Record Revenues For 32Red As It Focuses On Regulated Markets

Online gaming operator 32Red has posted record revenue and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2013 after highlighting strong growth in its mobile offerings.

With mobile now accounting for 17% of total revenue – up from 8% in the first half of 2012 – total sales increased by 15% year-on-year to £19 million (€22.6 million/$30 million) in the six-month period until the end of June.

Revenue was driven by a 34% increase in active casino players to 42,455.

32Red also announced in its interim results that underlying EBITDA had rocketed by 39% from £1.8 million to £2.5 million, while profit before tax improved by 12% from £1.2 million to £1.3 million.

The company added that its earnings per share had increased by 11%, while it had £6.4 million in cash at the bank on June 30 – a 60% rise on £4 million a year earlier.

The second half of the year has also started encouragingly with underlying revenues for the first 10 weeks up 27% on the corresponding period in 2012.

“We are pleased to report another strong performance both in terms of revenue growth and in underlying profitability, which has continued into the second half of the year,” 32Red chief executive Ed Ware said.

“Our strategy remains to invest in marketing to regulated markets with a constant focus on maintaining the best user experience enjoyed by new and existing players alike.”

32Red is also hopeful that a recently-announced two-year sponsorship deal with Italian Serie A football club Bologna will help the company to boost its performance in Italy.

“While early trading in the Italian market has been slower than expected, there continues to be month on month improvement and with our new Bologna partnership, we remain confident that Italy will develop into an important and lucrative market for 32Red,” Ware added.

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