Probability upbeat despite yearly decline

Mobile telephone gaming specialist Probability has released its audited financial results for the twelve months ending in April showing a five percent year-on-year decline in net revenues to £4.72 million.

The London-based firm revealed a loss after tax for the year of £755,000, which is considerably worse than 2009’s £153,000, despite an over six percent reduction in operating, administrative and other expenses to £10.08 million.

The firm stated that it processed its 500 millionth mobile gambling transaction shortly before the end of this financial year and has undertaken ‘strategic investment’ in its mobile gambling platform over the previous twelve months resulting in ‘new products, new revenue opportunities and improved margins from existing customers’.

Probability reported that its gross win per cash player increased by 18 percent compared to the previous year while the conversion rate of new customers to cash players increased by 28 percent year-on-year.

In addition, it stated that its iPhone gambling games released in June had ‘exceeded management expectations post-launch’ while its RingRingJuegos Spanish-language brand was ‘gaining traction’ after premiering at the same time.

“We are delighted to have been able to complete a major strategic investment in our platform from existing resources while keeping revenues close to last year’s,” said Charles Cohen, Chief Executive Officer for Probability.

“This investment gives us the power to develop our business faster and in more areas than would have been possible before.

“Probability is now ideally placed to take advantage of the boom in smartphones and mobile Internet use as the key player in the mobile gambling games segment worldwide. The short-term effect of this year’s investment in our technology will be more than justified by the additional growth potential that it has delivered some of which we are already beginning to see.”