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probabilityLondon-based specialist mobile gambling software provider Probability has released a trading update for the three months to the end of March showing that it achieved a first-ever profit for the period despite seeing its associated net gaming revenues decline by 9.5 percent year-on-year to £1.9 million. Listed on the Alternative Investment Market (AIM) of the London Stock Exchange, Probability revealed that 60 percent of its platform revenues in the quarter came from business-to-business operations, which represented a rise of 17 percent year-on-year, while average revenues per user from business-to-consumer and ‘white-label’ players it managed increased by eleven percent when compared to the same period in 2012 to £119. Probability stated that it expects to report full-year net gaming revenues of around £8.8 million, which would be an improvement of some 20 percent year-on-year, and produce ‘modest full-year positive earnings before interest, tax, depreciation and amortisation for the core UK business’. The three-month period saw Probability launch six new slot games including the first from its partnership with Glu Mobile, Samurai vs Zombies Slots, and a second bespoke title for Paddy Power, Steaks And Stallions. The company also utilised its new Slot-O-Matic technology to released more titles over the three-months than for the whole of the preceding nine, which helped to it declare net cash and equivalents at the end of the quarter of approximately £3.6 million including £2.6 million from a January placement. “This has been a transformational year for Probability with the company entering the Italian market and the core UK business delivering its maiden quarterly profit and a modest earnings before interest, tax, depreciation and amortisation profit for the full 2013 financial year,” said Charles Cohen, Chief Executive Officer for Probability. “Although achieving profitability within the fourth quarter, we experienced softer demand in January and February of 2013 following record income in December of 2012 across both business-to-business and business-to-consumer. Given the seasonality experienced we actively chose to reduce planned marketing spend within the period as we look to maximise the impact of our marketing investment. “We saw a strong recovery in March versus February with both active players and net gaming revenues up 23 percent and seven percent respectively partly driven by new game releases powered by our unique Slot-O-Matic system. “We remain confident of growth in fiscal year 2014 as we invest in both business-to-consumer and business-to-business revenue streams, supported by aggressive future-proofing of our technology platform and game offering with Slot-O-Matic and other innovations.”

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