Increase in mobile good for Probability results

Mobile gambling provider Probability plc reported its audited results for the year ended March 31, 2011 this week.

The company’s fiscal year saw it moving its operations to Gibraltar, a company restructure and the launch of new services which its significant revenue growth in the second half has been attributed to.

Key points include:

–  Net Gaming Revenue up 14 percent to GBP 5.37 million (FY2010: GBP 4.72 million).

–  NGR was 45.3 percent higher in Q4/2011 compared to Q4/2010

–  The overall loss for the year was GBP 1.1 million (before tax) after fully expensing one-off items which included the move to Gibraltar and consequent restructuring (GBP 700,000).

–  Cash resources were GBP 2.85 million at March 31 2011 (March 31 2010: GBP 1.64 million)

–  In October 2010 the Company raised GBP 2.3 million (after expenses) through a placing of new ordinary shares, in order to fund further expansion.

–  The company’s core customer offering grew rapidly, boosted by the introduction of new games for iPhone and Android users in the second half.

Core Business Highlights include:

–  175 000 new mobile customer registrations.

–  Increased spend per player: average deposits per depositor in the year to March 31 2011 were 54 percent higher than in the year to March 2010, due to improved real-time mobile CRM and an enhanced game portfolio.

–  Total cash wagers of GBP 116 million in the year to March 31 2011 were 25 percent higher than in the year to March 2010.

–  iPhone and Android customers represented 37 percent of in-game deposits in March 2011.

Current Trading Update:

–  Strong trading in the company’s new fiscal year with July 2011 delivering record revenues exceeding GBP 1 million in cash deposits from players for the first time.

Charles Cohen, CEO, Probability plc commented on the results:

“Combined with additional margin improvements in our trading activity, our business model is stronger than ever. With consumer appetite for smartphones and mobile services seemingly insatiable, the sun is shining for us.

“With trading in the new financial year already looking very strong, with new product launches planned for this year and increased interest in our B2B offering, we have every confidence that we can turn our first mover advantage into a serious and sustainable market position in regulated markets globally.”