The British online gambling operator 32Red has posted its interim results for the first half of the fiscal year, revealing strong growth and excellent performance over the first six months ended on June 30th.
The Chief Executive Officer of the casino and betting company Ed Ware said that everyone at the company were quite satisfied with the record revenue and excellent performance of 32Red on the UK gambling market over the above-mentioned period. According to him, the profitability demonstrated by the operator had been been stimulated by strong growth in 32Red business and brands.
In addition to commenting on the financial results for the first half of the current fiscal year, the Chief Executive Officer of the UK-based operator also revealed that the company had renewed their partnership agreement with Microgaming. He described the two companies’ collaboration as “a long and strong” one, saying that the entire team of 32Red was very excited by the fact the bond between them had been bolstered. According to Mr. Ware, further investment opportunities would be available to the company thanks to the Microgaming partnership.
According to the data revealed by 32Red in its first half year report, the total net gaming revenues of 32Red increased by 63% from £18.6 million in the same period a year earlier, to £30.4 million to June 30th 2016.
The revenues generated by the company’s casino operations also posted an increase, reaching £21.2 million. The Italian division of the provider managed to post a 33% increase from £0.9 million to £1.1 million. The Roxy Palace brand, which was acquired by 32Red in July last year had a £5.8-million contribution to the total net gaming revenues of the company.
In addition, the UK-based company revealed that the mobile casino brand was the major driving force of its overall growth, as it accounted for 50% of the operator’s total casino revenues. In comparison, last year a 42% increase was announced.
32Red also announced a massive growth in its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), which rose by 104% from £2.2 million to £4.5 million. The pre-tax profit of the British casino, betting and gaming provider also increased by 2,284%, reaching a total of £2.5 million.
- Author
Olivia Cole
