DEVILFISH GAMING PLC
INTERIM RESULTS
Chairman's statement:
I am pleased to present the interim results for the 6 months to 31 December
2007.
Devilfish Gaming Plc (the "Company") has achieved the following milestones in
the reporting period:
The Company was incorporated on 16 October 2007 as a public limited company
and, at a meeting of the directors on 12 November 2007, it was resolved that
in connection with the proposed admission of the Company's ordinary share
capital (issued and to be issued pursuant to a placing (the "Placing")) to
trading on the PLUS market (the "Admission") the Company would purchase the
whole of the issued share capital of Devil Fish Poker Limited ("DFP"). The
purchase was carried out by way of share for share exchange on a three for one
basis in satisfaction of the consideration for the acquisition of the shares
in DFP, such consideration sum being £1.95 million.
DFP was incorporated on 5 August 2005 and began trading on 23 December 2005.
DFP was originally incorporated to promote the website devilfishpoker.com
through which members of the site can partake in multi-player poker via the
internet.
On 5 March 2008 the Company, as part of the public placing of shares, issued
12,000,000 placing shares at 10p per placing share raising approximately
£1,200,000 before expenses. The placing shares now rank pari-passu with the
existing issued ordinary shares of the Company.
The Placing raised approximately £1,030,000 for the Company net of expenses.
The proceeds of the Placing will be used to fund the existing business,
promote its expansion and develop the requisite technical and personnel
infrastructure to grow revenues; to help place the Company in a stronger
position to carry out due diligence on potential acquisitions; and to provide
working capital for the Company's initial operations in line with its
marketing and growth strategy.
On Admission the board was further strengthened by the appointments of Paul
Barnes (Chief Executive Officer), Karl Hutson (Chief Operations Officer) and
Jack Mulcahy (Non-Executive Director).
For a substantial part of the period covered by this report the Company's
directors were primarily involved in preparing the Company for Admission. In
addition, significant management time has been spent on the marketing and
operational planning aspects of the business. We now believe the Company is in
a good position to build on its strong brand providing excellent marketing
opportunities. This, combined with our experienced management team, we believe
will enable the Company to significantly grow revenues via its core brand,
Devilfishpoker, and other associated gaming products.
During the six month period ended 31 December 2007 revenues remained static.
This is predominantly due to limited marketing activity of the
devilfishpoker.com website during such period and management concentrating on
the Admission.
We announced on the 18 March 2008 that the Company had signed a marketing
agreement with Entraction (www.entraction.com), the publicly-quoted software
provider listed on the Swedish exchange, First North. Entraction's licenses
are held in Malta allowing the Company to promote itself freely in the UK, its
primary market. This will allow the Company to offer players access to two
poker rooms as well as additional casino games and bingo. We expect these
products to be available during the second quarter of 2008. However, we do not
expect the Company's revenue stream to increase during the six months to 30
June 2008 while devilfishpoker is being integrated onto the Entraction gaming
platform. Until such integration takes place we will remain unable to
advertise in the UK due to licence restrictions associated with the current
supplier. As a branded marketing partner on the Entraction platform we have
planned for and forecasted strong growth and expect this to be reflected in
the Company's financials for the second half of 2008.
We look forward to continuing to serve our shareholders, and thank you for
your valued support.
The following abbreviated consolidated financial statements are the group's
unaudited financial results for the period to 31 December 2007.
The Directors do not recommend the payment of a dividend.
Kevin Leech
Non-executive Chairman
The Board of Devilfish Gaming Plc
INTERIM INCOME STATEMENT (UNAUDITED)
For the six months ended 31 December 2007
Consolidated Company Only
Devilfish Gaming Plc Devil Fish Poker Ltd
12 Nov to 6 mths to 6 mths to
31 Dec 31 Dec 31 Dec
Note 2007 2007 2006
Turnover 1,515 7,136 9,543
Operating Expenses 13,510 103,747 77,304
Administrative
Expenses 1 106,094 166,450 100,229
Operating Loss on
ordinary activites before
taxation (118,089) (263,061) (167,990)
Interest Payable and
Similar Charges 1,065 13,919 11,495
Loss on ordinary
activities
before taxation (119,154) (276,980) (179,485)
Tax on Profit on
ordinary activities - - -
Retained Loss for
Period (119,154) (276,980) (179,485)
1. Consolidation Administrative Expenses includes £68,323 goodwill amortisation
NOTES:
1. The financial statements were approved by the Board on 28 March 2008.
2. The above figures are unaudited and are for a period which is not the year end
and therefore are not a consolidation of the statutory results of the group companies.
However, the interim figures have been reviewed by the auditors.
3. The Directors of Devilfish Gaming Plc accept responsibility for this announcement.
CONTACT DETAILS:
DEVILFISH GAMING PLC
ANDREW FLITCROFT
TEL: 0161 873 7793
PAUL BARNES
TEL: +353 86 825 61 51
HICHENS HARRISON PLC
DANIEL BRIGGS
TEL: 020 7382 4450
COLLEGE HILL
TRISTAN JERVIS/ MATTHEW SMALLWOOD
TEL: 020 7457 2066