32Red Revenue Rises 50% In H1 2012

British online gambling company 32Red has released its financial figures for the first six months of 2012, revealing a 50% increase in revenue to £16.5 million ($25.64m) compared to £11 million ($17.1m) for the same period last year.
AS well as specializing in online casinos, 32Red also has an online poker offering, which accounted for £600,000 of its revenue for H1 2012, a figure which is the same as its H1 2011 result, but a 20% increase over H2 2011. Commenting on the company’s overall H1 revenue results, 32Red Plc CEO Ed Ware commented:
“The continued growth in revenues, particularly in light of strong comparatives, is testament to the strong new player recruitment resulting from more investment in our main market, the UK. We aim to continue in this regard as well as taking our first measured steps in entering the Italian market.”
The newly regulated Italian online gambling market is one of the biggest and fastest growing in the world, presenting a lucrative opportunity for gaming businesses. 32Red rivals Paddy Power and William Hill are already preparing to launch their online casinos in Italy over the next few months, while 32Red is also expected to follow suit. As CEO Ed Ware explains:
“We look forward to launching 32Red.it during the second half of the year and welcome the recent decision by Italian authorities to commence the procedures to approve online slot games from December 2012 onwards.”
Following the company’s results being announced, 32Red share are currently trading at 40.50p, up from its 52 week low of 32.75p but short of its 52 week high of 47p. The business which employs 42 staff now has a market capitalization of £28.56 million.
Turning his attention to the future, CEO Ed Ware predicted: “The strong H1 trading performance and current trading is likely to see the company deliver revenues that are ahead of current market expectations for 2012.”