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32Red Booms In First Half Of 2012

UK based internet wagering giant 32Red plc has released its first half 2012 financial results, showcasing large increases in nearly every financial area.

Key financial indicators for the period ending June 30th were:

The half-yearly report included the following highlights:

  • Revenues rose 50% to £16.5 million - a new record for the firm.

  • EBITDA before share option costs and exceptional items was up 12% to £1.7 million.

  • Active casino players in first 6 months up 81% to 31,722 (H1,2011: 17,548)

  • Casino player yield £457 (H1,2011: £543)

  • New Casino players up 93% to 18,724 (H1,2011: 9,704)

  • Casino cost per player acquisition: £166 (H1,2011: £173)

  • William Hill's appeal over 32Red trade mark infringement case was dismissed. 32Red reported exceptional costs of £59,000 in this connection - the costs associated with the case were £129,000 pounds and the company has received an initial payment of £70,000. A hearing next year is expected to settle the level of damages and liability for costs associated with original hearing in 2010

  • Interim 2012 dividend of 0.6p declared, up 20% on 2011

  • Current trading remains strong - up 22% in July and August 2012

32Red also announced that it is set to launch betting services in Italy before the end of the year, the first major step outside the UK market in ten years.

Commenting on the results, 32Red CEO Ed Ware said: "While we continue to focus on our core market of the UK, we look forward to utilising our Italian licence to expand the profile of the brand and to grow business in another regulated market."

"We are very pleased to have delivered another strong performance during the first half of 2012, across all key measures. This performance has continued during the first 2 months of the second half of the year, despite the excitement and distraction of the Olympic Games."

"The sustained revenue growth across the Group has been primarily driven by the 32Red Casino and we continue to work on further enhancing the player experience as well as our marketing effectiveness."

"As previously stated, we intend to enter the Italian online casino market in early Q4 and we are looking forward to commencing marketing and operational activities.''

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