betbull - The European Betting Exchange Plc.
euro adhoc: Betbull plc
quarterly or semiannual financial statement
Betbull
plc HY 1 results
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
31.08.2006
Betbull plc announces its HY I Results Betbull plc announces its HY I Results for the period 1st January 2006 through to 30th June 2006.
Highlights of the period were:
Period record net stakes totaling £31m Period record net gaming revenue of £4.81m Loss before depreciation, tax and exceptional item of £0.46m Cash position of £5.6m Further legal developments after the ruling of the German Constitutional Court Business developments in Spain
Period record net stakes and net gaming revenue
HY I results have shown record net stakes of £31m and net gaming revenue of £4.81m. FIFA World Cup in particular has been a great success. Sports betting turnover for June 2006 generated net stakes of over £5.1m yielding net gaming revenue of over £0.8m.
Loss before depreciation, tax and exceptional item
Included in the administrative expenses is a net charge of £0.11m in relation to share benefit charge.
Cash position
Cash held by the group saw a slight increase and amounted to £5.6m (£5.4m as at 31st March 2006).
Legal situation in Germany
Following the ruling of the German Constitutional Court
("Bundesverfassungsgericht"), in March 2006, in which the current
sports betting monopoly was declared unconstitutional, the
legislative bodies have not yet produced the new regulation required.
The legal issues surrounding the provision of sports betting by
bookmakers licensed in the EU and their German agents are still the
object of numerous cases brought before German courts. The
conference of the Prime Ministers of the federal states of Germany
has announced their intention to modify the existing regulative
framework to meet the requirements of the Constitutional Court for
maintaining a monopoly on sports betting, but this view was not taken
unanimously. In contrast, the point of view of the bookmaking
associations and their advisors, in particular, "Verband Europäischer
Wettunternehmer", remains unchanged that a monopoly on sports betting
is in violation of European law and jurisdiction. Notably, the
German Federal Anti-Trust Authority ("Bundeskartellamt") declared on
August 28th various aspects of the co-operation of the state
lotteries a violation of German and European anti-trust law and
jurisdiction effectively forcing the state monopolies to compete with
each other and to accept tickets from independent agents nationwide.
Betbull will communicate any changes of the situation directly
affecting its business in Germany.Spain
The performance of betbulls first retail betting shop and sports bar, located in Puerto Banus, Andalucia, has been pleasing and in line with expectations. Second and third units will be added in Andalucia during the next few weeks. In other Provinces of Spain, betbull is well placed, together with a strong local partner, to apply for and win betting licences as legislation allows.
Commenting on todays results Simon Bold, Executive Director of Betbull said: We are looking forward to the new football season and the opportunity to continue the growth in turnover we have experienced during the last 6 months. Retail opportunities are becoming available across Europe and betbull possesses all the necessary skills and technology to take advantage of those opportunities. This is an exciting and challenging time for the retail industry.
Betbull plc Consolidated Profit and Loss account
For the six ended 30 June 2006
2006
(6 months) 2005
(12 months)
£ £
Net Gaming Revenue 4,801,501 2,686,776
Operating expenses (1,331,118) (2,216,941)
Administrative expenses (4,366,466) (4,114,621)
Operating loss
Interest receivable (896,083) (3,644,786)
31,667 122,944
Interest payable (1,280) (2,008)
LOSS BEFORE TAX (865,696) (3,523,850)
Taxation (248,346) (104,574)
LOSS AFTER TAX FOR THE PERIOD/YEAR (1,114,042) (3,628,424)Betbull plc Consolidated Balance Sheet
As at 30 June 2006
2006
2006
2005
2005
£ £ £ £
Assets
Non-current assets
Property, plant and equipment 1,634,788 1,113,145
Goodwill 14,391,445 14,244,294
Investments 15,869 15,912
Deferred tax assets 39,215 39,321
16,081,317 15,412,672
Current assets
Inventories 54,592 1,379
Trade and other receivables 2,179,816 1,997,071
Cash and cash equivalents 5,663,455 7,255,577
7,897,863 9,254,027
Total assets 23,979,180 24,666,699
Liabilities
Current liabilities
Trade and other payables 4,594,659 4,367,240
Corporation tax payable 498,763 844,749
Total current liabilities 5,093,422
5,211,989
Non-current liabilities
Financial liabilities 2,660,819 2,734,053
Total non-current liabilities 2,660,819
2,734,053
Total liabilities 7,754,241 7,946,042
TOTAL NET ASSETS 16,224,939 16,720,657
Equity attributable to equity holders of the company
Share capital 359,625 354,375
Share premium 18,825,316 18,323,880
Merger reserve 2,015,008 2,015,008
Retained earnings (6,004,380)
909,161 (4,890,338)797,523
Share benefit reserve Cumulative translation reserve 120,209 120,209 TOTAL EQUITY 16,224,939 16,720,657
- ENDS -
Contact David De Marco, Investor Relations Phone 00356 21 480 131 Fax 00 356 21 480 132
Upon request: Günter Schmid, Executive Director Simon Bold, Executive Director Alexander Leip, Executive Director
betbull Plc ("betbull")
1 London Wall
London EC2Y5EBThis communication can be downloaded from the website www.betbullplc.com.
About betbull Betbull has the goal to establish itself as one of the leading Continental European retail betting players.
The high caliber management team (Simon Bold, David De Marco, Alexander Leip, and Günter Schmid) can resort not only to state of the art bookmaking and operating know how but also relevant M&A expertise and track record.
Betbull was started in 2004 as a joint venture of betandwin.com
Interactive Entertainment AG (stock quoted on the Viennese stock
exchange) and Fun Technologies Plc (formerly traded as CES-Software
Plc, stock quoted on the Alternative Investment Market in London) and
is stock quoted since October 2004 on the Viennese stock exchange
("BETB", "BETB.VI").For further details please refer to the company website www.betbullplc.com.
This communication contains statements about the future (prognoses). Those statements are based on the Directorss opinion, assumptions made by the Directors, and information available to the Directors. One or several factors that the Directors cannot foresee with certainty could result in outcomes and events that deviate from the prognoses. All prognoses are valid only on the date of their announcement. Betbull has no intentions to and is not obliged to update prognoses or to adapt prognoses to future events or developments.
end of announcement euro adhoc 31.08.2006 19:00:00
Further inquiry note:
Betbull plc
Catriona Macniven
Investor Relations
Tel.: +350 77331
e-Mail: c.macniven@betbull.com
Branche: Casinos & Gambling
ISIN: AT0000615331
WKN: A0DKM0
Börsen: Wiener Börse AG / stock market