viewProbability Plc

Probability reports improvements in trading


Mobile gaming group Probability (LON:PBTY) enjoyed its second straight quarter of growth thanks to strong demand from fans of its B2C business, which includes the LadyLuck's mobile casino.

The company welcomed quarter-on-quarter growth of 5.1% in the B2C (business to consumer) business in the final three months of 2013.

Gaming margins in the division were stable at 4.8%, while it also said it saw improved yields from B2C and white label players.

Quarterly average revenues per player were 6% higher than the previous quarter as gaming margins stabilised and promotional campaigns performed well.

Players in the core B2C business bet more frequently – 3% more than the prior quarter and 16% more than the same period a year ago, which Probability attributed to innovations such as the Daily Bonus Bonanza feature for its LadyLuck's players in the UK.

The quarter also saw its contract with William Hill online renewed and the launch of its Project Xmas bespoke slot for Paddy Power.

Revenues from Italy meanwhile grew 36% compared with the previous quarter.

Marketing investment in the quarter was £500,000, which the company said typically takes up to six months to produce a positive net return.

It ended the year with around £1.4mln in cash.

Probability’s chief executive Charles Cohen said: “This was the second quarter of growth in a row, as we continue to focus upon delivering a business built upon solid foundations of cost efficient marketing and higher per-player revenues.

“All the underlying metrics, such as conversion rates, deposits per active player, and wagering levels point to this being a sustainable trend that we can build upon.”

The company also confirmed that it is still in advanced talks with a major US casino operator over a potential deal.

“These conversations are proceeding well and we will continue to update investors on this new opportunity when appropriate to do so,” Cohen added.

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