21 Jul 2011 07:00
32Red Plc
("32Red" or "the Company")
Trading Update
32Red Plc, the award-winning online betting and gaming operator, is pleased to provide an update on trading for the six months ended 30 June 2011.
First Half 2011 Summary
The Company is delighted to report record revenues with total Gross Win up 42% to £11.0m (2010: £7.8m) in the first six months of 2011. The performance is particularly pleasing in light of strong H1 10 comparative figures that were, in turn, 33% ahead of H1 09. Consequently, revenues in the First Half of 2011 are 89% ahead of those recorded in the same period in 2009.
Revenues (£m) | H1 2011 | H1 2010 | VARH1 11v H1 10 | H1 2009 | VARH1 11vH1 09 |
Casino (Ex Acquisitions) | £9.5m | £6.8m | +41% | £5.2m | +82% |
Other products | £0.9m | £0.5m | +67% | £0.6m | +52% |
Total Revenue (Ex Acquisitions) | £10.4m | £7.3m | +43% | £5.8m | +79% |
Revenue from Acquisitions | £0.6m | £0.5m | +23% | - | n/a |
Total Revenue | £11.0m | £7.8m | +42% | £5.8m | +89% |
Casino Performance
Overall performance reflects the continued excellent trading at the Company's flagship operation, the 32Red Casino:-
·; Gross Win (revenue) £9.5m, up 41% on 2010
·; Active casino customers 21,745 up 12% on H1 10
·; Casino player yield £438, up 22% on H1 10
·; New Casino players 13,901, up 13% on H1 10
·; Casino cost per acquisition: £118 (H1 10: £86; FY 2010: £119)
Current Trading and Outlook for the Full Year
Gross Win for the first nineteen days in July are up 67% on the corresponding period in 2010. The strong H1 trading performance and current trading is likely to see the Company deliver revenues and profits that are significantly ahead of current market expectations for 2011.
Trade Mark infringement case
In October 2010, 32Red was successful in its trade mark action in the High Court against William Hill. As a result of that successful action 32Red is entitled to damages. The level of damages relating to this case and the liability for costs will be assessed at future hearings in the High Court. William Hill have appealed against the decision of the High Court. Dates for all future hearings are awaited.
Commenting on the performance, Ed Ware, CEO of 32Red, said:
"This exceptional year on year growth is particularly pleasing given the strong trading experienced during the comparative period. Our marketing has become more effective and has yielded encouraging results. We will build investment in this area throughout the remainder of the year.
"32Red was delighted to have renewed the sponsorship of Swansea City Football Club for a further three years in February, and we congratulate the Club on promotion to the Premier league.
"While the focus remains in the UK, the Board continues to monitor developments in Europe."
The Group will announce its full interim results on Thursday, 8 September 2011.
21 July 2011
Enquiries:
32Red Plc | Tel: 00 350 200 49396 |
Ed Ware, CEO |
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Jon Hale, Finance Director |
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Numis Securities Limited | Tel: +44 (0) 20 7260 1000 |
Chris Wilkinson (Corporate Broking) |
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Michael Meade (Nominated Adviser) |
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College Hill | Tel: + 44 (0) 20 7457 2020 |
Matthew Smallwood |
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Jamie Ramsay |
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