32Red PLC Reports Interim results for the Six Months Ended 30 June 2015, Record Revenue Performance
32Red, one of the biggest gambling operators in the online industry for online casino, poker and bingo entertainment. As a British online casino company licensed in Gibraltar, 32Red’s business is registered on the Alternative Investment Market, a section of the London Stock Exchange. This week reports of its financial results for the first half of the year were announced. Net gaming revenues from January 1st until June 30th amounted to £18.6 million which is a 22% increase for the operator. Last year for the 2014 gaming year they netted £15.2 million, so definitely an increase with revenues.
32Red announced that 85% of its overall revenue came from taxed and regulated markets, and that £17.7 million was from underlying net gaming revenues with the Italian market bringing in £0.9 million. 32Red mobile operations continue to gain as well with 42% of the total revenues coming from its mobile services.
32Red announced the acquisition of Roxy Palace in July. Since its acquisition of the “strong complimentary brand” they have generated £2.5 million with its 500 plus games. Chief Executive Officer, Ed Ware commented that the company’s revenue increase is thanks to the “strong brand, leading customer offer and return on investment-driven marketing expertise.” Ware also commented that the company believes that they will meet all initial expectations for the full year results.
“We are delighted to report a record revenue performance for 32Red in the first half of 2015 with NGR from the business up by 22%. This performance was underpinned by our strong brand, leading customer offer and return on investment-driven marketing expertise. Excluding the impact of the newly introduced point of consumption tax in the UK, underlying EBITDA* was up 57% reflecting the strong operational momentum in the business.
Current trading remains strong with like-for-like GGR up 52% on the prior year in the second half to date and the Board remains confident of meeting its expectations for the year as a whole given our well-focused and exciting customer offer.” – Chief Executive Officer, Ed Ware
The award-winning online casino, poker and bingo operator was established in 2002 and since then have become second to none in leading the industry with a committment to secure online gaming.