32RED ANNOUNCES STRONG RESULTS
18th January, 2011 at 08:04:07
Second Quarter 2010 has yielded record results
Online gaming operator, 32Red Plc released strong results in its trading update for the year ended 31 December 2010. The group run 4 online casinos including 32Red Casino
itself along with poker and mobile offerings.
The strong trading performance reported in the first half has continued during the second half of the year and has yielded record revenues of £ 16.9 million, up 33% on 2009.
- 32Red Casino up 29% to £ 14.8 million (2009: £ 11.5 million)
- 32Red other products generated £ 1.3 million
- Total excluding acquisitions £ 16.1 million (2009: £12.8 million), up 26 percent
- Acquired casinos £ 800 000
- Total Revenue is up 33% with a result of £ 16.9 million (2009: £12.8 million)
32Red Casino, the Company's principal business, is the over-riding driver for the Group's growth and this performance has been delivered through:
- Improved customer retention with active casino players totaling 30,933 - up 23% on 2009.
- Casino player yield totaled £ 479 per player (2009: £ 458)
- Increased new customer recruitment with total new casino players totaling 21,853, up 14% on 2009, attracted at a cost per acquisition of £ 119 (2009: £ 95)
Trading in 2011 to date has been strong across the Company's products and the Board looks forward to a successful and exciting year.
Chief executive officer comments:
Ed Ware said : "The strong 2010 performance is particularly pleasing in times of continued economic uncertainty in our primary market, the UK. The strong recruitment of new players and our improved customer retention are a tribute to the strength of the 32Red brand and to the continued excellent levels of service provided to our players.
We will continue to focus the 32Red brand in the UK and maintain a close watching brief on regulatory developments in Europe and the Rest of the World."
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