Probability Reports NGR Up Despite Traditionally Quiet Period
October 13, 2008 (InfoPowa News) — Britain's listed mobile gambling provider Probability plc had good news for investors in its trading update this week, which showed that second quarter 2008 net gaming revenues have grown 10 percent despite the traditionally quiet nature of the period.
Financial highlights in the update presented NGR up 10 percent on the same period as last year, to GBP 1,373,427, with 56,297 new customer signups, half of them during the month of September. Gross margin improved to 73.69 percent (Q1 2008: 69.15)
CEO Charles Cohen pointed to the firm's first roll-out of 3 Network phones containing pre-installed links to Probability's LadyLuck brand. The project will see two million handsets released over the year.
Mobile advertising relationships have been established with T-Mobile and O2, bringing access to 95 percent of the present U.K. mobile population, and a new corporate website has been launched to improve communications with shareholders at Probabilityplc.com
The first day of the newly launched Italian Job Racing game saw more than 50,000 virtual car races run.
Cohen said: "In a situation where some of the latest mobile games can cost upwards of GBP7, and there are Lottery scratchcards costing GBP2, the free download of a game such as Bingo! or The Italian Job, with stakes starting from 50p, gives customers fantastic value for money and the chance to win thousands in prizes on their mobile.
"Probability is continuing to build momentum. During the quarter we saw the successful launch of 'King Creole Slots' and 'Italian Job Racing' games under license from Paramount Pictures. We are highly confident in the prospects for our business, and we believe that our strategy for growth as a pure-play mobile gambling service is the right one."
London stockbrokers Collins Stewart said the firm was "in a compelling strategic position" to take advantage of its position as "mobile gaming supply remains limited" and the firm can leverage the distribution and marketing agreements it has with networks such as 3, T-Mobile and O2.