32red announces strong results

Online gaming operator, 32Red Plc released strong results in its trading update for the year ended 31 December 2010.
2010 Summary:
The strong trading performance reported in the first half has continued during the second half of the year and has yielded record revenues of GBP 16.9 million, up 33 percent on 2009.
–     32Red Casino up 29 percent to GBP 14.8 million (2009: GBP 11.5 million)
–     32Red other products generated GBP 1.3 million
–     Total excluding acquisitions GBP 16.1 million (2009: GBP12.8 million), up 26 percent
–     Acquired casinos GBP 800 000
–     Total Revenue is up 33 percent with a result of GBP 16.9 million (2009: GBP12.8 million)
32Red Casino, the Company’s principal business, is the over-riding driver for the Group’s growth and this performance has been delivered through:
–     Improved customer retention with active casino players totaling 30,933 – up 23 percent on 2009.
–     Casino player yield totaled GBP 479 per player (2009: GBP 458)
–        Increased new customer recruitment with total new casino players totaling 21,853, up 14 percent on 2009, attracted at a cost per acquisition of GBP 119 (2009: GBP 95)
Current Trading:
Trading in 2011 to date has been strong across the Company’s products and the Board looks forward to a successful and exciting year.
Chief executive officer comments:
Ed Ware said :  “The strong 2010 performance is particularly pleasing in times of continued economic uncertainty in our primary market, the UK. The strong recruitment of new players and our improved customer retention are a tribute to the strength of the 32Red brand and to the continued excellent levels of service provided to our players.
We will continue to focus the 32Red brand in the UK and maintain a close watching brief on  regulatory developments in Europe and the Rest of the World.”

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