UK’s Probability Faces Rough Period

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December 3rd, 2010

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Gloomy financial results

The UK mobile gambling specialist Probability plc saw better first and second quarter than in financial 2010, it was proved in the recent reports on the April to September business results. The company’s CEO Charles Cohen in an interim report pointed to a pre-tax loss of GBP758 000 in the given period ending on September 30. However, he also expressed belief in the company’s ability to stop the drop in the new year.

“Our results in the first half include costs related to the acquisition of a new remote gambling license in Gibraltar, the setting up of a new operational centre there, and restructuring of our UK and Alderney teams as a consequence. As a prudent accounting policy we have chosen to expense all of these items into this period.

"The net result is that from October 2010 we are operating from a decreasing fixed cost base. The savings will be even greater from March 2011 when we plan to surrender our Alderney licence and all of our services will be operated under our Gibraltar licence,” he said, adding that the loss had been anticipated by Management.

The company also noted net gaming revenue of GBP2.31 million (2009: GBP2.47 million), and apart from this, it introduced its "Touch" mobile casino for iPhone and Android platforms during the period, and made significant investments in technology and marketing. It also closed an important b2b deal with Paddy Power through which Probability is providing mobile gambling content.

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