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Probability Posts Loss For Fiscal Year

28 August 2012 by CasinoListings

This story was published more than 11 years ago.

Mobile wagering provider Probability plc has announced its fiscal year 2011-2012, showing an increase in gaming revenues but an overall loss for the year.

Key financial indicators for the period ending March 2012 were:

  • Net Gaming Revenue rose 34% to £7.2 million (FY2011: £5.4 million).

  • Overall loss incurred for the year of £550,000, a reduction of 47% from the previous period due to share option charges and depreciation totalling £169,000. The company also invested over £800,000 in marketing in the last quarter of the financial year.

  • Total net assets at 31 March 2012 of £2.23 million (31 March 2011: £2.69 million).

  • The company completed the acquisition of Playyoo SA, a privately held Swiss company, for an initial consideration of 2,404,415 new Ordinary shares in Probability. Playyoo owns and operates technology which enables companies holding Italian remote gambling licenses to offer mobile sports betting and casino services to consumers.

Commenting on the results, Probability CEO Charles Cohen said: "...confident of continued growth as we begin to deliver strong margins at scale which our business model is predicated upon."

The company also reported that trading for UK business to business operations has been strong since the end of the fiscal year. Player deposits in July were also the highest in company history, and the company did not experience any declines in activity during the Olympics.