Good half year for online casino firm

Online gaming company 32Red plc posted a sterling H1-2012 report for the period to June 30 2012, and advises that trading since then is up 22 percent despite punters being distracted by the Olympics.

The Microgaming-powered and Gibraltar licensed gambling group also confirmed it is to launch casino, poker and bingo action in Italy before the end of this year, the first time the company has expanded beyond its core British market since its launch in 2002.

The half-yearly report included the following highlights:

* Revenues rose 50 percent to GBP 16.5 million – a new record for the firm.

* EBITDA before share option costs and exceptional items was up 12 percent to GBP 1.7 million.

* Active casino players in first 6 months up 81 percent to 31,722 (H1 2011: 17,548)

* Casino player yield GBP 457 (H1 2011: GBP 543)

* New Casino players up 93 percent to 18,724 (H1 2011: 9,704)

* Casino cost per player acquisition: GBP 166 (H1 2011: GBP 173)

* William Hill’s appeal over 32Red trade mark infringement case was dismissed. 32Red reported exceptional costs of GBP 59,000 in this connection – the costs associated with the case were GBP 129,000 pounds and the company has received an initial payment of GBP 70,000. A hearing next year is expected to settle the level of damages and liability for costs associated with original hearing in 2010

* Interim 2012 dividend of 0.6p declared, up 20 percent on 2011

* Current trading remains strong – up 22 percent in July and August 2012.

“While we continue to focus on our core market of the UK, we look forward to utilising our Italian licence to expand the profile of the brand and to grow business in another regulated market,” CEO Ed Ware said in a statement.

“We are very pleased to have delivered another strong performance during the first half of 2012, across all key measures. This performance has continued during the first 2 months of the second half of the year, despite the excitement and distraction of the Olympic Games.

“The sustained revenue growth across the Group has been primarily driven by the 32Red Casino and we continue to work on further enhancing the player experience as well as our marketing effectiveness.

“As previously stated, we intend to enter the Italian online casino market in early Q4 and we are looking forward to commencing marketing and operational activities.”

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