19th Jan 2009 07:00
32Red Plc
("the Company")
Trading Update
32Red Plc, the award-winning online gaming operator, is pleased to provide an update on trading for the year ended 31 December 2008.
2008 Summary
The 32Red business has experienced significant growth during the year with total gaming revenues of £13.0m, an increase of 27% on 2008. The Company's flagship operation, the 32Red online casino, performed strongly and grew by 30% over last year, generating Gross Win of £11.7m (2008: £9.0m).
The strong year-on-year growth in casino revenues has been driven by both increased active player numbers, up 15% on 2008, and an improved yield per player of £536, up 13% on 2008. Performance for the year ended 31 December 2008 is expected to be in line with market expectations at PBT level, although ahead of expectations at EBITDA level.
The Company intends to authorise a share buyback programme in 2009 and to set out plans to re-instate its dividend policy. Bank debt at year end stood at £0.25m.
32Red Key Performance Indicators:
Trading Update
Trading in 2009 to date has been strong across the Company and the Board looks forward to a successful and exciting 2009.
Preliminary results will be announced in early March.
Commenting on the performance, Ed Ware, CEO said:
"Our good performance in 2008 puts 32Red firmly back on its growth path with revenues from our core business, the 32Red casino, growing strongly. We will continue to increase our marketing spend in 2009 and anticipate good results from our recently launched television advertising campaign in the United Kingdom.
We will continue to compete effectively against our larger peers through our existing platforms and the addition of new products to the 32Red portfolio including financial spread betting, due to go live later this month."
19 January 2008
Enquiries
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32Red Plc |
Tel: 00 350 200 49396 |
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Ed Ware, CEO |
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Jon Hale, Finance Director |
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Numis Securities Limited |
Tel: +44 (0) 20 7260 1000 |
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Chris Wilkinson (Corporate Broking) |
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Lee Aston (Nominated Adviser) |
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College Hill Associates |
Tel: + 44 (0) 20 7457 2020 |
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Matthew Smallwood |
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Jamie Ramsay |
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