Online gaming operator 32Red reported record first half revenues, up fifty per cent from the same time last year as momentum continues into the second half.
The casino group said revenue increased to £16.5m for the first half to 30th June from £11m a year earlier. EBITDA before share options and exceptional items increased 12% to £1.7m.
Active casino players during the first six months of the year jumped 81% to 31,722. Casino player yield fell to £457 from £543 in the same half in 2011. New Casino players surged 93% to 18,724.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group, which is set to launch its brand in Italy in the second half, said current trading remains strong and in line with management expectations.
"Revenues for July and August 2012 are up 22% on the corresponding period in 2011 despite the Olympics taking place at that time. The Board continues its strategy of investing in UK marketing and will commence marketing activity in Italy during the second half of the year," the group explained.
CEO Ed Ware added the group's strong performance has continued during the first 2 months of the second half, despite the distraction of the Olympic Games.
"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," he explained.
"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. 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 the business in another regulated market."
An interim dividend of 0.6p has been recommended, up 20% from 2011.
CJ
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
