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Probability

  • BY: Andrew Hore |
  • POSTED: 10/08/2011 |

Mobile gaming firm Probability says that smartphones currently account for two-fifths of its revenues.

Net gaming revenue moved ahead from £4.72m to £5.37m in the year to March 2011 and the rate of growth was faster in the fourth quarter. Increased admin expenses led to a higher loss in the period. This was due to £700,000 of one-off costs relating to restructuring and the move to Gibraltar. The loss rose from £755,000 to £1.15m. An operating profit was generated in the fourth quarter. There is £2.85m in the bank.

Revenues were at record levels in July and fixed overheads are lower than one year ago.

Probability has signed a deal with Mexican firm Caliente and it is making progress on expanding into Italy.

At 49.5p a share, Probability is valued at £13.3m.

House broker Daniel Stewart forecasts a profit of £1.4m for 2011-12. The shares are trading on less than 10 times prospective 2011-12 earnings. net cash could grow to more than £4m. 

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