TTR.L Share News (TTR)

First half profits at bookmaker 32Red fell slightly, despite a solid performance in all departments, leading to record revenues.Net gaming revenue for the six months ended 30 June was up 20% to £15.2m, while revenues from the mobile casino division rose 124% and now represents 32% of the total casino sales, which generated 95% of the underlying revenues in the period.Earnings before interest, tax, depreciation and amortisation soared 22% to a first half record £2.3m, though profit before tax fell 7% to £1.2m.The group said the rise in cost was due to £0.4m worth of investment in Italy, where the business had doubled in size and would target further marketing investments from the fourth quarter onward, while amortisation charge related to acquired intangible assets rose to £0.5mEarnings per share fell 8% to 1.63p, while the interim dividend declared was up 25% to 1p."The recently launched 32Red Sports betting site is performing well and complements our growing sponsorship in British horseracing and our exciting partnership with Rangers Football Club," said group chief executive Ed Ware."Current trading is strong and I look forward to a good finish to 2014.''The bookmaker signed a three-year deal to sponsor Rangers Football Club, the third football club to sign a sponsorship deal with the firm, as the group announced its intent to further expand its business next year.32Red said the second half had started strongly with gross gaming revenue for the first 12 weeks up 23% year-on-year and it said it expected to meet its expectations for the full year.32Red shares were up 2.21% to 55.45p.