PCG ENTERTAINMENT PLC 12 December 2017
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 ended 30 September 2017.
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 atwww.pcge.com
Chairman's Statement
Following our change of year-end from December to March, we are now announcing our interim results for the six-month period ending 30 September 2017 (the "Period"). During the Period the Company has continued to operate its media license in China. I am also pleased to report that the gambling license from the Kahnawake Gaming Commission has been renewed for a further year. We continue to examine potential additional deals for the Company across geographies and sectors.
The Company is currently in discussions with its former CEO in an attempt to settle his employment tribunal action. As always, we will update shareholders as soon as we are able to do so on all PCGE's initiatives.
During the Period, the Company had a net loss of US$588,332. The comparisons set out below are with the interim results for the half-year to 30 June 2016, together with the results for the year ended 31 March 2017.
Richard Poulden Chairman
Interim Results' Highlights include:
1 Group cash balances at 30 September 2017 of US$1,969,336 (30 June 2016: US$60,502
2 The loss for the Group for the 6 months to 30 September 2017 was US$588,332 (30 June 2016: loss ofUS$745,766)
For further information:
PCG Entertainment Plc
Richard Poulden, Chairman
Tel: +44 20 7812 0645
Allenby Capital
Nick Naylor / Nick Harriss
Tel: +44 20 3328 5656
Beaufort Securities
Elliot Hance
Damson Communications
Abigail Stuart-Menteth/Amelia Hubert
Tel: +44 20 7382 8300
Tel: +44 20 7812 0645
Consolidated Income Statement for the six months ended 30 September 2017
Unaudited | Audited | ||
Six months | Year ended | ||
ended | 31 March | ||
30 June | 2017 | ||
2016 | |||
US$ | US$ | ||
- | 8,616,129 | - | |
Revenue | |||
Cost of sales | - | (4,783,802) | - |
Gross profit | - | 3,832,327 | - |
Administrative expenses | (678,722) | (4,320,819) | (5,926,477) |
Other operating income | - | - | 48,868 |
Operating loss | (678,722) | (488,492) | (5,877,609) |
Foreign exchange loss | (26,270) | (248,274) | (19,525) |
Interest payable | - | (9,000) | (33) |
Loss on ordinary activities before | (704,991) | (745,766) | (5,897,167) |
taxation | |||
- | - | - | |
Tax on loss on ordinary activities | |||
Loss for the financial period from | |||
continuing activities | (704,991) | (745,766) | (5,897,167) |
(Loss)/profit for the period from | |||
discontinued operations | - | - | (8,348,897) |
Retained loss for the period | (704,991) | (745,766) | (14,246,064) |
Change in foreign currency | 116,660 | - | 45,297 |
Total comprehensive loss for the | (588,332) | (745,766) | (14,200,767) |
financial period |
Unaudited Six months ended 30 September 2017 US$
Notes
Consolidated Statement of Financial Position as at 30 September 2017
Unaudited | Unaudited | ||
30 September | 30 June | ||
2017 | 2016 | ||
US$ | US$ | ||
ASSETS: | |||
Current assets | |||
Trade and other receivables | - | 2,717,315 | |
Cash and cash equivalents | 1,969,336 | 60,502 | |
1,969,336 | 2,777,817 | ||
Non-current assets | |||
Equity Share Account | 676,578 | ||
Intangible assets | - | 11,310,000 | |
Property, plant and equipment | - | 1,836 | |
676,578 | 11,311,836 | ||
2,222 | |||
Total assets | 2,645914 | 14,089,653 | 1,740,924 |
LIABILITIES AND EQUITY: | |||
Current liabilities | 1,055,772 | 1,428,913 | 1,424,272 |
Non-current liabilities | - | - | - |
Equity | |||
Share capital | 4,908,503 | 2,108,394 | 3,101,735 |
Share premium | 24,487,537 | 24,277,686 | 24,487,537 |
Share based payment reserve | 309,408 | 309,408 | 309,408 |
Foreign currency translation reserve | 125,831 | 117,759 | 70,777 |
Retained earnings | (28,241,137) | (14,152,507) | (27,652,805) |
1,590,143 | 12,660,740 | 316,652 | |
Total liabilities and equity | 2,645,914 | 14,089,653 | 1,740,924 |
Audited 31 March 2017 US$
Notes
427,260 1,287,964 1,715,224
12,305,000
25,000
7002
2,222
25,700
Consolidated Statement of Cash Flows | |||
for the six months ended 30 September 2017 | |||
Unaudited | Unaudited | Audited | |
Six months | Six months | Year ended | |
ended | ended | 31 March | |
30 September | 30 June | 2017 | |
2017 | 2016 | ||
US$ | US$ | US$ | |
Cash flows from operating activities | |||
Operating loss | (562,632) | (745,766) | (14,246,064) |
Reconciliation to cash generation from | |||
operations: | |||
Amortisation | - | 995,000 | - |
Interest expense | - | 9,000 | - |
Decrease / (increase) in receivables | 427,260 | 449,784 | 548,544 |
(Decrease) / increase in payables | (368,500) | (1,002,654) | (400,008) |
Depreciation | - | 386 | 1,403 |
Loss and disposal of assets | - | - | 9,721,870 |
Impairment of intangibles | - | - | 3,500,000 |
Exchange rates differences | - | - | 21,140 |
Decrease/(Increase) in Equity Share | |||
Account | (676,578) | - | - |
Shares issued in lieu of amounts | - | - | 24,577 |
payable | |||
Cash absorbed in operations | (1,180,450) | (294,250) | (828,538) |
Cash flows from investing activities | |||
Net proceeds from disposal of | |||
subsidiaries | - | - | 505,856 |
Net cash flow from investing activities | - | - | 505,856 |
Cash flows from financing activities | |||
Issue of shares for cash | 1,806,768 | - | 1,469,103 |
Share issue expenses capitalised against | |||
share premium account | - | - | (145,206) |
Net cash flow from financing activities | 1,806,768 | - | 1,323,897 |
626,318 | (294,250) | 1,001,215 | |
Net increase/(decrease) in cash | |||
Effect of exchange rates on cash and cash | |||
equivalents | 55,054 | 92,279 | 24,276 |
681,372 | (201,971) | 1,025,491 | |
Cash at bank and in hand at the start of | |||
the period | 1,287,964 | 262,473 | 262,473 |
Cash at bank and in hand at end of the | |||
period | 1,969,336 | 60,502 | 1,287,964 |
PCG Entertainment plc published this content on 12 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 December 2017 07:08:24 UTC.
Original documenthttp://pcge.com/wp-content/uploads/2017/12/PCGE-Interims-to-30-Sep-2017-RNS-Final.pdf
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