Today, the Gibraltar-based online gambling operator 32Red issued a trading update, announcing record annual revenue and EBITDA performance for the year that ended on December 31st, 2016. The 2016 preliminary results of the company are expected to be brought to light on March 9th, 2017.
The Chief Executive Officer of the company Ed Ware commented on 32Red’s performance and annual results, describing the year as “hugely successful” for the operator, especially in terms of its revenues and profits. Mr. Ware revealed that the excellent performance of the British online casino and gaming operator has been pushed up by the strong growth registered by its core casino products.
The company’s boss further explained that the continuous progress delivered by 32Red was reached by following the successful growth strategy and supported by the brand’s strong market presence. According to Mr. Ware, the partnership contract inked over the second half of the fiscal year were strategically important for the operator and would help it deliver the goals set in its growth strategy.
As revealed by the company in its trading update, the gaming operator generated record net gaming revenues (NGR) over the year ended on December 31st, 2016. The NGR of 32Red increased by 28% to reach £62.3 million. In comparison, the net gaming revenue of the company amounted to £48.7 million in 2015. In addition, the online gambling operator revealed that 77% of there revenues were generated from taxed and regulated markets. Last year, the regulated and taxed markets accounted for a total of 80% of the company’s revenues.
Once again, 32Red highlighted the fact that the record annual net gaming revenue in 2016 was driven by a number of factors, including strong organic growth in the major business of the operator, as well as a massive contribution from the Roxy Palace brand. The latter was acquired by 32Red in July 2015.
The Gibraltar-based company also revealed that the net gaming revenue of its casino operations increased by 26% over 2016, reaching £58.5 million. In comparison, the casino operations accounted for a net gaming revenue of £46.3 million a year earlier. A strong, 33% net gaming revenue increase to £2.3 million was also registered by the Italian division of 32Red Casino. The net gaming revenue of Roxy Palace grew by 103% from £5.2 million in 2015 to £10.6 million in 2016.
In its trading update, 32Red also revealed that its preliminary results are expected to be corresponding to the previous outlook of the company’s Board of Directors.
- Author
Olivia Cole
