Final Results
YooMedia plc
Final Results for the year ended 31 December 2006
YooMedia plc ("YooMedia" or "the Company"), the AIM-traded interactive media
and games group announces results for the year to 31 December 2006. The results
reflect a period of restructuring and repositioning across the business. These
benefits in terms of significant improvements in operating margins and
profitability have started to flow through in the second half of the year and
will continue into the current year.
HIGHLIGHTS
* Gross Profit remained unchanged at £8.4m (2005: 8.7m); Improved EBITDA from
loss in 2005 of £2.9m to loss in 2006 of £0.9m
* Improved EBITDA seen in the second half reflects benefits of restructuring
* Games & Gambling division - significant progress made with turnaround in
profitability
Neil MacDonald, Managing Director, Commented:
"YooMedia's core businesses have been re-aligned to take advantage of the many
new opportunities arising. We are now well positioned to benefit from new
business streams, including remote payment services, IPTV service deployments
in conjunction with BT Vision and mobile ticketing are expected to come on
stream in 2007.
"The Directors believe that, on the basis of improved trading and reduced
costs, the outlook for the business is positive."
29 June 2007
YooMedia PLC +44 (0) 207 462 0870
Neil MacDonald, Managing Director
Nexus Financial Ltd 020 7451 7068
Nicholas Nelson/Kathy Boate Nicholas.nelson@nexusgroup.co.uk
Seymour Pierce Limited +44 (0) 207 107 8000
Mark Percy
Chairman's statement
The results for the full year 2006 reflect both the impact and the benefits
arising from the restructuring and repositioning undertaken across the entire
business. While the action taken has delivered significant improvements in
operating margins, profitability and cost reduction, the benefits have only
started to flow through into the financial results during the second half of
the year. We are confident that the hard work of 2006 has left the Group in a
much stronger position to exploit its core markets and deliver continued
improvement in 2007.
Results Summary
Turnover in 2006 was £62.6m (2005: £85.5m) and reflects the changeover in Games
& Gambling from predominantly operating under own brands to becoming a supplier
to other brand owners. Gross profit was below last year at £8.4m (2005: £8.7m)
whereas earnings before interest, tax, depreciation and exceptional items
("EBITDA") was a loss of £0.9m (2005: loss £2.9m), in turn reflecting the
benefit of the re-structuring action starting to flow through into financial
results.
Games & Gambling
Turnover £50.7m, gross profit contribution £2.3m
Significant progress was made in YooMedia's Games & Gambling division in the
turnaround of the profitability of the division during the year. Gross profit
was £2.3m compared to a gross loss in 2005 of £1.4m.
Under the agreement with Gala Group, a Gala-branded channel (Sky channel 841)
was launched on 4 October 2006, enabling the Company to make substantial cost
savings in terms of production, staffing, broadcast and transmission costs and
platform carriage costs, while securing guaranteed annualised revenues of £1
million.
The launch of a new video-rich `Roulette TV' broadcast channel offering in May
2006 enabled presenter-led roulette broadcast channels with integrated
interactive multiplayer gaming. Roulette TV is currently available on 4
channels on Sky, with plans underway to launch across additional platforms,
including IPTV and cable.
An agreement with Playboy TV was completed in October 2006 and a
Playboy-branded interactive TV and mobile-phone gaming service was subsequently
launched in November 2006.
Since the passing of the Gambling Act 2005, Yoomedia has been anticipating
significant changes in the UK gambling sector and, in particular, the
presentation of gambling on television. We have prepared for these changes in
addition to the work undertaken to re-structure the business. The Act is
expected to come into force later on this year and YooMedia has submitted an
application for a new UK remote gaming licence in order to continue operating
under UK regulation.
As the Group has always operated its gaming services under a UK-issued licence,
we have been unaffected by the changes in the market in 2006 related to
offshore gaming operators. The contract with William Hill to produce a channel
on Sky ended on 31 October 2006 and the channel was taken off air in November
2006.
An exclusive licence for the game Tringo was acquired in 2006 and a pilot of an
interactive TV version was aired on a channel on Sky in early 2007 with a view
to evaluating the game's potential as a multiplayer skill-based game played for
cash prizes. An agreement was entered into with Catalyst Media Group to develop
a head-to-head gaming system which will include Tringo as one of the games, and
this is scheduled for launch in 2007.
The Company announced its first agreement for delivering games to IPTV with an
agreement to develop and operate games on the BT Vision service.
The Company is currently in negotiations to grant an option to a third party
which would enable the option holder to acquire the Group's Games and Gambling
division. The price to be paid for this option will be £0.8 million and the
option will expire on 31 October 2007. The ultimate consideration to be paid
for the Games and Gambling division under the terms of the option has yet to be
determined. We hope to announce further information in the coming weeks.
We believe that YooMedia's Games & Gambling business is of interest to
businesses seeking to exploit developments in the market and technical
platforms that will enable entertainment-based gambling and gaming to be
offered and promoted in the UK in ways not previously possible. While the
regulatory situation in other markets outside the UK remains uncertain we have
not sought to expand the business outside the UK but where certain markets,
such as Spain, are expected to open up in the near to mid term we believe that
our interests are best suited by working with the right partner in that
territory.
Interactive Services
Turnover £9.0m, gross profit contribution £4.7m
YooMedia's Interactive Services business made significant progress in mobile
marketing activity, but this was offset by a reduction in general demand for
interactive television services and the impact from the changes to the Sky
programme guide in February 2006. Turnover was £9m (2005: £11m) and gross
profit £4.7m (2005: £7m).
YooMedia Enhanced Services addresses the growing mobile-phone-based advertising
and marketing sector and continued to innovate with new services combining
mobile phone and internet for clients such as Budweiser, Nestlé and Hardys
Wine. New services were developed for remote payments for the car parking
sector, which is set to introduce the ability to pay charges via mobile phones
in the near future. An initial agreement with Central Parking Services was
announced in December. Further new development based on interactive kiosks was
undertaken in 2006 and we expect announcements of the deployment of these to be
made in 2007, including the pilot with L'Oréal in a retail product promotion
which was undertaken in March 2007. We have continued to provide the Real Time
Messaging System which uniquely measures the time when an SMS message is sent
for the Who Wants to Be a Millionaire programme on behalf of Celador and ITV.
In the part of the Interactive Services business targeted at the broadcast and
digital content sectors, we continued to operate the NHS Direct Interactive
service throughout 2006 and we announced that the contract had been extended
until April 2008. New data-casting services for the Freeview platform were
launched and 3-year agreements were made with amongst others Gemstar TV Guide
and Virgin Radio, which will contribute over £900,000 of revenue on an annual
basis from this service.
While demand remains uncertain in the interactive television sector, we believe
many of our technologies and services are applicable to new broadband video
channels and IPTV platforms which are at early stages of development in the UK.
The interactive advertising sector and, in particular, the mobile-phone-based
advertising and promotion sectors are set for continued strong growth and we
believe the developments we have made in this area will deliver new and growing
revenue streams. It remains to be seen how quickly phone-based payments will be
taken up for car parking and other services, however we believe that the
YooMedia offering in this area is highly competitive.
Dating
Turnover £2.9m, gross profit contribution £1.4m
2006 was a challenging year for YooMedia Dating with competition from
internet-based services affecting the performance of both the Avenues and
Dateline businesses. Dating is a non core activity and we sought to dispose of
the business in 2006, however no suitable terms were forthcoming and the
decision was taken to separately restructure the businesses under the core
brands. As a result, the business withdrew from costly fixed-price direct
marketing and substantially reduced its establishment costs and streamlined its
operation. In addition, a pilot scheme to assess the potential of franchising
the regional operations of the Avenues business was undertaken. The Dateline
121 product continues to be promoted as it offers verified profiling which will
become increasingly important for online customers. A free online dating
service Letsdateforfree.com was developed and launched in early 2007 to attract
a wider range of customers.
The implementation of franchising in the Avenues business will reduce costs and
risk and allow dedicated local marketing whilst cost reduction in the Dateline
business has been undertaken to ensure a more competitive model. The market
continues to be highly competitive and we continue to review options for long
term strategic solutions for the dating business, which may include disposal of
the whole or part of the business.
Financial and Group Restructuring
At the start of 2006 the Company took action taken to replace costly borrowings
with lower cost sources of finance. Yoomedia placed £1.3 million of shares and
in May 2006 a convertible loan facility of up to £7.5 million was approved.
A substantial financial restructuring was completed in the second half of 2006.
In particular, £1.85 m was realised from the sale of assets, including shares
held in Catalyst Media Group plc. £762,000 of new funding was secured through a
placing of shares on 1 September 2006 and approximately £572,000 of other loans
was converted into equity. As a consequence, short-term borrowings have fallen
during the year to approximately £650,000 (2005: £3.4 m), with interest and
similar charges borne in the second half of the year sharply reduced.
Significant effort has been made to reduce overheads and costs. Consequently,
staffing costs fell to £7.3million (year ended 31 December 2005: £9.6 million).
During the second half of the year the Company entered into long term payment
plans with a number of significant suppliers. On 22 December 2006 a permanent
reduction in contractual liabilities was negotiated relating to bandwidth and
transmission costs of approximately £1.75 million. This is reflected in the
indicative results for the six months ended 31 December 2006. A further £0.75
million of similar liabilities was deferred with payments spread over 28
months. Similar arrangements have been completed or are in negotiation in
relation to other suppliers and creditors totalling £1.5 million.
During the year an assessment of the carrying value of the goodwill was
undertaken to take into account the current market conditions. This has led to
an impairment of £14.5 million being recognised in the 2006 accounts.
Mergers & Acquisitions
In August 2006 a joint venture, Honeycone Limited, was entered into with SGI
Limited into which the Tringo rights and the ownership of the Real Time
Messaging System were transferred. It is intended that these are commercially
exploited through this partnership and a pilot of a live interactive television
presentation of Tringo was broadcast on Sky channel 842 in January 2007.
In June 2006 the Company entered into an agreement with Catalyst Media Group to
develop a head-to-head gaming system including a version of the Tringo game.
Consideration for this was paid in Catalyst shares and the Company subsequently
disposed of the shares in November 2006 for a total of £880,000.
Management
During the first half of 2006 there were a number of changes to the Board. The
Finance Director, Robin Robbins, was forced to step down for health reasons,
and Edmund Abrams, YooMedia's Strategy & Development Director, has stepped in
to manage the finance function. Mr Abrams is not a Board member. Leo Noe, a
non-executive Director, also resigned from the board.
2007 Outlook
YooMedia's core businesses within the fast-growing brands and marketing and
games and gambling sectors have been re-aligned in order to take best advantage
of the many new opportunities arising. We have successfully moved from a
branded offering to consumers to a business supply model at a time when
activity levels in the sector are increasing around the implementation of the
Gambling Act. Consumer uptake of digital TV, mobile and broadband services in
the UK continues to grow, attracting increased expenditure and investment from
YooMedia's core client groups - advertisers, retailers and gaming operators.
The Gambling Act 2005 comes into force in 2007 and is expected to lead to
increased activity from operators seeking to take advantage of the
opportunities permitted under the new regulations: YooMedia is well positioned
to benefit. The proposed option agreement underlines the value of Yoomedia
Games & Gambling and, if exercised, will strengthen the balance sheet and
provide a firmer foundation for the business as a whole, sufficient to meet its
ongoing requirements.
New business streams, including remote payment services, IPTV service
deployments in conjunction with BT Vision and mobile ticketing are expected to
come on stream in 2007.
In conclusion, whilst risks remain, the Directors believe that, on the basis of
improved trading, reduced costs and a strengthened balance sheet, after the
option agreement mentioned above, the outlook for the business is positive.
Michael Sinclair
Chairman
Notes 2006 2006 2005 2005
£000 £000 £000 £000
Turnover 62,586 85,581
Cost of sales (54,171) (76,890)
Gross profit 8,415 8,691
Administrative expenses (9,302) (9,302) (11,641) (11,641)
Loss before Interest, Tax, (887) (2,950)
Depreciation, Amortisation and
Exceptionals
Depreciation (1,276) (2,127)
Amortisation of deferred (1,252) (675)
development costs
Amortisation of goodwill (2,668) (2,323)
Impairment of goodwill (14,512) -
Provision for bad debts (637) -
Exceptional items 3 (2,988) (2,377)
Total depreciation (23,333) (23,333) (7,502) (7,502)
amortisation and exceptionals
Total administrative expenses (32,635) (19,143)
Operating loss 2 (24,220) (10,452)
Interest receivable and 3 50
similar income
Interest payable and similar (1,259) (775)
charges
Loss on ordinary activities (25,476) (11,177)
before taxation
Tax recoverable on ordinary - -
activities
Loss on ordinary activities (25,476) (11,177)
after taxation
Equity minority interests - 23
Loss for the financial year (25,476) (11,154)
Pence Pence
Loss per share
- basic 4 (4.38p) (2.37p)
- diluted 4 (4.04p) (2.32p)
Consolidated profit and loss account
Year ended 31 December 2006
The above results are derived entirely from continuing operations.
All recognised gains and losses in the current and prior period are included in
the profit and loss account.
There is no difference between the loss on ordinary activities before taxation
and the loss for the financial years stated above and their historical cost
equivalents.
There are no gains and losses other than those disclosed in consolidated profit
and loss account. Therefore statement of recognised gains and losses is not
presented.
Consolidated balance sheet
Year ended 31 December 2006
Notes 2006 2005
£000 £000
Fixed assets
Goodwill 24,768 43,980
Other intangible assets 1,378 1,925
Tangible assets 2,123 2,737
Investments 18 13
28,287 48,655
Assets in the course of 360 -
construction
Current assets
Debtors 6,231 7,634
Cash and cash equivalents 139 117
6,370 7,751
Creditors: amounts falling due (9,536) (15,076)
within one year
Net current liabilities (3,166) (7,325)
Total assets less current 25,481 41,330
liabilities
Creditors: amounts falling due (5,678) (1,816)
greater than one year
Provisions for liabilities (1,210) (1,834)
Deferred income (2,271) (881)
Net assets 16,322 36,799
Capital and reserves
Called up share capital 5 13,878 12,060
Shares to be issued 281 281
Share premium account 78,755 75,521
Equity component of convertible 304 -
debt
Capital redemption reserve 455 455
Profit and loss account (77,351) (51,875)
Shareholders' funds 6 16,322 36,442
Equity minority interest - 357
Net Equity 16,332 36,799
Consolidated cash flow statement
31 December 2006
Notes 2006 2005
£000 £000
Net cash outflow from operating 7 (294) (8,334)
activities
Returns on investments and servicing of
finance
Interest received 3 50
Interest paid (972) (704)
Interest element of finance lease rental (32) (71)
payments
Net cash outflow from returns on (1,001) (725)
investments and servicing of finance
Taxation - -
Capital expenditure and financial
investment
Payments to acquire intangible assets (705) (1,878)
Payments to acquire tangible fixed assets (664) (1,820)
Payments relating to assets in the course (360) -
of construction
Net cash outflow from capital expenditure (1,729) (3,698)
and financial investment
Acquisitions and disposals
Purchase of subsidiary undertakings (357) (265)
Net cash received with subsidiary - (1)
undertakings
Net cash outflow from acquisitions and (357) (266)
disposals
Net cash outflow before management of (3,381) (13,023)
liquid resources and financing
Management of liquid resources
Decrease in short-term deposits with - 6,417
banks
Financing
Issue of ordinary share capital 2,008 2,981
Issue of convertible loan notes 6,000 -
Loans and finance leases acquired with - 650
subsidiary undertaking
Repayment of loans (1,000) -
Repayment of capital element of finance (117) (371)
leases and hire purchase contracts
Net cash inflow from financing 6,891 3,260
Increase/(decrease) in cash in the year 3,510 (3,346)
Notes to the accounts
1. Going concern
During the year ended 31 December 2006, the Group recorded a loss before
interest, tax, depreciation, amortisation and exceptionals of £0.9 million and
a net loss of £25.5 million, and at 31 December 2006 the Group had net current
liabilities of £3.1 million. Net cash outflow from operating activities in 2006
was £0.3m. The directors consider that the results for the full year 2006
reflect both the impact and the benefits from the restructuring and
repositioning activity undertaken across the entire business. Whilst the action
taken has delivered significant improvements in operating margins,
profitability and cost reduction, the benefits have only started to flow
through into the financial results during the second half of the year. The
Directors are confident that the hard work of 2006 has left the Company in a
much stronger position to exploit its core markets and deliver continued
improvement in 2007.
As part of their considerations of going concern, the directors have prepared
working capital projections for the period to 31 December 2008. These
projections assume growth in revenue above historic levels, further cost
reductions and additional synergy benefits beyond those already actioned
following the extensive restructuring referred to above. The projections, taken
together with unaudited management accounts to date, show the Group becoming
EBITDA and cash flow positive during 2008.
During the year, the Directors concluded a £2.9 million credit facility with
Mentor Marketing & Investment Ltd., replacing the facilities previously
provided by Lloyds. The Directors also secured additional funding for the Group
though a share placing which raised £762,000, and further improve working
capital. Additionally, the Group has a £1.25 million undrawn facility remaining
on convertible debt of £7.5 million, which is available to draw down at any
time. Since the present facilities are not sufficient to fund the Group's
operations for at least the next twelve months, the Directors are in
negotiations to grant an option, that would enable a third party to acquire the
Games and Gambling division for an amount to be agreed by 31 October 2007.
Consequently, the directors consider that it is appropriate to prepare the
accounts on the going concern basis. However, in common with similar businesses
at this stage of their development, the directors recognise that there will
remain a material uncertainty over the Group's ability to realise future
profitability and positive cash flows until the Group has established a track
record of profitable trading, cash generation and meeting its working capital
projections.
There is, therefore, material uncertainty related to the above events and
conditions which may cast significant doubt on the entity's ability to continue
as a going concern and it may be unable to realise its assets and discharge its
liabilities in the normal course of business.
The statutory accounts for the year ended 31 December 2005 have been delivered
to the Registrar of Companies, and those for the year ended 31 December 2006
will be delivered to the Registrar of Companies following the Annual General
Meeting.
2. Operating loss
The operating loss is stated after charging the following:
2006 2005
£000 £000
Depreciation of owned assets 1,178 1,945
Depreciation of assets held under finance lease 98 182
Amortisation of deferred development costs 1,252 675
Restructuring costs 2,988 -
Amortisation of goodwill 2,668 2,323
Write-off of deferred development costs - 680
Impairment of goodwill 14,512 -
Provision for bad debts 637 -
Employee share option expense - 1,116
Auditors' remuneration -audit services 223 208
Auditors' remuneration - non-audit services - 49
Operating lease charges 866 784
During the year the Group negotiated a permanent reduction in contractual
liabilities relating to bandwidth and transmission costs of £1,745,000, which
has been credited to cost of sales.
3. Exceptional items
Exceptional items, within administrative expenses, relate mainly to the
significant strategic redirection that the Group undertook during the year.
These items are detailed below:
2006 2005
£000 £000
Recognised in arriving at operating loss:
Restructuring costs1 2,781 -
Redundancy costs2 106 437
Exceptional professional fees 101 144
Employee share option charge3 - 1,116
Write-off of deferred development costs - 680
2,988 2,377
1 Restructuring costs relate to the loss on restructuring of the Group's dating
business and the loss on closure of YooPlay Ltd and MMTV Ltd.
2 Redundancy costs include all relevant taxes and other related costs of
redundancy.
3 As described in note 2, under Urgent Issue Task Force abstract 17 (UITF 17),
the Company is required to recognise as a charge in the profit and loss
account, the amount by which the fair market value of any share options issued
to employees exceeds their respective exercise prices at the date of grant. The
charge is notional in that there is no underlying cash flow or other financial
liability associated with the charge, nor does it give rise to a reduction in
net assets or shareholders' funds. In addition there is no impact on
distributable profits.
4. Loss per share
The basic loss per share for 2006 of 4.38p has been calculated by dividing the
net loss of £25.5m for the year (2005: £11.2m) by the weighted average number
of 581,251,181 shares in issue during the year (2005 - 469,655,350). The
Company has potentially dilutive ordinary shares being share options issued to
staff and shares contracted to be issued.
The diluted loss per share for 2006 of 4.04p has been calculated in accordance
with Financial Reporting Standard 22: Earnings per share, using 630,039,629
shares in issue during the year (2005 - 480,426,774). The diluted loss per
share calculation is without reference to adjustments in respect of certain
share options that are considered to be anti-dilutive.
The deferred shares are not included in the earnings per share or diluted
earnings per share. These shares have no voting rights and are non-convertible
and therefore do not form part of the ordinary share capital used for the loss
per share calculation in accordance with Financial Reporting Standard 22:
Earnings per share.
5. Share capital
2006 2006 2005 2005
No. £'000 No. £'000
Authorised
Ordinary shares of 1p each 1,200,000,000 12,000 900,000,000 9,000
Deferred shares of 1p each 900,000,000 9,000 900,000,000 9,000
2,100,000,000 21,000 1,800,000,000 18,000
Allotted, called up and fully
paid
Ordinary shares of 1p each 696,964,276 6,970 515,123,615 5,152
Deferred shares of 1p each 690,822,639 6,908 690,822,639 6,908
1,387,786,915 13,878 1,205,946,254 12,060
During the year the following share issues took place:
Date of Notice Description Funds Shares Nominal Share
Raised Issued Value Premium
£000 No. £000 £000
February 2006 Dating MI 1,250 19,230,770 192 1,058
acquisition
February 2006 Dating redundancy 220 3,376,924 34 186
May 2006 Placing 1,300 30,588,235 306 994
September 2006 Placing 700 35,000,000 350 350
88,195,929 882 2,588
Share options exercised
During the year, a total of 787,783 share options were exercised at a price of
£0.01 per share. The average market price on the dates of exercise was £0.02
per share.
Debt conversion
During the year, the following conversions of convertible loans took place took
place as follows:
Date of Notice Debt Shares Exercise Nominal Share
Converted Price Value premium
Issued
£000 No. £ £000 £000
14/07/2006 120 5,309,734 0.023 53 67
14/07/2006 120 5,309,734 0.023 53 67
21/07/2006 120 5,668,665 0.021 57 63
31/07/2006 120 6,013,990 0.020 60 60
24/08/2006 40 2,453,987 0.016 25 16
08/09/2006 120 7,475,293 0.016 75 45
11/09/2006 120 7,588,448 0.016 76 44
27/09/2006 60 3,571,428 0.017 36 24
27/09/2006 60 3,571,428 0.017 36 24
01/12/2006 100 10,000,000 0.01000 100 -
12/12/2006 120 10,894,235 0.01102 109 11
Total 67,856,942 680 421
During the year the Leo Noe lent the Company £500,000, this was repaid by the
Company through the issue of ordinary shares as follows:
Date of Notice Debt Shares Exercise Nominal Share
Converted Price Value premium
Issued
£000 No. £ £000 £000
05/09/2006 290 14,478,417 0.02 145 145
03/10/2006 210 10,521,600 0.02 105 105
25,000,017 250 250
6. Reconciliation of movement in shareholders funds
Group 2006 2005
£000 £000
Loss for the year (25,476) (11,154)
New shares issued 5,052 7,150
Equity component of convertible debt 304 -
Shares to be issued - 281
Shares to be issued in prior year issued in current year - (3,047)
Net reduction in shareholders' funds (20,120) (6,770)
Opening shareholders' funds 36,442 43,212
Closing shareholders' funds 16,322 36,442
7. Net cash outflow from operating activities
Reconciliation of operating loss to net cash outflow from operating activities:
2006 2005
£000 £000
Continuing operations
Loss before tax (25,476) (11,154)
Interest payments 1,249 725
Minority interest - (23)
Depreciation charge 1,276 2,127
Amortisation and impairment of goodwill 17,180 2,323
Amortisation and impairment of deferred development costs 1,252 1,355
Loss on restructuring 2,988 -
Provision for National Insurance on share options - 1,116
Movement in other provisions & Forex (624) (1,307)
Decrease in other non-current Assets (5) (13)
Decrease/(increase) in debtors 1,403 (1,617)
Increase/(decrease) in creditors (928) (1,340)
Decrease/(increase) in deferred income 1,391 (526)
Net cash outflow from continuing operations (294) (8,334)
8. Reconciliation of net cash flow to movement in net funds
2006 2005
£000 £000
Increase / (decrease) in cash in the year 3,510 (3,346)
Decrease in short-term deposits with banks - (6,417)
Loans and finance leases acquired with subsidiary - (650)
undertakings
Repayment of capital element on finance leases 117 371
Convertible loans (6,000) -
Repayment of loans 1,000 -
Equity component of convertible debt 304 -
Convertible debt conversions 1,110 -
Capitalisation of interest on convertible (187) -
Movement in net funds in the year (146) (10,042)
Net funds at beginning of the year (4,997) 5,045
Net debt at end of the year (5,143) (4,997)
9. Post balance sheet events
On 24 January 2007, YooMedia plc launched a new free, fully functioning online
dating service - letsdateforfree.com. This launch been prompted by the growth
in popularity of social networking sites such as MySpace and Facebox, which
means that many basic online dating services will now have to be provided
without charge. The site will derive its revenue instead from advertising.
The Company is currently in negotiations to grant an option to a third party
which would enable the option holder to acquire the Group's Games and Gambling
division. The ultimate consideration to be paid for the Games and Gambling
division under the terms of the option has yet to be determined.
The financial information set out above does not constiture the Company's
statutory accounts for the year to 31 December 2006 but is derived from those
accounts.
Copies of the Report and Accounts for the year ended 31 December 2006 are being
sent to shareholders on 30 June 2007. Further copies are available from the
Company's registered office which is Northumberland House, 155-157 Great
Portland Street, London, W1W 6QP.
31 December 2005 sheet
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