32RED DOUBLES PRE-TAX PROFITS
07th March, 2012 at 08:33:59
Expansion into Italian market as firm eyes other opportunities
Online casino operator 32Red
Plc announced its preliminary results for the year ended December 31 2011, reporting record net gaming revenues and a doubled pre-tax profit, primarily attributed to revenues derived from its casino arm.
Key performance indictors over the period included:
- Total Revenue (excluding casino acquisitions) of £ 23.57 million (2010: 16.09 million), up 47 percent
- Casino revenues amounted to £ 21.84 million (2010: £ 14.83 million), up 47 percent
- Poker Revenues amounted to £ 1.06 million (2010: £ 0.92 million), up 15 percent
- Revenue from Bingo (32Red Bingo) and emerging products (32RedBet) amounting to £ 670 000 (2010: 340 000), up 96 percent
- Revenue from Casino acquisitions amounted to £ 1.46 million (2010: £ 0.86 million), up 70 percent
- Net Gaming Revenues increased by 48% to £ 25.03 million (2010: £ 16.95 million)
- EBITDA increase by 70% to £ 2.80 million (2010: £ 1.64 million)
- Profit before tax increased by 102% to £ 2.12 million (2010: £ 1.05 million)
- EPS up 96% to 2.94p (2010: 1.50p)
- Final dividend of 0.7p per share (2010: 0.5p) bringing the Full year dividend to 1.2p per share (2010: 0.5p)
- Active depositing casino customers 39 687 up 47% on 2010
- Casino player yield £ 550 (2010: £ 519)
- New Casino depositing players 27 648, up 42% on 2010
- Casino cost per acquisition of depositing player: £ 143 (2010: £ 133)
32Red's strong performance continued into January and February with revenues up 69% over the same period 2011. Growth is attributed to strong new player recruitment due to increased marketing investment.
The popular casino operator will be expanding into the Italian online market during the first half of 2012 and was recently awarded an Italian remote gaming licence from AAMS. The group voiced its interest in further expansion in Europe and is closely watching developments in the U.S.
Ed Ware, chief executive officer of 32Red commenting on the results said:
"32Red progressed considerably in 2011 and we have improved key metrics right across the business. While we remain focused on the United Kingdom, we also look forward to expanding our profile in the regulated market in Italy where we intend to utilise our core skills and apply our business philosophy to establish the 32Red brand.
Performance in the first two months of 2012 has been strong and serves as further encouragement to continue to grow marketing investment in the business."
VERA& JOHN CASINO TAKE ON PLAY'N GO GAMES
Integration of Web and mobile based games
Vera& John Casino has selected Play'n GO for the provision of a range of web-based and mobile games in a supply deal signed this week.
The games, already live at verajohn.com, include over 52 Flash games for the web and in excess of 24 HTML5 mobile games
compatible across iOS, Android, Blackberry and Windows 7 platforms.
We see great potential in providing the experienced team at Vera&John with our games said Robert Skogh, business development director at Play'n GO. Our last 5 games released since October last year have all proved to be top performing games very well received by the players. We will continue to add new premium game content for both Web and Mobile with an aggressive roll-out plan already set.
We always want to be on top in this business meaning providing the best offers in the market. Therefore it feels natural for us integrating Playґn GOґs wide selection of high quality games in both Mobile and On-site said Dan Andersson, director of Dumarca Holdings Ltd AKA (Vera&John and DF Player).
Related News Tags: Mobile Gambling, Italy, 32red