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Mobile gambling specialist Probability reports half year loss

Quarters 1 and 2 of financial 2010 have not been the best of times for the British mobile gambling specialist Probability plc, judging by its latest numbers covering the six months from April to September.

In an interim statement CEO Charles Cohen reported a pre-tax loss of £758,000 over the six months ended September 30, but is confident that the company can halt the slide in the new year.

"Our results in the first half include costs related to the acquisition of a new remote gambling license in Gibraltar, the setting up of a new operational centre there, and restructuring of our UK and Alderney teams as a consequence. As a prudent accounting policy we have chosen to expense all of these items into this period.

"The net result is that from October 2010 we are operating from a decreasing fixed cost base. The savings will be even greater from March 2011 when we plan to surrender our Alderney licence and all of our services will be operated under our Gibraltar licence," he said, adding that the loss had been anticipated by Management.

Net gaming revenue of £2.31 million (2009: £2.47 million) was recorded.

The company introduced its "Touch" mobile casino for iPhone and Android platforms during the period, and made important investments in technology and marketing. The statement also noted a significant b2b deal with Paddy Power through which Probability is providing mobile gambling content.

Source: InfoPowa News

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