Mobile internet wagering software developer Probability plc has released its latest financial results for the third quarter of 2013, noting a large growth in business to business revenue and a slight uptick in net gaming revenue.
Key financial indicators for the period ending September 30th, 2013 were:
57% of platform revenue in the quarter derived from business-to-business services (Q2 FY13: 52%).
Net Gaming Revenue up 4% on Q1 at £1.9 million, but down compared to Q2-2013, when NGR reached £2.2 million.
47% growth in B2B revenues to £600,000 for the quarter.
Average Revenue Per User from B2C and white label players managed by Probability at £106 per player, up 2% vs. Q2 FY13: £104.
Net cash and equivalents at the end of the quarter of £1.7 million.
Operational highlights for the quarter were:
Launch in September of a new mobile payment option for UK players, which within four weeks is capturing 46% of first time deposits.
Launch of new iOS apps for core B2C brands. Mobile Games App listed as number one downloaded iOS free Casino app in UK App Store in first week.
New game launches: Roulette HD and Mayan Moola for iOS and Android.
Completion of certification of Probability’s technology platform by Italian regulator AAMS, enabling launch of white label services.
Stakes from customers up 10% vs. the previous quarter, but margins thinner due to major wins.
Revenues from B2C activities in the UK 9% lower than the prior quarter.
Revenues from legacy feature phone customers declined, with GGR down 20% quarter on quarter.
Marketing investment reduced to compensate for cost-of-acquisition volatility.
B2B success in developing an exclusive 'Hot and Slotty' game for Paddy Power
Contract signed with Italian firm Sisal to create an iOS And Android application for its Superenalotto service.
The numbers are a bit behind what Probability management expected, and the group said that meeting their year end goals will now be significantly more difficult.