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32Red Releases Year End Financial Results

Online casino group 32Red Plc has released its year end financial results, highlighting record net gaming revenues and a doubled pre-tax profit.

Key financial indicators for the period ending December 31, 2011 were:

  • Total Revenue (excluding casino acquisitions) of £23.57 million (2010: 16.09 million), up 47%

  • Casino revenues amounted to £21.84 million (2010: £14.83 million), up 47%

  • Poker Revenues amounted to £1.06 million (2010: £0.92 million), up 15%

  • Revenue from Bingo (32Red Bingo) and emerging products (32RedBet) amounting to £670,000 (2010: 340,000), up 96%

  • Revenue from Casino acquisitions amounted to £1.46 million (2010: £0.86 million), up 70%

  • 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)

Commenting on his company's performance, 32Red CEO Ed Ware 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."

The company also reported that the strong financial results continued into the first two months of the year with gaming revenues in January and February up 69% over the same period last year. The growth is attributed to strong player recruitment due to a larger marketing investment.

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