REG - Gana Media Group PLC - Half-year Financial Report
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RNS Number : 8144U Gana Media Group PLC 02 March 2026
2 March 2026
Gana Media Group plc
("GANA" or "the Company" or "the Group")
Interim Results
Gana Media Group plc (formerly Mobile Streams plc), the AIM quoted content and
data intelligence company which aims to create a leading integrated sports,
media and entertainment conglomerate focused within the Latin American region,
and particularly the Mexican market, is pleased to announce its unaudited
interim results for the six months ended 31 December 2025. A copy of the
interim results will be available on the Company's website,
www.ganamediagroup.com (http://www.ganamediagroup.com) . Included in Appendix
1 are the interim results of Estadio Gana, the Company's principal operating
subsidiary following completion of the RTO as announced on 8 January 2026.
Highlights
Our focus on the development and commercialisation of the Sports betting and
on-line casino markets in Mexico reached an important milestone in 2025 with
the consumer launch of the Sports Betting business. Our focus during the
period was on the support provided to our Mexican Associate in the preparation
and launch of this business and on completion of the RTO of Estadio Gana and
Capital Media Sports as announced on 22 December 2025.
Operations in our legacy mobile data businesses represented only a small
fraction of the Group's activities in the period.
Revenue for the period was £1,052k, up from £415k in 2024, and was largely
derived from the provision of support services provided in connection with the
development of the Sports Betting business in Mexico. Our pre-tax loss for
the 6 months at £1,513k (£804k in the 6 months to December 2024) but
includes approximately £900k of professional fees associated with the
acquisitions of Estadio Gana and Capital Media Sports (see below). Our
adjusted loss, being the operating loss before depreciation, amortisation,
impairment, share based compensation and RTO professional fees improved
materially to a loss of £147k in the 6 months to 31(st) December 2025 (2024:
an adjusted loss of £622k). This improvement in operating result reflects
our efforts to carefully control our operating expenditures whilst we invest
strategically in the consumer launch of the Sports Betting business in Mexico.
Throughout the period we have strengthened our balance sheet with the raising
of £2.2m in equity, £0.5m via the exercising of warrants and £1.7m as an
advance of direct share subscriptions which were subsequently converted into
shares on 8 January 2026. This has contributed to a strong group cash
position at 31 December 2025 in the amount of £1.8m. This was boosted further
post 31 December by the Placing and Warrant Exercises completed in conjunction
with the RTO.
We continued to develop our Streams Technology platform during the period.
This is recorded as an intangible asset in the financial statements under IFRS
with a net book value at 31 December 2025 of £404k. We believe however its
trade sale value would be significantly higher based on market comparable
platforms.
Post RTO, we are also very pleased to announce the strengthening of our team
through the appointment of two experienced executives in Mexico: 1) Gerardo
Velázquez de León has been appointed Head of Estadio Deportes. Gerardo has
become one of the country's most recognised voices, known for a style that
combines analysis, reporting, and storytelling with passion, clarity, and a
strong connection with audiences. 2) Lorenzo Caci has been appointed as a
member of our advisory board. He is a premier strategic architect in the
global sports technology and iGaming sectors. With a career spanning over 18
years, Lorenzo has established himself as a visionary who recognized the
inevitable convergence of media and betting long before it became an industry
standard.
These appointments, along with the appointments to the Board made in
conjunction with the RTO, serve to strengthen the knowledge, capability and
reputation of the Gana Media Group in Mexico as we grow our sports betting
business.
Post Balance Sheet Event
· On 8 January 2026 the £1,666k advance of share subscriptions
received in December 2025 was converted into 333 million shares at a price of
0.5p.
· On 8 January 2026 the Company raised a further £965k via a placing
of 193 million shares at 0.5p.
· On 8 January 2026 the Company raised a further £384k via the
exercise of 238 million warrants at an average exercise price of 0.16p.
· On 8 January 2026 the group acquired the outstanding 74.13% of the
share capital of Estadio Gana Sapi de CV ("Estadio Gana") as well as the
outstanding 77.5% of the share capital of Capital Media Sports SA de CV
("CMS") to bring the group's ownership of both entities up to 100%. This was
achieved by way of a share for share exchange in which 5,686 million shares
were issued at 0.5p.
· Following these events, the total number of issued shares in the
Company increased to 17,191,823,671.
· On 8 January 2026 the group changed its name from Mobile Streams plc
to Gana Media Group plc with the new ticker code GANA.L
Outlook
With the acquisitions of Estadio Gana and CMS and the consumer launch of the
Mexican sports betting business now all completed, the Company is well
positioned as a business. The Directors believe that the actions taken over
the year to 31 December 2025 and post balance sheet events now enable the
business to fully capitalise on the exciting opportunities in Mexican Sports
publishing and online betting and casino services. We continue to create
synergies of revenue to the betting business from our existing product
portfolio, including both digital merchandise (NFTs) and LiveScores sites.
Accordingly, we remain on track in our transition to delivering
operational profitability and growth.
Mark Epstein, CEO, said:
"We are very pleased with the progress that the organisation has made in the
past 6 months in the progression and consumer launch of the Mexican sports
betting business. This has only been possible due to the quality and
capability of our Streams Technology platform combined with the dedication and
skills of our team. Our Company is now transitioned and developing into a
growing and profitable business."
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months ended 31 December 12 months ended 30
ended 31 June
December
2025 2024 2025
£000s £000s £000s
Revenue 1,052 415 1,412
Cost of sales (236) (20) (143)
Gross profit 816 395 1,269
Selling and marketing costs (17) (14) (16)
Administrative expenses * (2,318) (1,223) (3,598)
Operating Loss ** (1,518) (841) (2,345)
Finance income 5 37 15
Finance expense - - -
Loss before tax (1,513) (804) (2,330)
Share of after-tax (loss) of associate - (33) (507)
Tax credit 18 - 130
Loss for the period (1,497) (837) (2,709)
Attributable to:
Attributable to equity shareholders of Gana Media Group plc (1,497) (837) (2,709)
(1,497) (837) (2,709)
Pence per share Pence per share Pence per
share
Basic loss per share (0.014) (0.011) (0.031)
Diluted loss per share (0.014) (0.011) (0.031)
* Administrative expenses include depreciation, amortisation, impairment,
share based compensation and professional advisory costs of the reverse
take-over of Estadio Gana and Capital Medial Sports ("the RTO"), which were
completed on 8 January 2026.
** Operating loss before depreciation, amortisation, impairment, share based
compensation and professional advisory costs of the RTO was a loss of
£147k.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31-Dec-25 31-Dec-24 30-Jun-25
£000s £000s £000s
Assets
Non- Current
Goodwill - - -
Intangible assets 404 528 493
Investment in Associate - 356 -
Other investments 25 193 25
429 1,077 518
Current
Trade and other receivables 2,835 749 1,644
Cash and cash equivalents 1,824 1,343 1,550
4,660 2,072 3,194
Total assets 5,089 3,169 3,713
Equity
Equity attributable to equity holders of Gana Media Group plc
Called up share capital 1,461 1,213 1,270
Share Premium 26,085 24,272 25,717
Translation reserve (3,041) (2,940) (3,068)
Share Based Payment Reserve 1,249 396 868
Retained earnings (23,717) (20,338) (22,221)
Total equity 2,037 2,605 2,577
Trade and other payables 1,359 533 1,108
Share subscriptions received in advance 1,666 - -
Bank debt 26 33 29
3,051 566 1,137
Total liabilities 3,051 566 1,137
Total equity and liabilities 5,089 3,169 3,713
** The share subscription monies received in advance at 31 December 2025 in
the amount of £1,666,000 were converted into shares on 8 January 2026.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of Gana Media Group plc
Called up share capital Share premium Translation reserve Share-based payment reserve Retained earnings Non- Controlling Interest Total Equity
£000s £000s £000s £000s £000s £000s £000s
Balance at 30 June 2022 659 19,334 (3,050) 268 (15,007) - 2,204
Prior Year Adjustment - - - (255) 255 - -
Balance at 1 July 2022 659 19,334 (3,050) 13 (14,752) - 2,204
Loss for the 6 months - - - - (1,231) - (1,231)
Share Options charge - - - - - - -
Issue of shares 98 1,418 - - - - 1,516
Balance at 31 December 2022 757 20,752 (3,050) 13 (15,983) - 2,489
Loss for the 6 months - - - - (2,558) - (2,558)
Share Options charge - - - 12 - - 12
Issue of shares 11 579 - - - - 590
Balance at 30(th) June 2023 768 21,331 (3,050) 25 (18,541) - 533
Loss for the 6 months - - - - (289) - (289)
Share Options charge - - - 37 - - 37
Issue of shares 96 579 - - - - 675
Balance at 31(st) December 2023 864 21,909 (3,050) 62 (18,832) - 955
Loss for the 6 months - - - - (669) - (669)
Share Options charge - - - 181 - - 181
Issue of shares 109 240 - - - - 349
Balance at 30(th) June 2024 973 22,149 (3,050) 243 (19,501) - 815
Loss for the 6 months - - - - (837) - (837)
Foreign exchange on translation - - 110 - - - 110
Share Options charge - - - 153 - - 153
Issue of shares 240 2,124 - - - - 2,364
Balance at 31(st) December 2024 1,213 24,273 (2,940) 396 (20,338) - 2,605
Loss for the 6 months - - - - (1,873) - (1,873)
Foreign exchange on translation - - (128) - - - (128)
Share Options charge - - - 472 - - 472
Issue of shares 57 1,444 - - - - 1,501
Balance 30(th) June 2025 1,270 25,717 (3,068) 868 (22,221) - 2,577
Loss for the 6 months - - - - (1,497) - (1,497)
Foreign exchange on translation - - 27 - - - 27
Share Options charge - - - 380 - - 380
Issue of shares 191 368 - - - - 559
Balance at 31(st) December 2025 1,461 26,085 (3,041) 1,249 (23,717) - 2,037
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months ended 31 December 2025 6 months ended 31 December 2024 12 months ended 30 June 2025
£000s £000s £000s
Operating activities
(loss) after taxation (1,497) (804) (2,709)
Adjustments:
Share of after-tax loss of associates - 507
Amortisation of intangible assets 90 66 145
Impairment of Investment in Associates - - 447
Share based payments expense 380 153 626
Share subscriptions received in advance 1,666 - -
Interest received (5) (37) (15)
Tax credits received (18) - (130)
Changes in Trade and other receivables (1,191) (237) (1,323)
Changes in Trade and other payables 251 52 515
Total cash utilised in operating activities (287) (807) (1,937)
Tax credits received 18 - 130
Net cash absorbed by operating activities (305) (807) (1,807)
Investing Activities
Additions to intangible assets - (163) (207)
Acquisition - Investment in Associate - (176) (497)
Acquisition - Investment in Equity Investment - (143) (25)
Interest received 5 37 15
Interest paid - - -
Net Cash used in investing activities 5 (444) (714)
Issue of share capital 559 2,433 4,033
Fund raise expenses - (69) (168)
Bank loan repayment (3) (4) (7)
Net Cash generated from financing activities 556 2,361 3,858
Net change in cash and cash equivalents 256 1,109 1,337
Cash and cash equivalents at beginning of period 1,550 235 235
Exchange (loss)/ gain on cash and cash equivalents 18 (1) (22)
Cash and cash equivalents at end of period 1,824 1,343 1,550
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The interim results of Gana Media Group plc are prepared in accordance with
the requirements of IAS 34 Interim Financial Reporting as adopted by the EU
and prepared in accordance with the accounting policies set out in the last
financial statements for the 12 months ended 30 June 2025.
The interim results, which are not audited, do not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006.
The comparative financial information for the twelve months ended 30 June 2024
has been extracted from the statutory accounts for that period. In addition,
the financial information for the 6 months ended 31 December 2024 has been
extracted from the unaudited Interim results which were published on 25 March
2025.
The full audited accounts of the Group for the 12 months ended 30 June 2025
were prepared in accordance with International Financial Reporting Standards
("IFRS") as adopted by the UK and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS and have been delivered to the
Registrar of Companies. All references to IFRS in these statements refer to
IFRS as adopted by the UK.
The auditor's report on the financial statements for the 12 months ended 30
June 2025 was unqualified and did not contain statements under S498 (2) or
S498 (3) of the Companies Act 2006.
2. SEGMENTAL REPORTING
As at 31 December 2025, the Group was organised into two geographical
segments: Europe and Latin America. Revenues are from external customers only
and generated from two principal business activities: the sale of mobile
content through Multi-National Organisation's (Mobile Operator Services), and
the provision of consulting and development support to Estadio Gana including
NFT technology (Development, Marketing and Intelligence services).
All operations are continuing and all inter-segment transfers, if any, are
priced and carried out at arm's length. The segmental results for the 6
months ended 31 December 2025 were as follows:
£000s Europe Latin America Group
Mobile operator services - 2 2
Development, marketing and intelligence services 1,050 - 1,050
Total Revenue 1,050 2 1,052
Cost of sales (234) (2) (236)
Gross profit 816 - 816
Operating expenses (1,828) (36) (1,864)
EBITDA* (1,012) (36) (1,048)
Depreciation, amortisation (90) - (90)
Share based compensation (380) - (380)
Finance income 5 - 5
Profit/(Loss) before tax (1,479) (36) (1,513)
Income tax expense 18 - 18
Share of after-tax result of Associate - - -
Profit/(Loss) after tax (1,461) (36) (1,497)
The segmental results for the 6 months ended 31 December 2024 were as follows:
Latin America
£000s Europe Group
Mobile operator sales - 30 30
Development, marketing and intelligence services 385 - 385
Total Revenue 385 30 415
Cost of sales - (20) (20)
Gross profit 385 10 395
Operating expenses (846) (171) (1,017)
EBITDA* (461) (161) (622)
Depreciation, amortisation (66) - (66)
Share based compensation (153) - (153)
Finance income 37 - 37
Profit/(Loss) before tax (643) (161) (804)
Income tax expense - - -
Share of after-tax result of Associate (33) - (33)
Profit/(Loss) after tax (676) (161) (837)
3. EARNINGS PER SHARE
Earnings per share
Earnings per share is calculated by dividing the(loss)/profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period.
Unaudited Unaudited Audited
6 months ended 31 December 2025 6 months ended 31 December 2024 12 months ended 30 June 2025
£000s £000s £000s
Loss for the period (1,497) (837) (2,709)
Loss earnings per share (pence):
Basic (0.014) (0.011) (0.031)
Diluted (0.013) (0.011) (0.031)
Adjusted earnings per share
Adjusted earnings per share is calculated to reflect the underlying
profitability of the business by excluding non-cash charges for depreciation,
amortisation, impairments and share compensation charges.
6months ended 31 December 2025 6 months ended 31 December 2024 12 months ended 30 June 2025
£000s £000s £000s
Loss for the period (1,497) (837) (2,709)
Add back: share compensation expense 380 153 626
Add back: Impairment of investment in Associates - - 447
Add back: depreciation and amortisation 90 66 145
Adjusted Loss for the period (1,027) (618) (1,491)
Pence per share Pence per share Pence per share
Adjusted loss per share (0.010) (0.008) (0.017)
Adjusted diluted loss per share (0.009) (0.008) (0.017)
Weighted average number of shares
6months ended 31 December 2025 6 months ended 31 December 2024 12 months ended 30 June 2025
Basic 10,685,509,360 7,817,115,725 8,655,871,592
Exercisable share options 973,000,000 - -
Diluted 11,658,509,360 7,817,115,725 8,655,871,592
Adjusted earnings per share
Adjusted earnings per share is calculated to reflect the underlying
profitability of the business by excluding non-cash charges for depreciation,
amortisation, impairments and share compensation charges.
6 months ended 31 December 2025 6 months ended 31 December 2024 12 months ended 30 June 2025
£000s £000s £000s
Loss for the period (1,497) (837) (2,709)
Add back: share compensation expense 380 153 626
Add back: Impairment of investment in Associates - - 447
Add back: depreciation and amortisation 90 66 145
Adjusted Loss for the period (1,027) (618) (1,491)
Pence per share Pence per share Pence per share
Adjusted loss per share (0.010) (0.008) (0.017)
Adjusted diluted loss per share (0.009) (0.008) (0.017)
Weighted average number of shares
6 months ended 31 December 2025 6 months ended 31 December 2024 12 months ended 30 June 2025
Basic 10,685,509,360 7,817,115,725 8,655,871,592
Exercisable share options 973,000,000 - -
Diluted 11,658,509,360 7,817,115,725 8,655,871,592
Diluted (loss)/earnings per share is calculated adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has only one category of ordinary
shares.
The adjusted EPS has been calculated to reflect the underlying profitability
of the business by excluding non-cash charges for depreciation, amortisation,
impairments and share compensation charges.
4. GOING CONCERN
The Group had cash balances of £1.8m at 31 December 2025 (30 June 2025:
£1.5m). Having reviewed cash flow forecasts and budgets for the year ahead
the Directors have a reasonable expectation that the Group has resources to
continue in operational existence for the foreseeable future.
5. FOREIGN CURRENCY TRANSLATION
(a) Presentational currency
The consolidated financial statements are presented in British Pounds, which
is also the functional currency of the parent entity.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the date the transaction occurs. Any
exchange gains or losses resulting from these transactions and from the
translation of monetary assets and liabilities at the balance sheet date are
reported in the income statement except when these represent a net investment
in a subsidiary when they are charged or credited to equity.
Foreign currency balances are translated at the balance sheet date using
exchange rates prevailing at the period end.
(c) Group companies
The financial results and position of all group entities that have a
functional currency different from the presentational currency of the Group
are translated into the presentational currency as follows:
i. assets and liabilities for each balance sheet are translated at
the closing exchange rate at the date of the balance sheet
ii. income and expenses for each income statement are translated at
average exchange rates (unless it is not a reasonable approximation to the
exchange rate at the date of transaction)
iii. all resulting exchange differences are recognised as a separate
component of equity (translation reserve)
iv. The exchange rates used in respect of Argentinean Pesos are the
official published exchange rates.
6. Intangible assets
Intangibles acquired: Platform Development & Software Intangibles added internally Subtotal Goodwill Total
Streams
£000 £000 £000 £000 £000
Cost or valuation:
At 31 December 2023 485 742 1,227 360 1,587
Additions - - -
Disposals - 178 178 -
At 30 June 2024 485 920 1,405 360 1,765
Additions - 163 163 - 163
Disposals - - -
At 31 December 2024 485 1,083 1,568 360 1,928
Additions - 44 44 - 44
Disposals - - - - -
At 30 June 2025 485 1,127 1,612 360 1,972
Additions - - - - -
Disposals - - - - -
At 31 December 2025 485 1,127 1,612 360 1,972
Amortisation:
31 December 2023 449 357 806 360 1,166
Charge for the period 36 132 168 - 168
Disposals - - - - -
At 30 June 2024 485 489 974 360 1,334
Charge for the period - 66 66 - 66
Disposals - - - - -
At 31 December 2024 485 555 1,040 360 1,400
Charge for the period - 79 79 - 79
Disposals - - - - -
At 30 June 2025 485 634 1,139 360 1,479
Charge to the period - 90 90 - 90
Disposals - - - - -
At 31 December 2025 485 724 1,139 360 1,569
Carrying amount:
At 31 December 2024 - 528 528 - 528
At 30 June 2025 - 493 493 - 493
At 31 December 2025 - 403 403 - 403
During the 6 months to 31 December 2025 the Group has not recognised any
further capitalised development costs on the Streams Data platform (6 months
to 31 Dec 2024: £163,000).
7. Investment in Associates
31 December 2025 31 December 2024 30 June
Estadio Gana Sapi de CV 2025
£000s £000s £000s
b/f at 01 July - 217 217
Exchange adjustments - (4) -
Additions - 176 176
Disposals - - -
Measurement period adjustment to provisional figure in prior year financial - - (268)
statements
Profit / (loss) after tax recognised in the consolidated income statement - (33) (125)
Impairment of interest in Associate - - -
c/f at 31 December - 356 -
On 1 February 2024 the group acquired a 25% direct interest in Estadio Gana, a
company duly incorporated and governed by the laws of Mexico. From 30 April
2024 this stake became diluted to 22.72% as an additional investor was
onboarded. Thereafter, with subsequent purchasing by GMG Plc of some minor
shareholdings during December 2024 in the amount of £176k, this led to a
closing ownership stake at 30th June 2025 and 31 December 2025 in the amount
of 25.87%. Summarised income statement information in respect of Estadio
Gana for the period ending 31 December 2025 and the prior full year to 30(th)
June 2025 is set-out in the Appendix at the end of this report.
During the 6 months to 31 December 2025 the Group provided £1,050,000 of
Development, Marketing and Intelligence services to Estadio Gana (2024:
£385,000). At 31 December 2025 Estadio Gana owed the group £2,572,000 (31
Dec 2024: £552,000 and 30 June 2025: £1,522,000) which was settled in equity
in Estadio Gana as part of the RTO. Estadio Gana's principal activity is the
operation of a Sports betting business in Mexico which it launched to
consumers during 2025.
31 December 2025 30 December 2024 30 June
Capital Media Sports SA de CV 2025
£000s £000s £000s
b/f at 01 July - - -
Exchange adjustments - - (6)
Transfer from Investment to Associate - - 199
Additions - - 276
Disposals - - -
Profit / (loss) after tax recognised in the consolidated income statement - - (22)
Impairment of interest in Associate - - (447)
c/f at 31 December - - -
The Group holds a 22.5% interest in Capital Media Sports S.A. de C.V., a
company duly incorporated and governed by the laws of Mexico Capital Media
Sports. (31 December 2024: 10.0%). At 31 December 2024 the Group's interest
was classified as an investment in the carrying amount of £193,000.
8. Share Capital and Reserves
31 Dec 2025 31 Dec 2024 30 June 2025
£000s £000s £000s
Ordinary Share capital 1,461 1,213 1,270
Share premium 26,085 24,272 25,717
Translation Reserve (3,041) (2,940) (3,068)
Share Based Payment reserve 1,248 396 868
Retained earnings (23,717) (20,319) (22,211)
2,037 2,622 2,576
The total number of Ordinary Shares in issue as at 31 Dec 2025 was
10,739,259,735 with a par value of 0.01 pence per share (31 Dec 2024:
8,825,217,939 with a par value of 0.01 pence per share). In addition, there
are 140,753,533 Deferred Shares of 0.19 pence nominal value each in issue. The
Deferred Shares, as their name suggests, have very limited rights which are
deferred to the Ordinary Shares and effectively carry no value as a result.
Allotted, called up and fully paid 6 months 6 months Year
ended ended ended
31 Dec 2025 31 Dec 2024 30 June 2025
In issue at start of period 10,021,827,989 6,424,115,963 6,424,115,963
Issued during the period 717,431,746 2,401,101,976 3,597,712,026
In issue at end of period 10,739,259,735 8,825,217,939 10,021,827,989
The balance in the share premium account represents the proceeds received
above the nominal value on the issue of the Company's equity share capital.
9. Post Balance Sheet Events
· On 8 January 2026 the £1,666k advance of share subscriptions
received in December 2025 were converted into 333million shares at a price of
0.5p.
· On 8 January 2026 the company raised a further £965k via a placing
of 193million shares at 0.5p.
· On 8 January 2026 the company raised a further £384k via the
exercise of 238million warrants at an average exercise price of 0.16p.
· On 8 January 2026 the group acquired the outstanding 74.13% of the
share capital of Estadio Gana Sapi to CV ("Estadio Gana") as well as the
outstanding 77.5% of the share capital of Capital Media Sports SA de CV
("CMS") to bring the group's ownership of both entities up to 100%. This was
achieved by way of share for share exchange in which 5,686million shares were
issued at 0.5p.
· Following these events, the total number of issued shares in the
company increased to 17,191,823,671.
· Also on 8 January 2026, the group changed its name from Mobile
Streams plc to Gana Media Group plc.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.
For further information, please contact:
Gana Media Group plc
John Barker, Chairman
+44 7711 920865
www.ganamediagroup.com (http://www.ganamediagroup.com)
Beaumont Cornish (Nominated Adviser)
James Biddle and Roland Cornish
+44 (0) 20 7628 3396
AlbR Capital Limited (Broker)
Lucy Williams and Duncan Vasey
+44 (0) 20 7469 0930
Appendix 1: Estadio Gana Financial Information
Statement of Comprehensive Income
6 months ended Year ended
31 Dec 30 June 2025
2025
£000s £000s
Revenue 355 6
Cost of sales (272) -
Gross profit 83 6
Administrative expenses (1,420) (1,698)
Operating loss (1,337) (1,692)
Finance income - 7
Finance expense - (14)
Loss before tax (1,337) (1,699)
Taxation - -
Loss for the year (1,337) (1,699)
-
Comprehensive loss for the year (1,337) (1,699)
Earnings per share (basic) (0.1337) (0.206)
Earnings per share (diluted) (0.1337) (0.206)
Estadio Gana's Sales revenues, comprising the supply of Sports betting
services to consumers, launched during June 2025.
All activity relates to continuing operations.
Included within administrative expenses is £1,050k of services acquired from
Gana Media Group plc (formerly Mobile Streams plc) (year ending 30 June 2025:
£1,355k).
Statement of Financial Position As at As at
31 Dec 2025 30 June 2025
£000s £000s
Assets
Non-current assets
Property, Plant and Equipment - 1
- 1
Current assets
Trade and other receivables 130 119
Cash and cash equivalents 5 14
135 133
Total assets 135 134
Equity
Called up share capital 678 678
Convertible loan equity component 8 4
Foreign exchange reserve 4 (22)
Accumulated losses (3,477) (2,141)
Total equity (2,788) (1,481)
Liabilities
Current liabilities
Trade and other payables 2,727 1,523
Other payables 18 -
Convertible loan liability component 177 92
2,922 1,615
Total liabilities 2,922 1,615
Total equity and liabilities 135 134
Included within Trade and other payables is the sum of £2,572,000 owing to
Gana Media Group plc (30 June 2025: £1,522,000).
As at 31 December 2025 Estadio Gana has drawn down £185,000 on a convertible
loan issued by Gana Media Group plc (30 June 2025: £96,000)
Statement of Movement in Reserves
Called up share capital Foreign exchange reserve Convertible loan equity Retained earnings Total Equity
£000s £000s £000s £000s £000s
Balance at 12 Sept 2023 - - - - -
Loss for the period - - - (442) (442)
Foreign exchange on translation - 24 - - 24
Share subscription 53 - - - 53
Balance at 30 June 2024 53 24 - (442) (365)
Loss for the year - - - (1,699) (1,699)
Foreign exchange on translation - (46) - - (46)
Equity component of Convertible loan - - 4 - 4
Share subscription 625 - - - 625
Balance at 30 June 2025 678 (22) 4 (2,141) (1,481)
Loss for the period - - - (1,337) (1,337)
Foreign exchange on translation - 26 - - 26
Equity component of Convertible loan - - 4 - 4
Share subscription - - - - -
Balance at 31 December 2025 678 4 8 (3,477) (2,788)
Cashflow Statement
6 months ended Year ended
31 Dec 30 June
2025 2025
£000s £000s
Loss after taxation (1,337) (1,699)
Finance income - (7)
Finance expense - 14
Changes in trade and other receivables (11) 40
Changes in trade and other payables 1,222 1,355
Net cash flows from operating activities (126) (297)
Investing activities
Purchase of tangible assets - (1)
Finance income - 7
Net Cash used in investing activities - 6
Financing activities
Share Capital Subscription - 61
Share Subscription received in advance - -
Movement in Directors Loan Account - -
Convertible Loan drawdown 89 96
Net Cash generated from financing activities 89 157
Net change in cash and cash equivalents (37) (134)
Exchange gain/(loss) on cash and cash equivalents 28 (26)
Cash and cash equivalents at beginning of period 14 174
Cash and cash equivalents, end of period 5 14
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