32Red delivers record results in first half

32Red delivers record results in first half32Red has cited “strong growth” across its business and brands as the driving force behind a record performance in the six months to June 30.

Total net gaming revenue in the first half amounted to £30.4 million (€35.4 million/$39.5 million), which represents an increase of 63% on the £18.6 million generated in the corresponding period last year.

The company’s proprietary 32Red brand was responsible for £24.6 million of this total, 32% more than last year, while the Roxy Palace operation, acquired in July 2015, contributed an additional £5.8 million.

Total underlying earnings before interest, tax, depreciation and amortisation (EBITDA) came in at £4.5 million, 104% more than last year, with profit before taxation rocketing by 2,284% from just £100,000 last year to £2.5 million.

Ed Ware, chief executive of 32Red, said: “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.

“We are also delighted to announce today the renewal of our contract with Microgaming; we have enjoyed a long and strong partnership with one of the world leaders in digital gaming expertise and are very excited to have strengthened our relationship in a way that provides 32Red with further opportunities to invest in and develop our business.

“Current trading remains strong with like-for-like NGR up 4% on very strong comparatives in the second half to date.

“Underpinned by our strong online gaming brands and exciting customer-focused offer, the board remains confident of meeting its expectations for the full year.”

source : www.igamingbusiness.com

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