepaid mobile lottery application. Management reviewed existing Mobile and
Prepaid Mobile patents and identified a process that improves security, offers a variety of game types and is more conducive to working with
a lottery Central Management System.
NMLS continues to leverage its investment in new software and expects to announce additional contracts over the coming year. I would
like to take this opportunity to thank our staff for their support over this busy period and look forward to updating investors on our
further progress in due course.
Lord B. Mancroft
Chairman
New Media Lottery Services Public Limited Company
Consolidated Income Statement
for the year ended April 30th 2008
Continuing Operations
YE Interim 6 Months YE Interim 6 Months
Unaudited Unaudited Audited Unaudited
Note Apr-08 Oct-07 Apr-07 Oct-06
EUR EUR EUR EUR
Revenue 10 863,099 373,238 432,695 173,867
Administrative Expenses 9 -2,451,147 -1,162,432 -2,990,050 -1,669,965
Operating Loss -1,588,048 -789,194 -2,557,355 -1,496,098
Finance Costs - 246,292 -127,109 -139,125 -65,734
Loss on Ordinary Activities before Taxation - 1,834,341 -916,303 -2,696,480 -1,561,832
Tax on Loss on Ordinary - - - -
Activities
Loss for the period
attributable to
Equity Shareholders -1,834,341 -916,303 -2,696,480 -1,561,832
Basic Loss per Ordinary Share -EUR0.07 -EUR0.04 -EUR0.11 -EUR0.06
Diluted Loss per Ordinary -EUR0.07 -EUR0.04 -EUR0.11 -EUR0.06
Share
New Media Lottery Services Public Limited Company
Consolidated Balance Sheet
as at 30th April 2008
YE Interim 6 Months YE Interim 6 Months
Unaudited Unaudited Audited Unaudited
Apr-08 Oct-07 Apr-07 Oct-06
EUR EUR EUR EUR
Note
Non-Current Assets
Property, Plant and Equipment 26,663 24,085 33,789 150,239
Intangible Assets 143,518 206,533 230,967 71,392
170,181 230,618 264,756 221,631
Current Assets
Trade and Other Receivables 324,981 352,766 460,023 373,096
Cash and Other Equivalents 132,896 114,642 115,387 207,307
457,877 467,409 575,410 580,402
Total Assets 628,058 698,026 840,166 802,033
Equity and Liabilities
Equity attributable to equity
holders
of the Parent
Issued Share Capital 3 242,822 241,618 241,618 240,621
Share Premium 4 3,881,372 3,845,565 3,845,566 3,771,935
Merger Reserve 5 539,377 539,377 539,377 539,377
Other Reserve 6 7,805 - - -
Accumulated Loss 7 -8,628,710 -7,710,672 -6,794,368 -5,659,717
Total Equity -3,957,333 -3,084,112 -2,167,807 -1,107,784
Current Liabilities
Trade and Other Payables 736,354 507,889 524,731 600,616
Bank Loan 8 1,220,452 1,727,951 1,281,113 -
Other Liabilities 2,243,180 1,546,299 1,202,130 -
4,199,986 3,782,139 3,007,974 600,616
Non-Current Liabilities
Other Liabilities - Bank Loan 8 385,406 - - 1,309,201
Total Liabilities 4,585,392 3,782,139 3,007,974 1,909,817
Total Equity and Liabilities 628,059 698,027 840,167 802,033
New Media Lottery Services Public Limited Company
Consolidated Cash Flow Statement
for the year ended April 30th 2008
YE Interim 6 Months YE Interim 6 Months
Unaudited Unaudited Audited Unaudited
Apr-08 Oct-07 Apr-07 Oct-06
EUR EUR EUR EUR
Cash Outflow from Operating Activities
Operating Loss before Tax -1,834,341 -916,303 -2,696,480 -1,561,832
Depreciation 17,183 9,704 18,777 10,546
Intangible Assets Amortised 68,551 34,013 31,352 7,375
Decrease/(Increase) in debtors 135,042 107,257 -132,855 -128,377
Increase/(Decrease) in 211,623 -16,841 -94,310 88,645
creditors
Costs incurred in exchange for 44,815 - 31,002 -
shares
Loss on Disposal 34,481 - - -
Finance Charges 246,292 127,109 139,125 65,734
Net Cash Outflow from Operating Activities -1,076,354 -655,061 -2,703,389 -1,517,910
Cashflow from Investing
Activities
Purchase of Property, Plant and Equipment -25,640 -9,580 -19,202 -127,420
Purchase of Intangible Assets - - - 59,542 -
Amounts advanced to Joint - - - 7,825 -
Venture
Net Cashflow used in Investing Activities -25,640 - 9,580 -86,569 -127,420
Cashflows from Financing Activities
Proceeds from the Issue of - - - 155,012
Shares
Transaction Costs on the Issue of Shares - - - -
Loan / Debenture Proceeds 1,365,796 791,006 1,281,113 -
Finance Costs -246,292 -127,109 -139,125 -65,734
Net Cashflows from Financing Activities 1,119,504 663,896 1,141,988 89,278
Net Increase / (decrease) in cash and
cash equivalents 17,510 -744 -1,647,970 -1,556,052
Cash and cash equivalents at beginning of period 115,387 115,387 1,763,357 1,763,357
Cash and cash equivalents at end of period 132,897 114,643 115,387 207,305
New Media Lottery Services Public Limited Company
Notes to the Consolidated Balance Sheet
as at April 30th 2008
1. Publication of Non-Statutory Accounts
The financial information set out in this draft statement, does not constitute statutory accounts within the meaning of Section 150 of
the Companies Act 1963. The financial information for the full preceding period is based on the statutory accounts for the year ended
30th April 2007. Those accounts, on which the auditors issued an unqualified opinion, have been delivered to the registrar of Companies.
2. Accounting policies
The draft financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts for
the year ended 30th April 2007.
3. Share Capital YE Interim 6 Months YE Interim 6 Months
Unaudited Unaudited Audited Unaudited
Apr-08 Oct-07 Apr-07 Oct-06
Authorised Equity GBP� GBP� GBP� GBP�
150,000,000 Ordinary Shares of GBP0.66667
pence each 1,000,000 1,000,000 1,000,000 1,000,000
Allotted, called up and fully paid equity EUR EUR EUR EUR
24,935,000 Ordinary Shares of GBP0.66667
pence each (Apr 2007:
24,800,000)
242,822 241,618 241,618 240,621
Share Capital Movement
Opening Balance May 1st 2007 241,618
- February 2008
Issue of 135,000 Ordinary
Shares of GBP0.66667 pence
each 1,204
Closing Balance April 30th 242,822
2008
In February 2008, 135,000 Ordinary Shares of GBP� 0.66667 pence each were issued to employees of the Group for GBP� 0.66667 pence each
in consideration for continuing contribution and loyalty to New Media Lottery Services Plc.
The value of the shares issued are EUR37,101, creating a share premium on this issue of EUR35,806.
New Media Lottery Services Public Limited Company
Notes to the Consolidated Balance Sheet
as at April 30th 2008
4. Share Premuim
Opening Balance May 1st 2007 3,845,566
- February 2008
Issue of 135,000 Ordinary
Shares of GBP0.66667 pence
each 35,806 (note 3)
Closing Balance April 30th 3,881,372
2008
5. Merger Reserve
Opening Balance May 1st 2007 539,377
No Movement
Closing Balance April 30th 539,377
2008
6. Other Reserves
Opening Balance May 1st 2007 -
February 2008 - see below 7,805
Closing Balance April 30th 7,805
2008
In February 2008 the Group granted options over 30,000 Ordinary Shares of GBP0.66667 pence each
at an option price of GBP 1 pence each. The options were granted to employees of the Group in recognition
of their continuing contribution and loyalty.
7. Accumulated Reserves
Opening Balance May 1st 2007 -6,794,368
Unaudited results - YE April -1,834,341
2008
Closing Balance April 30th -8,628,709
2008
8. Bank Loan
USD$
Opening Balance May 1st 2007 1,750,000
Movement during year 750,000
Closing Balance April 30th 2,500,000
2008
Due within one year 1,900,000
Due after one year 600,000
2,500,000
The above loan is with
Comerica Bank.
New Media Lottery Services Public Limited Company
Notes to the Consolidated Balance Sheet
as at April 30th 2008
9. Administrative Expenses YE Interim 6 Months YE Interim 6 Months
Unaudited Unaudited Unaudited Unaudited
Apr-08 Oct-07 Apr-07 Oct-06
EUR EUR EUR EUR
Accountancy Fees & Audit Fees 99,859 46,558 251,710 68,500
Employee Wages, Salary and Benefits 756,674 355,006 583,887 340,661
Directors Fees 321,793 180,019 433,654 183,790
Programming Costs 33,090 31,623 55,899 29,617
Other Administration Expenses 345,256 114,123 414,850 326,607
Foreign Exchange Gains and -441,814 -162,237 -140,574 29,491
Losses
Depreciation and Amortisation 85,734 43,718 51,126 17,921
Website Hosting 114,167 60,496 122,619 46,193
Advertising & Marketing 479,015 205,029 396,823 186,519
Consultancy Fees 157,083 87,066 323,041 131,553
Legal and Professional 202,401 82,651 298,046 151,739
Web Development 5,104 - 6,646 71,988
Rent 84,035 42,450 75,513 35,285
Bingo Royalties 174,271 75,931 116,810 50,101
Loss on Disposal 34,481 - - -
2,451,147 1,162,432 2,990,050 1,669,965
Foreign exchange gains have arisen on the retranslation of capital and reserves at the opening and closing rates applicable to the
Group. During the year the rates have fluctuated giving rise to the above gain. The Group has also achieved the reduction of its
Professional and Consultancy costs during this year.
10. Revenue Analysis
2008 2007
EUR EUR
Turnover from client sites 848,379 415,797
Interest Income 14,720 16,898
863,099 432,695
This information is provided by RNS
The company news service from the London Stock Exchange
END
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