Gamesys Group PLC Announces Expanded Q1 Trading Update

Rhea-AI Summary

Gamesys Group announced an expanded trading update for the three months ending March 31, 2021, as a follow-up to financial information disclosed in Bally's Corporation's Shareholder Circular. This update aligns with Bally's acquisition process of Gamesys and ensures consistent communication of financial data. The report adheres to International Financial Reporting Standards, maintaining the accounting policies established in Gamesys' 2020 consolidated financial statements.

Positive

• Consistency in financial reporting with Bally's acquisition process.
• Adherence to International Financial Reporting Standards.

Negative

• None.

LONDON, UK / ACCESSWIRE / May 20, 2021 / Gamesys Group plc (LSE:GYS) (the 'Group', 'Gamesys'), announces an expanded trading update for the three months ended 31 March 2021. This expanded trading update is being released to ensure consistent dissemination of Gamesys financial information which was published on 19 May 2021 in Bally's Corporation ('Bally's') Shareholder Circular, required for Bally's shareholder vote to approve the issuance of Bally's consideration shares in connection with its acquisition of the entire issued and to be issued ordinary share capital of Gamesys, as announced on 13 April 2021. This release should be read in conjunction with the Group's Q1 Trading Update released on 13 April 2021.

The financial information presented in this release has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and on a basis consistent with the accounting policies and methods used and disclosed in Gamesys' consolidated financial statements for the year ended 31 December 2020.

About Gamesys Group plc

Gamesys Group plc is the parent company of an online gaming group that provides entertainment to a global consumer base. Through its subsidiaries, Gamesys Group plc currently offers bingo and casino games to its customers using brands which include Jackpotjoy (www.jackpotjoy.com), Virgin Games (www.virgingames.com), Botemania (www.botemania.es), Vera&John (www.verajohn.com), Heart Bingo (www.heartbingo.co.uk), Monopoly Casino (www.monopolycasino.com), Rainbow Riches Casino (www.rainbowrichescasino.com) and MEGAWAYS Casino (www.megawayscasino.com).

Enquiries
Gamesys Group plc Jason Holden Director of Investor Relations	jason.holden@gamesysgroup.com +44 (0) 207 478 8150
Finsbury	gamesysgroup-LON@finsbury.com +44 (0) 207 251 3801
James Leviton, Robert Allen

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Three months ended 31 March 2021
		(??m)
Revenue			197.8
Costs and expenses
Distribution costs			107.7
Administrative costs			58.0
Severance costs			0.8
Transaction related costs			1.9
Foreign exchange gain			(4.2)
Total costs and expenses			164.2
Interest income			(0.1)
Interest expense			5.1
Accretion on financial liabilities			0.3
Total financing expenses			5.3
Net income for the period before taxes			28.3
Tax expense			4.5
Net income for the period attributable to owners of the parent			23.8

UNAUDITED CONSOLIDATED BALANCE SHEET

		As at 31 March 2021
ASSETS		(??m)
Non-current assets
Tangible assets			9.2
Intangible assets			388.8
Goodwill			523.8
Right-of-use assets			21.2
Deferred tax asset			13.0
Other long-term receivables			5.0
Total non-current assets			961.0
Current assets
Cash			250.9
Player deposits			29.0
Trade and other receivables			38.6
Taxes receivable			0.5
Total current assets			319.0
Total assets			1,280.0
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities			98.7
Other short-term payables			0.9
Current portion of currency and interest rate swap payable			6.8
Current portion of lease liabilities			5.9
Interest payable			1.9
Payable to players			29.0
Taxes payable			24.0
Total current liabilities			167.2
Non-current liabilities
Other long-term payables			13.7
Provisions			6.1
Lease liabilities			16.3
Deferred tax liability			42.6
Long-term debt			492.0
Total non-current liabilities			570.7
Total liabilities			737.9
Equity
Retained earnings			270.4
Share capital			11.0
Share premium			9.9
Other reserves			250.8
Total equity			542.1
Total liabilities and equity			1,280.0

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Gamesys Group PLC

View source version on accesswire.com:
https://www.accesswire.com/648286/Gamesys-Group-PLC-Announces-Expanded-Q1-Trading-Update

FAQ

What is the purpose of the Gamesys Group trading update released on May 20, 2021?

The trading update aims to provide consistent financial information in connection with Bally's acquisition of Gamesys.

How does the trading update relate to Bally's Corporation?

The update supports the financial data required for Bally's shareholder vote regarding its acquisition of Gamesys.

What time period does the Gamesys trading update cover?

The trading update covers the three months ended March 31, 2021.

What financial standards does the Gamesys update comply with?

The financial information follows International Financial Reporting Standards.