Probability posts a strong 6M peformance

Mobile gambling firm Probability Plc posted strong results in its interim report for the six months ending September 30, 2011.

Financial Highlights for period from 1 April 2011 to 30 September 2011:

–     Net gaming revenues up 41 percent and in line with expectations to GBP 3.27 million (6M/2010: GBP 2.3 million).

–     Unaudited pre-tax loss 91 percent lower at GBP 65 000 (6M/2010 loss: GBP 745 000) – excluding share based payments of GBP 23 000 (2010: GBP 13 000).

–     Cash deposits made by customers up 74 percent over 6M/2010 period.

–     Company’s net cash and equivalents were GBP 2.23 million at 30 September 2011 (30 September 2010: GBP 876 000).

Operating highlights for the period

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

–     Rapid growth of iPhone and Android smartphone usage to account for over 50 percent of monthly revenues by the end of the period, compared to 37 percent 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.

Charles Cohen, chief executive officer of Probability commented:

“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 percent 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 percent in this six month period compared to the same period in the last financial year.”

Cohen was particularly pleased with the results from LadyLuck’s advertising trial on UK Television saying: “We think that these trials represent a real breakthrough in our marketing to new consumers, offering attractive and scalable returns on investment.”  Research from the trial revealed that its players are not existing PC based users but smartphone users looking for new types of entertainment through their devices.

Graham Parr, Chairman of Probability plc, added:

“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.”