END OF DAY NEWS WRAP

The End of the Day Wrap provides a summary of the most interesting articles published by Proactive Investors during the day, including all of the main stories and exclusive interviews with executives.

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Proactive news summary, featuring Forbidden Technologies, Probability and Silence Therapeutics

January 16 2013, 6:18pm
Proactive news summary, featuring Forbidden Technologies, Probability and Silence Therapeutics

The Summer Olympic Games seem a long time ago now, but they came back in focus today after a trading update from Forbidden Technologies (LON:FBT).

The company’s revenues surged in 2012 driven by the widespread use of its video editing technology during the Olympics.

The company said sales growth had exceeded the 50% predicted by analysts by a "respectable margin".

FORScene, Forbidden’s flagship cloud-based video editing software, was used by NBC and YouTube for web video coverage of the Games, with thousands of hours of content handled by its software.

Moving on to a different set of games, namely slots and other casino offerings, mobile gaming specialist Probability (LON:PBTY) said it expects to expand its offering in the UK and Italy and remains confident of performing in line with guidance for the year to March 31 this year.

Net gaming revenue in the third quarter to December 31 came in at £2.29mln, a 22.5% increase on the comparable period last year while deposits from players was 12% up compared from last year.

This morning Probability told investors it had maintained the momentum since the first half of the year with positive ROI (return on investment) on its marketing investment in its UK B2C business after around six months, while demand from B2B and white label was strengthening.

Looking ahead, chief executive Charles Cohen said the firm's activities in Italy remained the focus - notably the launch of the slot games.

"I suppose the really big thing from an investor point of view is when do we launch slots in Italy and at what point do we start to see visibility on what kind of revenue potential there is."

While Forbidden Technologies was revelling in its podium moment and Probability was hoping to hit the jackpot in Italy, Magnolia Petroleum (LON:MAGP) moved to cool investor speculation over rumoured production rates from two the recently drilled wells.

The Prucha 1-23MH and Brandt 31-28-12 1H wells were drilled in the fourth quarter of last year and they are currently in the process of coming into production.

The company has told investors that figures posted on internet bulletin boards, that were purported to be test production rates from the two wells, derive from early 24 hour test runs by the operator.

It said that such tests are carried out as standard practice, but it said there is no simple correlation between those figures and the eventual initial production rates of the wells.

Elsewhere in the oil sector, impressive, albeit early stage, resource estimates for one of Europa Oil & Gas’s (LON:EOG) Irish prospects sent shares higher today.

Following ‘first pass’ seismic mapping of the Kiernan prospect the company, which is currently worth just £16mln, says there could be as much as 1.6bln barrels of oil in three reservoirs.

Silence Therapeutics (LON:SLN) has long been a favourite of Richard Griffiths, the founder of stockbroker Evolution, and he was back in the market this week to top up his already extensive holding.

Griffiths bought more than 11mln shares in the global leader in the discovery, development and delivery of novel RNA interference (RNAi) therapeutics for the treatment of serious diseases.

That took his holding up to just under 137mln shares, raising his stake to 7.31% from 6.71%.  


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