SWB Sportswinbet

RNS Number:7428A
Sportswinbet Limited
31 March 2006



31 March 2006





                              Sportswinbet Limited

     Preliminary Statement of Results for the Period Ended 31 December 2005



Sportswinbet Limited ("SportsWinBet" or the "Company") has today published its
results for the period ended 31 December 2005.



The Company recorded a loss for the period to 31 December 2005 of #946,530.


Mladen Ninkov, Chairman commented as follow:



The Company commenced business on 6 June 2005 following the successful admission
of its ordinary shares to listing on the Alternative Investment Market of the
London Stock Exchange.  In this first period of activity the Company (through
its wholly owned subsidiary, Sportswinbet (C.I.) Limited), has applied for and
been granted an e-gaming licence by the Alderney Gambling Control Commission
(AGCC).  In accordance with AGCC procedures this licence becomes operational
once a Control System Submission has been approved by the AGCC.  This process is
ongoing.



The results for this period to 31 December 2005 show a loss of #946,530 which
represents a loss per share of 2 pence.  Net Asset Value at 31 December 2005 was
#2,036,296 representing 4 pence per share.  Investment opportunities continue to
be sought in accordance with the Company's stated investment strategy.



The annual accounts and report for the period to 31 December 2005 will be posted
to shareholders shortly.





Further information


Liam Murray                                           +44 (0) 20 7090 7800

City Financial Associates Limited





CONSOLIDATED SUMMARISED INCOME STATEMENT

For the period ended 31 December 2005




                                                                                                           2005

                                                                                                          #'000
Revenue                                                                                                       -

Administrative expenses                                                                                   (603)
Impairment of property, plant and equipment                                                               (405)


Operating loss                                                                                          (1,008)

Finance income                                                                                               62

Loss on ordinary activities before taxation                                                               (946)

Income tax expense                                                                                            -

Loss on ordinary activities after taxation and retained losses carried
forward
                                                                                                          (946)


Earnings / (loss)  per share (pence)                                                                     (0.02)






CONSOLIDATED SUMMARISED BALANCE SHEET

As at 31 December 2005


                                                                                                            2005

                                                                                                           #'000
Non-current assets
Property, plant and equipment                                                                                234
Intangible assets - computer software                                                                         56
                                                                                                             290
Current assets
Trade and other receivables                                                                                   87
Cash and deposits                                                                                          1,697
                                                                                                           1,784
Current liabilities
Trade and other payables                                                                                    (38)


Net current assets                                                                                         1,746


Total net assets                                                                                           2,036

Equity
Share premium                                                                                              2,982
Retained earnings                                                                                          (946)

Total equity                                                                                               2,036


Number of shares in issue                                                                             57,056,501

Attributable net asset value per share                                                                     #0.04




STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSE

For the period ended 31 December 2005




                                                                                                           2005

                                                                                                          #'000

Loss for the period                                                                                       (946)

Total gains and (losses) recognised in the year                                                           (946)



Losses and profits for the financial period are the same as those on an
historical cost basis.



CONSOLIDATED SUMMARISED CASH FLOW STATEMENT

For the period ended 31 December 2005




                                                                                                            2005
                                                                                                           #'000

Cash flows from operating activities
Cash generated from operations                                                                             (652)
Interest received                                                                                             62

                                                                                                           (590)

Cash flows from investing activities

Purchase of property, plant and equipment                                                                  (639)
Purchase of intangible fixed assets                                                                         (56)

Net cash consumed by investing activities                                                                  (695)

Cash flows from financing activities
Issue of ordinary share capital                                                                            2,982


Increase in cash and cash equivalents                                                                      1,697

Reconciliation of operating (loss) to net cash (outflow) from operating
activities
Operating loss                                                                                           (1,008)
(Increase) in receivables and prepayments                                                                   (87)
Increase in payables                                                                                          38
Provisions in respect of continuing operations                                                               405

Cash outflow from operating activities                                                                     (652)

Notes:



1.     This statement has been prepared using accounting policies and
presentation consistent with those applied in the preparation of the statutory
accounts of the Company.



2.     The summary accounts set out above do not constitute statutory accounts
as defined by Section 240 of the UK Companies Act 1985.  The summarised
consolidated balance sheet at 31 December 2005 and the summarised income
statement and, summarised consolidated cash flow statement and summarised
statement of total recognised gains and losses for the year then ended have been
extracted from the Group's 2005 statutory financial statements upon which the
auditors' opinion is unqualified. The results for the period ended 31 December
2005 have been extracted from the statutory accounts for that period, which
contain an unqualified auditors' report.



3.     The annual report and accounts for 2005 together with the notice of the
Annual General Meeting will be sent by post to all registered shareholders.



4.       Earnings per share have been calculated on the basis of the net loss
after taxation of #946,530 and the weighted average number of shares in issue in
the period ended 31 December 2005 of 44,592,658. There are no share purchase
options.



5.       Reconciliation of movements in shareholders' funds


                                                                                                 2005
                                                                                                #'000
Total gains and (losses) recognised in the period                                               (946)
Issue of ordinary shares in the period                                                          2,982
Closing shareholders' funds                                                                     2,036




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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