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32RED DOUBLES PRE-TAX PROFITS
03/07/2012 : 32RED DOUBLES PRE-TAX PROFITS
Expansion into Italian market as firm eyes other opportunities
Online casino operator 32Red Plc announced its preliminary results for the year ended December 31 2011, reporting record net gaming revenues and a doubled pre-tax profit, primarily attributed to revenues derived from its casino arm.
Key performance indictors over the period included:
- Total Revenue (excluding casino acquisitions) of GBP 23.57 million (2010: 16.09 million), up 47 percent
- Casino revenues amounted to GBP 21.84 million (2010: GBP 14.83 million), up 47 percent
- Poker Revenues amounted to GBP 1.06 million (2010: GBP 0.92 million), up 15 percent
- Revenue from Bingo (32Red Bingo) and emerging products (32RedBet) amounting to GBP 670 000 (2010: 340 000), up 96 percent
- Revenue from Casino acquisitions amounted to GBP 1.46 million (2010: GBP 0.86 million), up 70 percent
- Net Gaming Revenues increased by 48 percent to GBP 25.03 million (2010: GBP 16.95 million)
- EBITDA increase by 70 percent to GBP 2.80 million (2010: GBP 1.64 million)
- Profit before tax increased by 102 percent to GBP 2.12 million (2010: GBP 1.05 million)
- EPS up 96 percent to 2.94p (2010: 1.50p)
- Final dividend of 0.7p per share (2010: 0.5p) bringing the Full year dividend to 1.2p per share (2010: 0.5p)
- Active depositing casino customers 39 687 up 47 percent on 2010
- Casino player yield GBP 550 (2010: GBP 519)
- New Casino depositing players 27 648, up 42 percent on 2010
- Casino cost per acquisition of depositing player: GBP 143 (2010: GBP 133)
32Red's strong performance continued into January and February with revenues up 69 percent over the same period 2011. Growth is attributed to strong new player recruitment due to increased marketing investment.
The popular casino operator will be expanding into the Italian online market during the first half of 2012 and was recently awarded an Italian remote gaming licence from AAMS. The group voiced its interest in further expansion in Europe and is closely watching developments in the U.S.
Ed Ware, chief executive officer of 32Red commenting on the results said:
"32Red progressed considerably in 2011 and we have improved key metrics right across the business. While we remain focused on the United Kingdom, we also look forward to expanding our profile in the regulated market in Italy where we intend to utilise our core skills and apply our business philosophy to establish the 32Red brand.
Performance in the first two months of 2012 has been strong and serves as further encouragement to continue to grow marketing investment in the business."
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