Fast Bet Solutions Plc
LSE : FBSP

June 29, 2012 12:44 ET

Half Yearly Report

                                                Fast Bet Solutions Plc
                                                           
                                             ("Fast Bet" or the "Company")
                                                           
                                                           
                          Unaudited Interim statement for the six months ended 31 March 2012
                                                           

Chairman's statement

During the period the Company acquired the entire share capital of Fast Bet Limited, which is now the trading
subsidiary of Fast Bet Solutions Plc. The Company completed a successful trial of non-automated software with Star
Sports in January 2012.  As part of the Company's strategy to provide an automated software solution, the Company's
subsidiary, Fast Bet Limited signed an agreement with 2sms.com Limited to develop such software, in March 2012.

As announced in the Company's audited results, the general economic environment continues to be tough and smaller
companies are finding difficulty in raising funds in this market.  We continue to face the same difficulties as
reported in the audited accounts, and as such the Company's must secure further funding to implement its business
strategy and develop the automated software solution mentioned above. Although the Board have been working tirelessly
to negotiate and secure an injection of development capital, so far we have been unable to do so.  We continue to look
at a number of options for the company and we will update the market as soon as practicably possible.



                                                                                                                      
Unaudited Income Statement
For period ended 31 March 2012

                                                                            6 months         6 months         Year ended
                                                                                  to               to       30 September
                                                                            31 March         31 March               2010
                                                                                2011             2011
Continuing operations                                                              £                £                  £
                                                                                                                        
Revenue                                                                            -                -                  -
                                                                                                                        
Administrative expenses                                                     (49,476)         (27,519)           (49,615)
                                                                                                                        
Operating loss                                                             ( 49,476)        ( 27,519)           (49,615)
                                                                                                                        
Finance income                                                                     -                -                  -
                                                                                                                        
Finance costs                                                                      -                -            (1,080)
Loss for the period before taxation                                         (49,476)         (27,519)           (50,695)
                                                                                                                        
Taxation                                                                           -                -                  -
                                                                                                                        
Loss for the period                                                         (49,476)         (27,519)           (50,695)
                                                                                                                        
Loss per share                                                                                                          
From continuing and total operations: Basic and diluted (pence per           (0.07p)          (0.06p)            (0.09p)
share)



Unaudited Balance Sheet
As at 31 March 2012
                                                                31 March 2011       31 March 2010     30 September 2011
                                                                  (Unaudited)         (Unaudited)            (Audited)
ASSETS                                                                      £                   £                    £
Fixed assets                                                                                                          
Investments                                                                 -                   -               45,000
Deferred development costs                                             40,000                   -                    -
                                                                            -                   -               45,000
                                                                                                                      
Current assets                                                                                                        
Trade and other receivables                                             5,200               8,068                5,397
Cash and cash equivalents                                               8,256               2,766                2,297
                                                                       13,456              10,834                7,694
Total assets                                                           53,456              10,834               52,694
                                                                                                                      
EQUITY AND LIABILITIES                                                                                                
Equity  attributable  to  equity  holders  of  the                                                                    
Company
Issued share capital                                                      716                 468                  607
Share premium                                                         469,288             397,036              441,897
Loan note equity reserve                                                3,404                                    3,404
Capital redemption reserve                                                404                 404                  404
Accumulated losses                                                  (485,699)           (413,047)            (436,223)
Total equity                                                         (11,887)            (15,139)               10,089
                                                                                                                      
Current liabilities                                                                                                   
Trade and other payables                                               17,667              25,973               19,929
                                                                                                                      
Non-current liabilities                                                                                               
Convertible loan notes                                                 47,676                   -               22,676
                                                                                                                      
                                                                                                                      
                                                                       53,456              10,834               52,694
                                                                                                                      
                                                                                                                      

These interim financial statements were approved by the Board on 29th June 2011.

The  financial  information disclosed in these financial statements has not been audited or reviewed by the  Company's
auditors and does not constitute statutory accounts.

The Directors of the Company accept responsibility for this announcement.


                                                        --END-


Enquiries:

FAST BET SOLUTIONS PLC

Jennifer Allsop

+44 77 88 45 17 44



RIVINGTON STREET CORPORATE FINANCE

Fungai Ndoro/ Eran Zucker

+44 20 7562 3373

Contact Information

  • Fast Bet Solutions Plc