Probability plc reports FY 2011-2012 loss

Mobile gambling specialist Probability plc has posted its full year results to end March 2012, noting that:

* Net Gaming Revenue rose 34 percent to GBP 7.2 million (FY2011: GBP 5.4 million).

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

* Total net assets at 31 March 2012 of GBP 2.23 million (31 March 2011: GBP 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.

Management reports that trading in the core UK consumer and business-to-business operations has been strong since the end of the financial year.

Player deposits in July were at their highest ever in a single month and Probability did not experience any decline in activity by consumers during the Olympic Games.

The company has also for the first time been allowed to offer its games to UK customers through the Apple App Store. The “LadyLuck’s” app is available free to customers. Several Playyoo games are also available in the Italian App store, branded for their Italian B2B customers.

Probability chairman, Graham Parr, has advised the Board of his intention to retire from the Board at the next AGM, to be held in September. The Board is currently in the process of recruiting a replacement and will make an announcement prior to the AGM.

Rocco Pellegrinelli, who has served as a non-executive director of Playyoo since founding the company in 2008, joined the Board of Probability as a non-executive director in July 2012.

CEO Charles Cohen said that he was “…confident of continued growth as we begin to deliver strong margins at scale which our business model is predicated upon.”