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Interim Results

32Red records surge in H1 pretax profit

21 September 2016 07:38

32Red has recorded a bumper surge in its H1 pretax profit to £2.5m, from £0.1m. Total net gaming revenue was £30.4m, from £18.6m, with the biggest gain in 'other products'.

Interim dividend was 1.3p a share, from 1.1p.

CEO Ed Ware commented:

"We are delighted to report a record revenue and profitability performance for 32Red in the first half of 2016 which has been driven by strong growth across our business and brands.

"We are also delighted to announce today the renewal of our contract with Microgaming.

"We have enjoyed a long and strong partnership with one of the world leaders in digital gaming expertise and are very excited to have strengthened our relationship in a way that provides 32Red with further opportunities to invest in and develop our business.

"Current trading remains strong with like-for-like NGR up 4% on very strong comparatives in the second half to date.

"Underpinned by our strong online gaming brands and exciting customer-focused offer, the Board remains confident of meeting its expectations for the full year."

HIGHLIGHTS:

- Record revenue performance with NGR for the period up 63%

- Record EBITDA performance, up 258% on H1 15

- Italy on track to break even in the year

- 75% of revenues from regulated and taxed markets

- Mobile casino driving growth and represents 50% of total casino revenues (2015: 42%)

- Interim dividend increased by 18% to 1.3p (2015: 1.1p)

- Successful launch of new 32Red Casino responsive, multi-platform website in April 2016 delivering encouraging results

- Confident of meeting management expectations for the full year.

Story provided by StockMarketWire.com

Related Company: TTR

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