32Red confirms record revenue in 2016

32Red confirms record revenue in 201632Red has followed up on a preliminary results announcement by confirming it was able to achieve record revenue in the 12 months to December 31, 2016.

The operator – the subject of a takeover bid from Unibet-owner Kindred – saw record net gaming revenue of £62.3 million (€71.8 million/US$75.8 million), the same figure reported in the preliminary results, and a total that represents an increase of 28% on the previous year.

Other confirmed results include earnings before interest, tax, depreciation and amortisation of £10.6 million, up 102% on 2015, while profit before tax rocketed by 511% to £6.5 million.

Confirmation of the full-year results comes after it was revealed last month that Kindred has agreed a deal to acquire 32Red for £175.6 million.

Ed Ware, chief executive of 32Red, said the Kindred offer “reflects the strength” of the company, adding that the firm will now have additional support as it seeks to pursue further growth opportunities.

“In 2016 the group delivered continued strategic progress across the business with outstanding growth on mobile, further successful product enhancements and highly successful marketing investment, all the while maintaining one of the highest levels of regulated revenue amongst our peers,” Ware said.

“Momentum into 2017 has remained strong with net gaming revenue up 20% year on year.

“The recommended offer for the business by Kindred Group post the period end reflects the strength of the 32Red brand as well as its significant growth opportunities as a casino focused operator.

“We are confident that Kindred would provide the right fit both operationally and culturally to continue the group’s growth.”

source : www.igamingbusiness.com

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