Internet betting site 32Red has announced their first half 2016 financial results, noting a large amount of growth during the period.
Key financial indicators for the first half ending June 30th, 2016 were:
- Net Gaming Revenues of £30.4 million, up 64% from the same period last year
- 32Red's revenues were £24.6 million, while Roxy Palace (a subsidiary group) brought in £5.8 million
- EBITDA was £4.5 million, up 104% from last year
- Profits before tax of £2.5 million, up 2,284% from last year's profit of £100,000
Commenting on his company's results 32Red CEO Ed Ware said, "We are delighted to report a record revenue and profitability performance for 32Red in the first half of 2016 which has been driven by strong growth across our business and brands. We are also delighted to announce today the renewal of our contract with Microgaming; we have enjoyed a long and strong partnership with one of the world leaders in digital gaming expertise and are very excited to have strengthened our relationship in a way that provides 32Red with further opportunities to invest in and develop our business."
"Current trading remains strong with like-for-like NGR up 4% on very strong comparatives in the second half to date. "Underpinned by our strong online gaming brands and exciting customer-focused offer, the board remains confident of meeting its expectations for the full year."