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32Red First Half 2013 Financials Show Strong Growth

Internet betting operator 32Red has released its first half 2013 financial results, noting an increase in sales and large growth in mobile betting.

Key financial indicators for the half ending June 30th, 2013 were:

  • Strong growth in mobile operations, which now deliver 17% of revenue - well up from 8% in the comparable period last year.

  • Total sales up 15% year-on-year to £19 million.

  • A 34% increase in active casino players to 42,455.

  • Underlying EBITDA soared 39% from £1.8 million to £2.5 million.

  • Profit before tax up 12% to £1.3 million (H1-2012: £1.2 million).

  • Earnings per share up 11%.

  • Cash on hand at end June 2013 of £6.4 million - up 60% y-o-y.

Commenting on his company's performance, 32Red CEO Ed Ware said, “Our strategy remains to invest in marketing to regulated markets with a constant focus on maintaining the best user experience enjoyed by new and existing players alike.”

Speaking about the Italian market Ware added: “While early trading in the Italian market has been slower than expected, there continues to be month on month improvement and with our new Bologna partnership, we remain confident that Italy will develop into an important and lucrative market for 32Red."

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