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Probability

  • BY: Andrew Hore |
  • POSTED: 29/04/2009 |

Mobile gaming provider Probability says that its net gaming revenues were £5.06m in the year to March 2009.

That is a 60% increase over the previous year’s figure. However, fourth quarter net gaming revenues slipped from £1.16m in 2007-08 to £1.13m.

There has been increased activity since the start of March. The launch of Grease-themed games helped.

Probability added 49,506 new customers during the fourth quarter. Nearly one-quarter of a million new customers were added during the financial year. That is a gross figure and does not take account of people who are no longer active. The player base is more than 400,000

Shares in Probability recovered 5.5p to 44p each, which values the company at £9.51m. The shares have fallen 38% over the past year.

Probability had net cash of £2.24m at the end of March 2009 – a fall of just over £500,000 during the year.

Probability will capitalise some of the costs of developing new games and related advanced payments for licences.

The full year results will be published in July 2009.

Probability has signed a joint development agreement with NextGen Gaming, which develops five-reel video slots games. The games will be available from Probability and its partners.

Probability recently agreed to integrate its games into the operating systems of mobile betting technology provider mFuse’s bookmaking customers.

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