Probability feeling positive after year's results published

Mobile gambling specialist Probability PLC is in buoyant mood after releasing its audited results for the year ended 31 March 2011, which showed its net gaming revenue rise 14 per cent to £5.37m.

Although it made an overall loss of £1.1m, £700,000 of that figure is accounted for by the company’s move to Gibraltar and its consequent restructuring.

Probability reported its core consumer offering grew rapidly in the second half of the year, boosted by the introduction of new games for Android and iPhone users, as well as increased marketing spend following the completion of a planned major investment in our proprietary mobile gambling technology, resulting in 175,000 new customer registrations.

Spend per player also increased, with average deposits per depositor in the year to March 31 2011 54 per cent higher than in the year to March 2010, due to improved real-time mobile customer relationship management and enhanced game portfolio.

Since the end of the financial year, Probability said it has enjoyed strong trading, experiencing record revenues in July 2011 and taking over £1m in cash deposits from players for the first time.

Probability CEO Charles Cohen commented: “Going forward, our monthly fixed overheads in the UK and Gibraltar are significantly lower than they were a year ago. 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.”