Thursday July 18,2013 : RECORD REVENUES FOR 32RED IN TRADING UPDATE
Softer trading in Italian market offset by strength of core brand
Online gaming operator 32Red Plc has presented record revenues in its First Half 2013 trading update despite softer than expected revenues derived from the Italian market.
The company reported a 15 percent increase in Total Gross Win to GBP 19 million (H1/2013: GBP 16.5 million) and Gross Win Revenue of GBP 16.9 million, up 17 percent compared to the same period last year.
Active customers were up 34 percent despite a decrease in new casino players, a lower player yield and smaller casino cost per acquisition.
32Red.it expects further progress from the launch of a mobile casino and has seen revenues consistently grow month on month despite initial trading being softer than expected.
Other key performance indicators include:
– Casino revenue of GBP 17.4 million (H1/2012: GBP 15.2 million), up 14 percent
– Total Underlying revenue of GBP 18.5 million (H1/2012: 16.5 million), up 12 percent
– Italy revenues of GBP 500 000
Ending on a positive note, the company said the outlook for the full year and current trading are in line with expectations. And that the strength of its core business should offset start-up losses for its Italian operation, leaving the board's financial expectations for the full year unchanged.
Current trading shows a Gross Win for the sixteen days to 16 July up 13 percent on the corresponding period in 2012.
Commenting on the performance, Ed Ware, CEO of 32Red, said:
"We are pleased with another strong performance from 32Red. We have maintained our clear focus on providing a high quality experience for our players which is underlined by our trading performance.
"It is also supported by the results from the recent Mystery Shopper examination undertaken by etruvian across the industry; the survey identified the 32Red customer experience as the very best in the market place"