32Red wins big in 2011

An emphatic legal win over William Hill and strong revenue growth have seen online casino operator 32Red complete an impressive 2011.

Full-year figures show revenues increased by 48% over 2010 to a record £25.03m last year. Profit before tax doubled to £2.12m while cash reserves at year's end were £3.4m compared to £2.2m at the same point of 2010.

The final dividend will be 0.7p per share bringing the full dividend to 1.2p, 140% up on the prior year.

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32Red's trade mark battle with William Hill was settled in 32Red's favour at the end of the year, with the firm now anticipating a pay out from the bookmakers, having already received £70,000 in costs.

The management is also highlighting the award of an online gaming licence for the Italian market, offering growth opportunities in Europe's third largest (albeit distressed) economy.

32Red's Chief Executive Ed Ware said performance through the beginning of 2012 "has been strong".

The shares gained 5% shortly after the open in London but by 12:04 had eased somewhat, showing a gain of 1.2%. Over the last 12 months 32Red shares have risen 119%.

BS