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Annual Results

Record revenues for 32Red

10 March 2016 13:07

32Red, the award-winning online gaming operator, reports record revenues for the year ended 31 December.

Total net gaming revenues increased by 52% to £48.7m (2014: £32.1m). This strong performance was driven by a combination of accelerated organic growth in our core business (+35% on 2014) and a contribution from Roxy Palace acquired on 14 July 2015.

This strong revenue growth resulted in a 76% increase in pre-POCT underlying EBITDA to £11.2m (2014: £6.4m). After the payment of POCT of £4.8m in 2015 (2014: £0.4m), post-POCT underlying EBITDA increased by 7% to £6.4m (2014: £6.0m). In line with our strategy for the long-term development of the 32Red brand in Italy, we saw opportunities to increase marketing investment in that market during the year which resulted in losses of £1.2m (2014 loss: £0.6m). After accounting for this investment, reported EBITDA for the year totalled £5.2m (2014: £5.4m). Further to the acquisition of the business assets of Roxy Palace during the year, amortisation of intangible fixed assets increased to £2.2m for the year (2014: £1.1m) and exceptional items totalled £0.6m (2014: £0.2m). This resulted in Profit before Taxation of £1.1m (2014: £3.4m). The Group had a cash balance of £10.3m as at 31 December 2015 (2014: £7.0m) and has no borrowings.

Chief executive Ed Ware said: "2015 was a very exciting and indeed record-breaking year for 32Red, achieved despite significant external regulatory and tax headwinds. These results are an excellent demonstration of 32Red's core strengths - a talented and dedicated team, first class ROI-driven marketing skills and established, highly appealing online gaming brands. "The acquisition of the Roxy Palace business in July complements the strong organic growth delivered in the core business as we exploited targeted marketing opportunities and attracted new customers to the 32Red brand. Marketing expenditure will be increased again in 2016 we are well positioned for another year of progress, building on the excellent achievements in 2015."

At 1:07pm: (LON:TTR) 32Red PLC share price was -10p at 147p

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