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Probability

  • BY: Andrew Hore |
  • POSTED: 27/07/2009 |

Mobile gaming company Probability moved close to break even during the year to March 2009 and it could have been profitable without an increase of more than £500,000 in new product development.

Net gaming revenues rose from £3.16m to £4.99m, while the loss was cut from £1.12m to £153,000. Net cash fell from £2.5m to £2.24m at the end of March 2009, mainly due to an increase in debtors.

At 55p a share, Probability is valued at £11.9m. The share price has risen by one-fifth over the past year but it is still well below its early 2008 high.

New games being developed include versions of Trivial Pursuit, Connect Four, X-Factor, Play Your Cards Right and Grease. A deal with mobile betting software developer mFuse will open up potential white label business.

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