32Red highlights focused marketing as revenues rocket 51%
Organic growth behind strong full-year performance as Roxy Palace acquisition also contributes
32Red reported a record net revenue performance in 2015 as a result of strong organic growth and an immediate contribution from the Roxy Palace acquisition.
Total net gaming revenues (NGR) for the 12 months to 31 December 2015 were up 51% to £48.6m, powered by 34% organic growth in the firmâs core casino product which the firm credited to an increased marketing investment.
Other 32Red products, including the Kambi-powered sportsbook, contributed £2.4m in NGR, up 42% on 2014.
The firmâs Italian operation remains small but also grew rapidly with NGR up 54% year-on-year to £1.7m, and was said to be in good shape to âmove towards break even during 2016â.
And Roxy Palace, which was acquired by the firm in July, contributed £5.2m in NGR for the period despite having gone through a full integration process, which was completed ahead of schedule in December.
“I am delighted to report a record revenue performance for 32Red in 2015, despite significant regulatory and tax headwinds,â Ed Ware, 32Red CEO, said.
âThis excellent outcome is a reflection of the strength of the 32Red business, our talented and dedicated team, as well as our first class marketing and appealing brands,â he added.
Ware also said the firm expected to report EBITDA ahead of expectations for 2015 when preliminary results are released on 10 March â in July Numis Securities had forecast full-year EBITDA of £5.5m.
32Red shares were up 1.49% to 146.40p on early morning trading, having more than trebled in price over the past 12 months.