RNS Number : 8634D
  Sportswinbet Limited
  19 September 2008
   

    Sportswinbet Limited ("SportsWinBet" or the "Company")
    Half-Yearly Report for the six months ended 30 June 2008

    Sportswinbet has today published its results for the six months ended 30 June 2008.

    The Company recorded a loss for the six months ended 30 June 2008 of �91,000 (30 June 2007 profit of �5,000).  As at 30 June 2008 the
Company had cash resources of �1,463,000 and net assets of �1,457,000.

    During the period the Company evaluated a number of investments in the gaming sector. None of these opportunities met the Company's
investment criteria. Suitable opportunities continue to be sought in line with stated investment strategy.


    Contact:-

    Liam Murray, Nominated Adviser
    Dowgate Capital Advisers Limited
    Telephone: +44(0)20 7492 4777


    Information on the Company is available on the Company's web site: www.sportswinbet.com

    CONSOLIDATED INCOME STATEMENT
    (expressed in thousands � sterling)

                                        Six months to    Six months to 30/06/2007    Year ended
                                           30/06/2008                   Unaudited      31/12/07
                                            Unaudited                                   Audited
                                                 �000                        �000          �000
                                                                                   
 Revenue                                            -                         205           205
                                                                                   
 Administration expenses                        (127)                       (237)         (333)
 Impairment of intangible fixed                     -                           -          (56)
 assets                                                                            
                                                                                   
                                                                                   
 Operating loss                                 (127)                        (32)         (184)
                                                                                   
 Finance income                                    36                          37            80
                                                                                   
 (Loss) / profit on ordinary                     (91)                           5         (104)
 activities before taxation                                                        
                                                                                   
 Income tax expense                                 -                           -             -
                                                                                   
 (Loss) / profit on ordinary                     (91)                           5         (104)
 activities after taxation                                                         
                                                                                   
                                                                                   
 (Loss) / earnings  per share -              �(0.002)                      �0.000      �(0.002)
 basic and diluted                                                                 
                                                                                   


    CONSOLIDATED BALANCE SHEET
    (expressed in thousands � sterling)

                                        30/06/2008    30/06/2007    31/12/2007
                                         Unaudited     Unaudited       Audited
                                              �000          �000          �000
 ASSETS                                                           
 Non-current assets                                               
 Property, plant and equipment                   -             -             -
 Intangible assets - computer software           -            56             -
                                                 -            56             -
 Current assets                                                   
 Trade and other receivables                     3           169             -
 Cash and deposits                           1,463         1,445         1,567
                                             1,466         1,614         1,567
                                                                  
 TOTAL ASSETS                                1,466         1,670         1,567
                                                                  
 EQUITY AND LIABILITIES                                           
 Equity attributable to equity holders                            
 of the parent company                                            
 Share premium                               2,982         2,982         2,983
 Profit and loss reserve                   (1,525)       (1,325)       (1,434)
 Total equity                                1,457         1,657         1,549
                                                                  
 Current liabilities                                              
 Trade and other payables                        9            13            18
 Total liabilities                               9            13            18
                                                                  
                                                                  
 TOTAL EQUITY AND LIABILITIES                1,466         1,670         1,567
                                                                  
 Number of shares in issue              57,056,501    57,056,501    57,056,501
                                                                  
 Attributable net asset value / total        �0.03         �0.03         �0.03
 equity per share                                                 

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
    (expressed in thousands � sterling)

                                         Share premium  Profit and loss  Total
                                                  �000             �000   �000

 At 31st December 2006                           2,982          (1,330)  1,652

 Profit for the six months to 30th June              -                5      5
 2007

 At 30th June 2007                               2,982          (1,325)  1,657

 (Loss) for the six months to 31st                   -            (109)  (109)
 December 2007

 At 31st December 2007                           2,982          (1,434)  1,548

 (Loss) the six months to 30th June                  -             (91)   (91)
 2008

 At 30th June 2008                               2,982          (1,525)  1,457


    CONSOLIDATED CASH FLOW STATEMENT
    (expressed in thousands � sterling)


                                        Six months to           Six months to    Year ended
                                           30/06/2008              30/06/2007      31/12/07
                                            Unaudited               Unaudited       Audited
                                                 �000                    �000          �000
                                                                               
 Net cash flows from operating                                                 
 activities                                                                    
 (Loss) / profit before                          (91)                       5         (104)
 taxation                                                                      
 Finance income                                  (36)                    (37)          (80)
 (Increase) / decrease in trade                   (3)                   (111)            58
 and other receivables                                                         
 (Decrease) / increase in                         (9)                    (31)          (26)
 payables                                                                      
 Depreciation                                       -                      94            94
 Provision in respect of                            -                       -            56
 intangibles                                                                   
 Net cash (outflow) from                        (139)                    (80)           (2)
 operating activities                                                          
                                                                               
 Cash flows from investing                                                     
 activities                                                                    
 Interest received                                 36                      37            80
                                                                               
 Net cash outflow from                             36                      37            80
 investing activities                                                          
                                                                               
                                                                               
 (Decrease) / increase in cash                  (103)                    (43)            78
 and cash equivalents                                                          
                                                                               
 Cash and cash equivalents at                                                  
 the beginning of the financial                 1,566                   1,488         1,488
 period                                                                        
                                                                               
 Cash and cash equivalents at                   1,463                   1,445         1,566
 the end of the financial                                                      
 period                                                                        
                                                                               
 Cash and cash equivalents                                                     
 comprise:                                      1,463                   1,445         1,566
 Cash at bank and in hand                                                      


    Notes:

    *     This statement has been prepared using accounting policies consistent with those applied in the preparation of the statutory
accounts of the Group for the period ended 31st December 2007. The format of the balance sheet has been re-presented such as to show the
total of assets and the total of equity and liabilities.

    2.   The summary accounts set out above do not constitute statutory accounts as defined by Section 240 of the
      UK Companies Act 1985. The consolidated balance sheet at 31st December 2007, the consolidated income
      statement and consolidated cash flow statement for the period then ended have been extracted from
      the Group's 2007 statutory financial statements upon which the auditors' opinion is unqualified. 


    3.   Loss / earnings per share have been calculated on the basis of the net loss after taxation of �91,000 (30
      June 2007 profit �5,000, full year 2007 loss �104,000) and the weighted average number of shares in issue
      in the six months ended 30th June 2008 of 57,056,501 (30 June 2007 57,056,501, full year 2008
      57,056,501). There are no share purchase options.

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