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Weather Lottery plc (BOX)

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Wednesday 28 January, 2009

Weather Lottery plc

Final Results

28 January 2009


Operating Review

This period was a further year of consolidation for the lottery

Lottery  lines played stayed level at approximately 27,000. Enquiries are  still
very healthy but the translation of these to playing lines has proved elusive.

The  company  finances have improved from the year ending 31st July  2007  which
showed  a loss of £162,000 to the point of a small profit in the second half  of
2008 with the overall figures for the year showing a small loss of £21,000.

Financial review

There showed a loss of £21,000 for the year (noting a small profit in the second
half of 2008) against a loss of £162,000 in the year ended 31 July 2007.

Strategy and Outlook

The  Weather Lottery's objective remains to build and expand its paper based and
online  entry  for  Society Lotteries in the fields of  Charity,  Education  and
Sport. Whilst considerable progress has been made in establishing these services
much has still to be done to improve, expand and enhance them.

A  new  secondary lottery has been launched which gives the Societies  a  larger
return and it is hoped that this will encourage new Societies to join.

Enquiries are very healthy, and new systems of closing are now in place.

A complete website re-launch has been finalised in October 2008 creating clarity
to  the navigation and fundraising element. One of the major benefits of the new
website is that a client can now register online.

County Seminars will be developed and held on a monthly basis.

It  is  intended to enhance shareholder value by continued expansion of business
both organically and by strategic acquisition if available.

It  is  our multi-year experience that clients are maintained and we have placed
systems in order to maintain growth for all clients.

The  Weather  Lottery  is  registered and governed by the  Gambling  Commission,
without  which we could not trade, under the new Gaming Act 2005 and we  do  not
anticipate any changes to the law which would affect our business.

I  look forward to 2008/9 being pivotal in the development of your company as it
is  poised and has in place the facilities to allow it to take opportunities  to
grow to a higher level.

Proposed Dividend

The directors do not recommend the payment of a dividend (2007: £Nil).

The Current Structure

In the year the Group operated via two trading subsidiaries:

Prize  Provision Services Ltd - this holds the lottery licence with the Gambling
Commission and is the company through which monies are received from players and
payments are made in prizes and to clients;

Lottery Service Providers Ltd - this provides the administration function of the

After  the  year end Lottery Service Providers Ltd was placed into a  Creditors'
Voluntary Liquidation and this function for the Group is now provided through  a
newly  formed  company,  Prize Logistics Ltd. This will  strengthen  the  groups

Keith Milhench
Chief Executive
28 January 2009


The Weather Lottery PLC                    01777 818036
Keith Milhench, Chief Executive

SVS Securities                             020 7638 5600
Ian Callaway/Peter Manfield

Blomfield Corporate Finance Ltd            020 7489 4500
Nick Harriss/Peter Trevelyan-Clark


                                    Year ended     Year
                                       31 July    ended
                                          2008  31 July

                                         £'000    £'000

Revenue                                  1,448    1,500

Cost of sales                             (387)    (530)
Gross profit                             1,061      970

Administrative expenses                 (1,087)  (1,133)

Finance income                               5        1

Finance costs                                -        -

Profit before taxation                     (21)    (162)
Income tax expense                           -        -
Profit for the period                      (21)    (162)

Basic and fully diluted profit per       (0.03)p  (0.21)p
ordinary share                           ===============

All  of  the loss for the period is attributable to equity holders of the parent

                                                               2008              2007

                                                              £'000             £'000
Non current assets
Goodwill                                                        158               158
Other intangible assets                                          25                40
                                                             ______            ______
Total non current assets                                        183               198
                                                             ______            ______
Current assets
Trade and other receivables                                      34                47
Cash and cash equivalents                                       105               121
                                                             ______            ______
Total current assets                                            139               168
                                                             ______            ______
TOTAL ASSETS                                                    322               366
                                                             ======            ======

Equity attributable to equity holders of the parent
Share capital                                                   83                83
Share premium account                                          302               302
Retained earnings                                             (332)             (311)
                                                             ______            ______
Total equity                                                    53                74
                                                             ______            ______

Current liabilities
Trade and other payables                                        269               292
Current tax payable                                               -                 -
                                                             ______            ______
Total current liabilities                                       269               292
                                                             ______            ______
Non-current liabilities
Deferred tax provision                                            -                 -
                                                             ______            ______
Total liabilities                                               269               292
                                                             ______            ______
TOTAL EQUITY AND LIABILITIES                                    322               366
                                                             ======            ======


                          Called up  Share
                              share  premium  Retained  Total
                            capital  account  Earnings  Equity

                            £'000    £'000    £'000     £'000

Balance 31 July 2006           73      245     (149)      169
Issue of shares                10       57        -        67
(Loss) for the year             -        -     (162)     (162)
Balance 31 July 2007           83      302     (311)       74
(Loss) for the year             -        -      (21)      (21)

Balance 31 July 2008           83      302     (332)       53


                                            Year        Year
                                           ended       ended
                                         31 July     31 July
                                            2008        2007
                                           £'000       £'000

Net cash from operating activities           (21)       (187)

Cashflow from investing activities
Interest received                              5           1
                                          ______      ______
Net cash from investing activities             5           1

Proceeds from issue of shares                  -          67
                                          ______      ______
Net cash from financing activities             -          67
                                          ______      ______
Net (decrease) in cash and cash              (16)       (119)

Cash and cash equivalents at 1 August        121         240
                                          ______      ______
Cash and cash equivalents at 31 July         105         121
                                          ======      ======
Comprising of:
Cash and cash equivalents per the            105         121
balance sheet
Bank overdraft                                 -           -
                                          ______      ______
Cash and cash equivalents for cash flow      105         121
statement purposes
                                          ======      ======
Bank  overdrafts repayable on demand fluctuate from being positive to  overdrawn
and are considered an integral part of the Group's cash management for cash flow
statement purposes.

There  is  no material difference between the fair value and the book  value  of
cash and equivalents.


1.   Nature of Financial Information; Emphasis of matter - Going concern

     The   financial   information  contained  in   this   preliminary   results
     announcement does not constitute statutory accounts within the  meaning  of
     Section  434  Companies Act 2006 (the "Act").  It has been  extracted  from
     the  statutory accounts for the year ended 31 July 2008 which have not  yet
     been  delivered to the registrar of companies and upon which  the  auditors
     reported  without qualification and with no statement under Section  498(2)
     or 498(3) of the Act.

     The  auditors, in forming their opinion on the financial statements of both
     the  Group  and the Parent Company, which is not qualified, considered  the
     adequacy  of  the disclosure made in note 28 to the consolidated  financial
     statements  concerning events after the balance sheet date  (reproduced  as
     note  7  below) and the ability to continue as a going concern.  The  Group
     incurred another loss in the year of £21,000 in addition to losses made  in
     the  previous  two  years.   The Parent Company  incurred  a  net  loss  of
     £284,000  during  the  year  ended 31 July 2008  and,  at  that  date,  had
     liabilities of £7,000, as a result of providing against amounts owed to  it
     from  a subsidiary undertaking.  That subsidiary was placed into Creditors'
     Voluntary  Liquidation  after the year end.  These conditions,  along  with
     matters  explained  in  note 28 to the financial statements,  indicate  the
     existence of a material uncertainty which may cast significant doubt  about
     the  Group and Parent Company's ability to continue as going concerns.  The
     financial  statements do not include the adjustments that would  result  if
     the Group and Parent Company were unable to continue as going concerns.

2.   Adoption of new and revised International Financial Reporting Standards

     In  the  current  year, the Group has adopted all of the  new  and  revised
     Standards  and  Interpretations  issued  by  the  International  Accounting
     Standards  Board  (the  IASB)  and  the International  Financial  Reporting
     Interpretations  Committee (IFRIC) of the IASB that  are  relevant  to  its
     operations  and effective for accounting periods beginning on  or  after  1
     April  2007.  The  adoption of the following IFRSs  has  not  impacted  the
     audited financial statements.

     IFRIC 10 - Interim Financial Reporting and Impairment

     At  the  date of authorisation of these financial statements, the following
     Standards  and  Interpretations  which  have  not  been  applied  in  these
     financial statements were in issue but not yet effective:

     IFRS 8 - Operating Segments

     IAS 23 - Borrowing Costs

     IFRIC 11- Group and Treasury Share Transactions

     IFRIC 12 - Service Concession Arrangements

     These   Standards  and  Interpretations  are  not  expected  to  have   any
     significant  impact on the Group's Financial Statements, in  their  periods
     of  initial application, except for the additional disclosures on operating
     segments  when  the  relevant  standard  comes  into  effect  for   periods
     commencing on or after 1 January 2009.

     Basis of Accounting

     The  Financial Statements, upon which this financial information is  based,
     have  been prepared using accounting policies consistent with International
     Financial  Reporting Standards (IFRS). The disclosures required by  IFRS  1
     concerning the transition from UK GAAP to IFRS are given below.

3.   Explanation of transition to IFRS
     The Group has applied IFRS1 "First Time Adoption of International Financial
     Reporting  Standards" as a starting point for reporting  under  IFRS.   The
     Group's date of transition is 1 August 2006 and comparative information has
     been  restated  to  reflect  the  Group's adoption  of  IFRS  except  where
     otherwise required or IFRS1 requires an entity to comply with each IFRS and
     IAS  effective  at  the  reporting date for its first financial  statements
     prepared under IFRS.  As a general rule IFRS1 requires such standards to be
     applied  retrospectively.  However, the standard  allows  several  optional
     exemptions from full retrospective application.

     The  Group  has  elected  to  take advantage of  the  following  exemption.
     Business combinations made prior to 1 August 2006 will not be accounted for
     under  IFRS3 "Business Combinations" and as such the  value of goodwill  in
     the  balance sheet at that date will be the same amount under IFRS as  that
     recorded in the UK GAAP financial statements, subject to the completion  of
     an annual impairment review.

     The reconciliations of equity at 1 August 2006 (date of transition to IFRS)
     and  at  31 July 2007 (date of last UK GAAP financial statements)  and  the
     reconciliation of profit for 2006 and 2007, as required by IFRS1,  are  set
     out below.

     Reconciliation of Profit from UK GAAP to IFRS

                                  31 July      31 July
                                     2006         2007
                                    £'000        £'000

     UK   GAAP  (loss)  for  the      (82)        (170)
     financial period
     Amortisation of goodwill           -            8
     (Loss)    from   continuing      (82)        (162)
     operations - IFRS

     Reconciliation of Net Assets from UK GAAP to IFRS
                                  31 July      31 July
                                     2006         2007
                                    £'000        £'000

     Net assets per UK GAAP           169          66
     Amortisation of goodwill           -           8
     Net assets - IFRS                169          74

     International Financial Reporting Standards require goodwill to  be  frozen
     as  at the date of transition to IFRS, 1 August 2006, and to be subject  to
     review   for  impairment  rather  than  regular  amortisation.   Previously
     amortised  amounts in the UK GAAP accounts for the year ended 31 July  2007
     of  £8,000 have been reversed in the IFRS income statement.  The effect  of
     the transition on the balance sheet is shown above.

4.   Earnings per share

     The   calculation  is  based  on  the  earnings  attributable  to  ordinary
     shareholders divided by the weighted average number of Ordinary  Shares  in
     issue during the period as follows:
                                                      2008           2007

     Numerator:   earnings  attributable   to          (21)          (162)
     equity (£'000)

     Denominator: weighted average number  of   83,304,730     77,254,052
     equity shares (No.)                       ==========================

     The  basic  and  diluted calculations are the same as there  are  no  share
     options in place that would have a dilutive effect.

5.   Dividend

     The Directors do not recommend the payment of a dividend (2007: £nil).

6.   Goodwill


     At  31 July 2006 and 31
     July 2007                              158
     Additions                          -
     At 31 July 2008                        158

     Goodwill  is  stated as at the date of transition to IFRS, being  1  August
     2006.  The Directors consider there to be no impairment to this value.

7.   Events after the balance sheet date

     The Group made a loss for the year of £21,000 . As a result, subsequent  to
     the  year  end the subsidiary Lottery Service Providers Limited was  placed
     into Creditors' Voluntary Liquidation.  The administration function of  the
     Group  was  taken up by a new subsidiary, Prize Logistics Limited.   Inter-
     group  loans between Lottery Service Providers Limited, its parent  company
     and  its fellow subsidiary were waived prior to the Liquidation.  This  had
     no  impact  on  the Group as a whole at the year end but has been  provided
     for  in  each  respective company's own financial statements.  Whilst  this
     has  resulted  in the parent company, The Weather Lottery plc,  having  net
     liabilities  at  the  year  end,  the Directors  consider  that  the  Group
     continues to be a going concern and they forecast that changes to the  cost
     structure of the Group will enable its continuance.

8.   Publication of Accounts

     Copies  of  the directors' report and accounts for the year ended  31  July
     2008  are  today  being posted to shareholders and are available  from  the
     company's website at