Probability losses widen on strategic investment
Probability saw a greater pre-tax loss this fiscal year due to strategic investment in technology.
Mobile phone gambling specialist Probability saw a wider pre-tax loss for this fiscal year compared to the previous 12 months, it announced to the London Stock Exchange this morning.
For the 12 months to March 31, losses before tax grew from £153,000 in 2009 to £755,000 for the fiscal year ended March 31. The company’s net gaming revenue was £4.7 million, down from £5m in 2009.
Probability attributed the loss to “strategic investment in technology” with investments resulting in a business-to-business deal with Paddy Power signed in May and iPhone gambling games launched in June. A Spanish language brand, RingRingJuegos, was also launched in the summer.
Graham Parr, Probability chairman, said it had been a year of “significant investment” for the firm and that the investment decisions it has made are “right for the company’s long term growth potential”.
Probability saw its gross win per cash player rise by 18% compared to the previous year and processed its 500,000,000th mobile gambling transaction at the end of 2009. During the course of the fiscal year Probability also renewed key distribution deals in the UK for its LadyLuck’s Mobile Casino with the Orange and Three mobile networks.
The company plans to continue its expansion into newly regulated countries in Europe, it said in this morning’s statement. “With countries such as Italy and France now looking to allow more providers in, we are optimistic of being able to build on our reputation from the UK market to achieve even greater reach,” Parr added.