Probability Reveals Strong Financials

Mobile gambling software developer Probability plc has revealed its six month financial report for the period ending September 30th.

The results were strong for the company, with net gaming revenues up 41% to £3.27 million. Commenting on his company's performance Probability CEO Charles Cohen said, “This has been an excellent first half for Probability with strong momentum that has continued into the second half with record player deposits in October."

“During the first half we delivered revenue growth on or ahead of target in both our consumer and B2B services, with revenues from the latter increasing by 84% compared to the first half of FY2010."

“Our direct to consumer business has developed thanks to increased player recruitment and improved yields. In particular, we have deployed our mobile CRM systems to great effect this year, increasing per-player deposits by 65% in this six month period compared to the same period in the last financial year."

Probability Chairman Graham Parr also issued comment, saying: "Probability has performed very well in this half and the Board is delighted with progress made in all areas of the business, technology and operations. We continue to pursue business-to-business opportunities and white label services which we see as having long term strategic value and will enable us to enter markets where partnerships are the logical way forward."

Key financial indicators for the period ending September 30th included:

• Net gaming revenues up 41% to £3.27 million compared to £2.3 million last year.

• Unaudited pre-tax loss 91% lower to £65,000 down from last year's loss: £745,000 – excluding share based payments of £23,000 (2010: £13,000).

• Cash deposits made by customers up 74% from the same period last year.

• Company’s net cash and equivalents were £2.23 million at the end of the period, up from £876,000 last year.

Operational highlights during the period included:

• Positive trial investment in television marketing for LadyLuck’s mobile casino.

• Rapid growth of iPhone and Android smartphone usage to account for over 50% of monthly revenues by the end of the period, compared to 37% at the beginning of the period.

• Launch of new mobile Bingo! platform including iPhone and Android support, as well as “Loopy Lotto”, a slot game with two progressive jackpots.

• Strong growth in business-to-business and white-label offering, including the launch of six new client brands on the Probability mobile gambling platform.