Source - RNS
RNS Number : 2696L
PCG Entertainment plc
30 September 2016
 

30 September 2016

PCG Entertainment Plc

("PCGE", the "Company" or the "Group")

PCG Entertainment Plc / Index: AIM / Epic: PCGE

 

PCG Entertainment Plc (AIM: PCGE), the AIM quoted Asia-Pacific online gaming and media company, today announces its interim results for the six months ending 30 June 2016.

A summary of the interim report and accounts is set out below. The full report and accounts are available to view on the Company's website www.pcge.com 

Chief Executive Officer's statement

I am pleased to announce interim results for PCG Entertainment plc for the six-month period ending 30 June 2016 (the "Period"). The Company remains focused on the development of its business in the media, sports and gaming industry across the Asia-Pacific region.

 

During the Period, revenues were US$8,616,129, and these were entirely generated from the Centre Point Development Corporation ("CPDC") part of the business. Gross profit was US$3,832,327, which, after expenses, nets to an operating loss of US$488,492. The loss is generated by a provision of $2,208,153 against receivables of CPDC, which are currently being disputed by the customer. This was noted in the trading updates published on 31st May and 6th June 2016. This has now been provided for in full as a doubtful debt, though the Directors continue to work towards an amicable solution.

 

PCGE expects ongoing revenues from CPDC in the second half of 2016 as the Company launches its own games management platform. The Board is in continuous talks with potential sports and media projects and will update shareholders as these develop.

 

We have noted comments on why shareholders have not been updated. Under the rules of AIM we are unable to comment continuously on deals we are working on which may or may not come to fruition nor are we able to comment on any fundraising initiatives which may or may not be realised. As always we will update shareholders as soon as we are able to do so on all PCGE's initiatives.

 

 

Nicholas Bryant

Director, CEO

 

Interim Results' Highlights include:

 

     1         Group cash balances at 30 June 2016 of US$60,502 (30 June 2015: US$864,799)

     2         The loss for the Group is US$(745,766) (June 2015: US$2,482,669) 

     3         The CPDC acquisition although completed in August 2015 has been accounted for under IFRS 3 from 16 June 2015, the date of acquisition agreed in the Sale and Purchase Agreement

     4         In the current half year to 30 June 2015 we have made a provision of $2,208,153, against revenue owed by a debtor to CPDC. This is included in administrative expenses. This will be written back as and when these funds are recovered.

 

 

      

For further information:

PCG Entertainment plc


Nick Bryant, CEO

Tel: +44 20 8004 4699



Allenby Capital


Nick Naylor / Nick Harriss / James Thomas

Tel: +44 20 3328 5656



Beaufort Securities


Elliot Hance

Tel: +44 20 7382 8300



Damson Communications


Halimah Hussain/Amelia Hubert

Tel: +44 20 7812 0645

 

 

 



 

Consolidated Income Statement

for the six months ended 30 June 2016

 

 

 

 

 

 

Notes

Unaudited

Six months ended

30 June

2016

US$


Unaudited Six months ended

30 June

2015

US$


Audited

Year ended

31 December

2015

 

US$

 

Revenue


8,616,129


745,220


10,952,133

Cost of sales


(4,783,802)


(488,506)

 


(8,146,905)

Gross profit


3,832,327


256,714


2,805,228

 

Administrative expenses


(4,320,819)


(1,442,294)


(4,261,166)

Operating loss

2

(488,492)


(1,185,580)


(1,455,938)

 

Readmission costs


-


 

(1,176,000)


-

Goodwill impairment


-


-


(250,000)

Foreign exchange loss

 

 

 

(248,274)

 


(92,139)


(297,672)

 

Interest payable


(9,000)


(28,950)


(28,947)

Loss on ordinary activities before taxation


 

(745,766)


 

(2,482,669)


 

(2,032,557)

 

Tax on loss on ordinary activities


 

-


 

-


 

-

Retained loss for the period


(745,766)


(2,482,669)


(2,032,557)

 

Loss per share:


 

US$


 

US$


 

US$

 

Basic and diluted (US cents)

 

3

 

(0.001)


 

(0.23)


 

(0.18)

 

 

There are no recognised gains or losses otherthan disclosed above and there havebeenno discontinued activities in the period.

 

 

 



 

Consolidated Statement of Financial Position as at 30 June 2016




Unaudited


Unaudited


Audited



30 June


30 June


31 December


Notes

2016


2015


2015

 

ASSETS:


US$


US$


US$

 

Current assets







Trade and other receivables

4

2,717,315


864,799


2,635,559

Cash and cash equivalents


60,502

 


719,617 


262,473



2,777,817


1,584,416 


2,898,032

 

Non-current assets






 

 

 

Intangible assets

5

11,310,000


21,564,000


12,305,000

Property, plant and equipment


1,836

 


8,676 


2,222



11,311,836


21,572,676  


12,307,222

Total assets


14,089,653


23,157,092


15,205,254

 

LIABILITIES AND EQUITY:






 

 

Current liabilities

6

1,428,913


2,020,485


2,431,567

Non-current liabilities

7

-


9,005,433


-

Equity







Share capital

8

2,108,394


1,722,684


1,911,834

Share premium


24,277,686


17,321,417


23,933,706

Equity to be issued reserve


-


9,590,000


-

Other reserves


-


40,420


-

Share based payment reserve

9

309,408


309,408


309,408

Foreign currency translation reserve


117,759


4,098


25,480

Issued shares reserve


-


(3,000,000)


-

Retained earnings


(14,152,507)


  (13,856,853)


(13,406,741)



12,660,740


   12,131,174  


12,773,687

Total liabilities and equity


14,089,653


23,157,092


15,205,254

 



Consolidated Statement of Cash Flows

for the six months ended 30 June 2016

 



Unaudited

Six months ended

30 June 2016

US$


Unaudited

Six months ended

30 June 2015

US$


Audited

Year ended

31 December 2015

US$

Cash flows from operating activities







Operating loss


(745,766)


(2,482,669)


(2,032,557)

Reconciliation to cash generation from operations:








Amortisation


995,000


150,000


1,145,000


Interest expense


9,000


28,950


-


Decrease / (increase) in receivables


449,784


368,648


(2,573,943)


(Decrease) / increase in payables


(1,002,654)


(150,947)


383,782


Depreciation


386


3,004


1,330


Loss and disposal of assets


-


-


8,128


Impairment of investment


-


-


250,000


Gain on convertible loan notes


-


-


(234,461)


Shares issued in lieu of amounts payable


-


-


15,636

Cash absorbed in operations


(294,250)


(2,083,014)


(3,037,085)








Cash flows from investing activities







Net acquisitions


-


(393,507)


(590,900)

Net cash flow from investing activities


-


(393,507)


(590,900)








Cash flows from financing activities




Interest paid




-


(28,950)


-

Share proceeds received from 2015 unpaid share capital




 

-


 

-


 

815,027

Repayment of convertible loan




-


-


(200,000)

Interest on convertible loan note




-


-


28,961

Net cash flow from financing activities




-


(28,950)


643,988










Effect of exchange rates on cash and cash equivalents




 

92,279


 

5,303


 

26,685










Net decrease in cash




(201,971)


(2,500,168)


(2,957,312)

Cash at bank and in hand at beginning of the period




262,473


3,219,785


3,219,785

Cash at bank and in hand less overdrafts at end of the period




60,502


 

719,617


 

262,473

 

 

 

 

 

 


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