Cellcast plc release Final Results for 2018.
Key points
- Group operating revenues of £11.3 million (2017: £12.0 million), comprising:
– core interactive broadcast revenue of £10.9 million (2017: £11.3 million); and
– technical services and consulting to overseas gaming and lottery operators of £395,000 (2017: £660,000) - Cost of sales were £11.0 million (2017: £11.2 million)
- Gross profit of £0.3 million (2017: £0.8 million)
- Loss for the year was £250,000 (2017: loss of £645,000 which included, inter alia, the Lexinta impairment)
- Net cash balance at 31 December 2018 of £0.7 million (31 December 2017: £1.1 million)
- Loss per share of 0.3p (2017: loss per share of 0.8p)
- Board is undertaking a review as to the prospects for the group going forward
Mike Neville, Chairman of Cellcast, commented:
“We continued to see the gradual decline in the core interactive broadcast business that we have witnessed for the past few years. This has continued in 2019 year to date. In addition, due to the adverse effect of a new taxation rate for the group’s clients in Kenya, we also saw reduced fees for our technical and consultancy services to overseas gaming and lottery operators.”
“There has therefore been increased focus by the Directors on the long-term viability of the economic model that the group utilises which has prompted the Directors to undertake a review as to the prospects for the group going forward. The Board is currently exploring all options available to the group.”
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