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Record performance by 32Red
Tue, 07 Feb, 2012
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Record performance by 32Red
Thu, 2 Sep 2010, 15:05:00
Online gaming firm <b>32Red </b>grew underlying revenues and earnings in the first half and said the good times continued in July and August. Total revenue, excluding recent casino acquisitions, rose 25% to £7.3m from £5.8m the year before, with a 29% increase in casino revenues more than offsetting a 12% decline in poker takings. Poker is, in any case, a much smaller part of 32Red's business (at around 5% of total revenues) than it is for many of its competitors. Earnings before interest, tax, depreciation and amortisation rose 12% to £0.6m from £0.5m after share option costs and exceptional items were excluded. Profit before tax and exceptional items shot up 38% to £0.3m from £0.2m. In the core casino division, active players increased by 35% on a year ago to 19,497, with the number of new players added at 12,289 some 26% higher than the number of new additions in the first half of last year. The debt free bank said cash resources at the end of June stood at £1.5m versus £1.1m a year earlier. "The first half of 2010 represents a record performance and follows a previous set of records achieved in the second half of 2009. This is in contrast to the negative growth experienced in H1 2009 and supports both our ongoing marketing investment in 32Red and our resolve to protect our brand and intellectual property rights. Our long term strategy has been centred on the United Kingdom's online casino market and while we will continue to increase investment in this area, we remain convinced that other 32Red products and services, along with expansion into new territories, remain part of our future growth," said Ed Ware, the company's chief executive officer.
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