32Red hikes first year pretax profit to record level

Business News

32Red hiked its first year pretax profit to a record £6.5m, up 511% from £1.1m. Total net gaming revenues (NGR) were up 28% to £62.3m, from £48.7m.

After the end of the period, 32Red announced a recommended cash offer from Kindred Group for its entire issued capital at 196p a share.

32Red said it had delivered continued strategic progress across the business with outstanding growth on mobile, further successful product enhancements and highly successful marketing investment, all the while maintaining one of the highest levels of regulated revenue amongst our peers.

“This outstanding operational progress has resulted in another hugely successful financial outcome with EBITDA more than doubling and revenues rising by an impressive 28% to exceed prior records.”

EBITDA was £10.6m, from £5.2m.

The company said momentum into 2017 had remained strong with NGR up 20% year on year.

“Underpinned by the strength of the brand, 32Red has an exceptional platform to drive continued growth across the business and increase market share both in the UK and Italy.”