ANOTHER GOOD YEAR FOR 32RED
21st March, 2013 at 10:03:15
Indicators all pointing in the right direction...
Online gambling operator 32Red has for the third consecutive year posted a positive set of full year results to the end of December 2012.
Key highlights for the company included:
* Third consecutive year of record revenues
* Encouraging start to trading in Italian market
* Increased investment in marketing results in 41,918 new casino players
* Result of damages inquiry in relation to trade mark action against William Hill
* Evaluation of new regulated markets ongoing
* Active 32Red Casino
players up 45% to 57,338
* Casino player yield £ 500 (2011: £ 550)
* New 32Red Casino players up 52% to 41,918
* Casino player cost per acquisition: £ 147 (2011: £ 143)
* Casino revenues up 29% to £ 30 million
* Other revnue up 23% to £ 2.1 million
* EBITDA up 23% at £ 3.4 million
* Final dividend at 1.4p - up 17 percent.
* Net cash on hand at year-end £ 4.4 million, up 29 percent.
Management reported that trading in the first 11 weeks of the year has been robust with revenues up 13% on the corresponding period in 2012.
Increases in marketing investment continued to deliver strong recruitment of new players and market share gains, and the company has been encouraged by the early indications from Italy, which is performing in line with management expectations.
Commenting on the results Ed Ware, chief executive officer, said:
"The company has enjoyed another year of considerable progress thanks to the focus and drive of the 32Red team. Not only have we delivered our third successive year of record results in 2012, but we have also successfully launched the 32Red brand in the newly regulated Italian market. Our strategy of increased investment in marketing is delivering strong levels of new player recruitment.
"This year has started strongly and we are confident of further progress in 2013, both financially and operationally, as we continue to grow the 32Red brand in regulated markets"
Related News Tags: Italy, 32red, William Hill