Mobile specialist Probability has reported a 15 per cent increase in net gaming revenues to £5.4m for the year ended March 31, 2011.
The increase comes following a rapid upswing in revenues in the second half of the year, with net gaming revenues 34 per cent higher than the first half.
The company has enjoyed strong growth in revenues and customer activity in its core mobile gambling business, with iPhone and Android customers providing 37 per cent of in-game deposits during March 2011, compared to 27 per cent in December 2010.
The completion of a significant technology investment programme and restructuring during the 2010/2011 financial year meant a significant increase in revenues from a lower operating cost base. CEO Charles Cohen commented: "We are confident with strong growth in our B2C and B2B operations, as well as the benefit of lower operating costs in Gibraltar, that these profits are sustainable. As most of our costs are fixed, we expect margins in the core business to increase as revenues grow."
Following the publication of the regulatory decrees in March, the company has commenced the application application process for an Italian gambling licence. Talking about Probability’s plans for the year ahead, Cohen commented: "We will shortly be launching a new bingo product which will be the first ever to be available for all types of mobile device, including iPhones, iPods and Android devices as well as more traditional feature phones."
