Probability significantly narrows losses
Mobile specialist cuts losses by 91% while recording a 41% year-on-year revenue increase.
Mobile specialist Probability has almost entirely eliminated its losses, the AIM-listed operator revealed in its interim results for the six months ended 30 September.
A pre-tax loss of £65,000 is 91% lower than the corresponding period in 2010, with the company enjoying a 41% year-on-year increase in net gaming revenue to £3,271,000.
Meanwhile cash deposits from customers rose 74% year-on-year, with increased smartphone usage in the company’s active markets seeing iPhone and Android devices account for 50% of the business, up from 37% at the start of the six-month period.
Chief executive Charles Cohen (pictured) recently told eGaming Review that the company’s advertising campaign for the LadyLuck’s bingo product was “Very successful in its first limited run,” adding that there are plans to “Go big with it in H2.”
Cohen added in a statement this morning: “We think that [the trial run of adverts represents] a real breakthrough in our marketing to new consumers, offering an attractive and scalable returns on investment.
The quarter saw William Hill begin talks with Probability with a view to a potential takeover bid, although the eGR Operator of the Year withdrew its interest last month.
Cohen revealed to eGR: “I try not to think too much about [the talks breaking down]. It was all fantastically flattering, and I was extremely impressed by the people they have there – it’s the people who really matter in this industry.”
Following July’s announcement of a commercial agreement with Grupo Caliente, Probability continues to keep its options open at a white-label level, with today’s results statement revealing: “The Company is currently at advanced stages of negotiation over a number of new business-to-business agreements and we expect to be able to make further update announcements regarding these transactions in the near future.”
However it will not be entering the newly regulated territories of Spain or Denmark, with Cohen telling eGR last month that the operator’s sights remain set on Italy once that market opens up for slots.