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Annual Results

32Red FY pretax profit surges 49%

05 March 2015 07:25

32Red has booked a FY pretax profit up 49% to £3.4m, from £2.3m. Total net gaming revenue was £32.1m, up 26% from £25.4m. The gaming revenue was heavily weighted to its underlying business.

It proposed a final dividend of 1.4p a share, up 40%, taking the total to 2.4p, up 33%.

CEO Ed Ware said:

"32Red has achieved another excellent performance and continues to go from strength to strength. Our increased marketing investment during the period has proved very successful and driven the Company to its fifth consecutive year of revenue and profit growth.

"The successful integration of Go Wild UK demonstrates our ability to source and integrate earnings enhancing acquisitions, which build upon our second to none customer service offering.

"32Red is a highly cash generative business with a strong balance sheet and I believe there are significant growth opportunities that we are well-placed to take advantage of in the market.

"Despite the recent introduction of a new UK regulatory environment, we have achieved a strong start to the new financial year and I am confident in our ability to continue to grow the business for the long term and look forward to the future with confidence."

Key highlights:

- Fifth consecutive year of double digit growth in organic revenues, accelerating in H2

- Step up in marketing investment driving top line organic growth and yielding healthy returns

- Three year sponsorship of Rangers Football Club announced in April 2014

- Successful launch of new sportsbook, 32Red Sport, in June 2014

- Progress in Italy and new marketing campaign launched in early 2015

- Successful integration of the Go Wild UK business, acquired in September 2014

- Strong start to 2015 with current trading up 35% in the first two months of the year

Key performance indicators:

- Active 32Red Casino players up 15% to 82,155 (2013: 71,266)

- Casino player gross gaming yield £510 (2013: £485)

- New 32Red casino players up 17% to 44,385 (2013: 38,033)

- Casino player cost per acquisition: £184 (2013: £156)

- Mobile revenues up 89% on 2013, representing 32% of total casino revenues (2013: 21%)

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