Probability posts maiden quarterly profit
CEO lauds "transformational" year for mobile gambling specialist.
Mobile operator and B2B provider Probability has posted its first-ever quarterly profit, the company has revealed in its financial results for the three months ended 31 March.
Chief executive Charles Cohen spoke of a “transformational” 12 months, during which time the business acquired Italian mobile specialist Playyoo and signed a partnership with Glu Mobile.
Net gaming revenue was down for the quarter, falling 9.5% from £2.1m to £1.9m, however the 12-month total of £8.8m represented a 20% increase compared to FY 2012.
Probability entered the Italian market for the first time in the second half of the financial year, launching mobile slots in December following the approval of the product by regulatory authority AAMS, launching its offering with local operators including Snai and Lottomatica.
The company’s B2B offering generated more than half of platform revenues for the first time, with its 60% contribution up from 43% in the previous financial year, however B2C revenues also experienced a 15% year-on-year rise.
The 2013 financial year has also seen Probability experience notable executive changes, with Matthew Sunderland appointed chief operating officer and Qurban Hussain appointed as the company’s first ever board-level CFO.
“We remain confident of growth in FY14 as we invest in both B2C and B2B revenue streams,” Cohen said in a statement this morning.