TradingSports Exchange Systems plc
By maddy
Results for the period ended 31 December 2003

Placing of 1,000,000 Placing Shares at a price of 21.5p per share

TradingSports Exchange Systems plc (“TradingSports” or “the Company”), the provider of person-to-person (“P2P”) betting exchange software listed on the Alternative Investment Market (“AIM”), announced today the Group’s results for the year ended 31 December 2003 and that it proposes to raise £215,000 by way of a placing of 1,000,000 Placing Shares at a price of 21.5p per Placing Share. The net proceeds of the Placing will strengthen the Company’s balance sheet and provide it with additional working capital to enable it to continue to deliver on its existing business model, the focus of which has changed since the Company floated and is explained in more detail below.

Highlights:

·Successful flotation in May 2003 raising £4m before expenses

·On an annualised pro forma basis, turnover for the period was £228,000

·Five contracts signed during the period including Betfanatic, Las Palmas, WITEuro Sportsbook and Costa Rican International Sportsbook (CRIS), consolidating TradingSports’ position as one of the leading providers of P2P betting exchange software

Post period events

·Appointment of Andrew Tottenham and Mark Banwell as Group Non-Executive Chairman and Non-Executive Director respectively

·Two new contracts since the year end with Binexx.com (a division of City Index) and Golanta Sports (a Cyprus based betting company)

·Well positioned to take advantage of future opportunities

·Ray Ranson to become a significant shareholder pursuant to Placing

Commenting on the results and the proposed Placing, Joe Tighe, Chief Executive of TradingSports, said:

“The financial results achieved last year demonstrate the progress TradingSports has made in terms of the long term contracts with some of the world’s largest online bookmakers but also highlights the slower adoption of person to person betting in North America than anticipated. Meanwhile, since the year-end, significant progress has been made in Europe with the signing of contracts with City Index and Golanta Sports. In reaction to the market conditions, TradingSports has altered its business model towards a broader revenue generation platform, including a stronger emphasis on technical development, implementation charges, and service fees.”

“We are also delighted to welcome Ray Ranson as a significant shareholder in our business. Mr Ranson is a very successful entrepreneur in his own right and we look forward to working with him on a number of new business initiatives.'

For further information:

TradingSports Exchange Systems plc

Tel: 020 8780 6000

Joe Tighe, Chief Executive Officer

Mark Banwell, Director of Investor Relations

Buchanan Communications

Tel: 020 7466 5000

Bobby Morse / James Strong

 
 
 
 
 
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