Mobile phone gaming provider Probability reported a decline in first half revenues but says that the trend in net gaming revenue is positive once more.
Revenues fell from £2.48m to £2.31m in the six months to September 2010. The loss increased from £275,000 to £758,000, although much of that increase relates to investment in technology and the costs of moving the company’s operations from Alderney to Gibraltar. The move to Gibraltar has reduced costs from October onwards and there will be a further reduction at the beginning of the next financial year when the Alderney gaming licence ends.
Trading started to improve from July onwards after the new technology had been implemented. iPhone and Android users are becoming increasingly important.
There was net cash of £876,000 at the end of September 2010. Probability raised £2.2m net at 50p a share after the period end.
House broker Daniel Stewart still forecasts a rise in revenues from £4.7m to £7.1m and a small profit in the year to March 2011.
At 60.5p a share, Probability is valued at £15.9m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds