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32Red Earnings Report
32RED DELIVERS AGAIN
Continues “excellent operational momentum”
Online gaming company 32Red Plc has turned in another impressive set of results for the six month period ending June 30 2016.
The company delivered a record revenue performance with net gaming revenue up 63 percent to GBP 30.38 million (H1/2015: GBP 18.58 million) and gross profits amounting to GBP 7.5 million (H1/2015: GBP 4.3 million).
EBITDA amounted to 4.46 million (H1/2015: 1.24 million), an increase of 258 percent.
32Red Casino remains the company’s main revenue earner accounting for 70 percent of overall revenues and delivering growth of 24 percent on the back of increased marketing investment.
Mobile accounts for 50 percent of all casino revenues (H1/2015: 42 percent) and is considered the key growth driver.
The Italy business remains on track to break even in 2016, the company said, and continues to increase market share. The business delivered a 33 percent increase in gaming revenues over 2015.
Post close, the company has renewed its long-term contract with Microgaming for an additional five years but new terms enable 32Red to augment Microgaming’s comprehensive offer with additional content from other providers.
"We are delighted to report a record revenue and profitability performance for 32Red in the first half of 2016 which has been driven by strong growth across our business and brands,” Ed Ware, chief executive officer for 32Red commented.
“The Board remains confident of meeting its expectations for the full year."
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Singapore Gambling Exemptions Granted -
The issue of certain state-linked commercial organisations being granted exemptions from Singapores tough anti-online gambling laws has been on the table for the past few months and has been the subject of opposition complaints; protest petitions and general argument.
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