1/27/2012 : 32RED RIDING HIGH
Record results the cherry on top
On the back of numerous industry awards and the defeat of William Hill in a trademark infringement case (see previous InfoPowa reports), online gaming operator 32Red Plc is riding high reporting a record performance in its latest set of results.
In an update on trading for the year ended December 31 2011, the company yielded record group revenues in 2011, up 48 percent to GBP 25.0 million (2010: GBP 16.9 million). Strong 2010 comparative figures were, in turn, 33 percent ahead of 2009. Consequently, 32Red's 2011 revenues are 96 percent ahead of those recorded in 2009.
Overall performance is dominated by the growth in 32Red Casino which has recorded a 42 percent increase over last year in new depositing players. Total active depositing players increased by 39 percent.
The company reported strong trading in the first twenty-four days of January, up 67 percent on the same period last year, followed by an announcement that it has its eye on the Italian market having made application for an Italian remote gaming licence from AAMS. The firm intends gaining a strong foothold in the Italian market during 2012 should the application prove successful.
Commenting on the performance, Ed Ware, chief executive officer of 32Red, said:
"2011 has been another year of progress and the sustained top line growth is encouragement to continue to invest in marketing the 32Red brand. Meanwhile, we will take measures to ensure that the level of service and support we provide to our players remains our point of difference and bolsters retention.
We were thrilled to be recognised by eGaming Review as Casino Operator of the Year in November 2011 and we are also very proud to have recently been awarded GamCare Certification. Once again, the player forum and fair play advocate, Casinomeister, has bestowed the prestigious title of Casino Operator of the Year upon us for the ninth consecutive year, which is deeply gratifying for everyone in the team.
Although we recognise the potential for uncertainty in the economy at home and abroad, we look forward to further progress during 2012. We also believe Italy represents a good opportunity for 32Red to establish itself as a leading remote gaming operator in a new market and we maintain a watching brief on other regulatory developments around the world."