London based gambling company 32Red has released its first half financial results, and is boasting 42% growth year over year.
Ed Ware, 32Red Chief Executive said, "The excellent performance in the first half of 2011 is particularly pleasing as it builds on a very strong trading year in 2010. The 32Red brand continues to flourish and increased player activity is testament to our superb customer retention, which in turn is driven by the continued excellent levels of service and entertainment provided to our players.
"Recruitment of new players remains strong and the launch of a new series of 32Red television advertisements allied with additional exposure from our Swansea football sponsorship will aim further to increase our market share during the second half of the year.
"Further to our victory over William Hill in the High Court, the judgment which was handed down in January firmly establishes our intellectual property rights and has enabled us to recover infringing domains unconditionally from other operators.
"The underlying growth in the business has continued into July and August with revenues up 51% on the corresponding period in 2010. We will continue to focus the 32Red brand in the UK and are encouraged by the progress a number of European countries have made towards creating their own regulatory frameworks.''
Key performance indicators for the first half of 2011 were:
Revenues of £11 million in the first half of 2011.
156% increase in EBITDA before share options and exceptional items.
High Court victory in trademark dispute with William Hill.
Successful legal action taken against operators who infringed on 32Red's business.
Inaugural Final 2010 Dividend of .5p approved and paid in May.
Inagural Interim 2011 Dividend of .5p announced this week.
Key financial indicators were:
Active casino customers up 12% over the same period last year to 21,745.
Casino player yield up 27% over the same period last year to £438.
New casino players up 13% over the same period last year to 13,091.
Cost of casino per player acquisition down £1 from last year to £118.
Current trading results are:
-Revenues for July and August were up 51% over the same period last year.