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32Red Announces Record Earnings for 2015Published January 25, 2016 by Lee R
Organizational effectiveness has carried the day, and year, for 32Red.
Online casino 32Red has announced a record take in annual net gaming revenue for 2015.
The Red Hill
The record-setting figure for 2015 is £48.6 million (€63.2 million/$68.9 million).
The gaming operator related that 51% jump over the previous year more was largely attributable to growth in its core business along with a July 2015 contribution of £5.2 million contribution from new acquisition of remote online gaming business Roxy Palace. The Roxy deal, originally comprised of £2 million in cash and the issuance of 10 million new ordinary shares, is just beginning to show full dividends.
Net gaming revenues brought in a healthy 34% for 32Red Casino to contribute to its success, with other products up 42% for the year as well.
Keys to Success
32Red Chief Executive Ed Ware attributed the “excellent outcome” to organizational strength, the company's talented and dedicated teams, first class marketing, and brand appeal.
With 32Red clearly in touch with its market, Ware pointed to new areas of expansion and development such as the Italian market, where progress is being made to the point that in a challenging bureaucratic environment, net gaming revenue is up a full 54% to to £1.7 million.
Looking Good for 2016
Along with its other holdings 32Red Sports and 32Red Poker, 2016 is off to a rollicking start for 32Red as well. The company reports that early trading has indeed been robust across all products with revenues for the first 19 days of January up 27% from the same period in 2015 while up 54% with the additional contributions it is still seeing from Roxy Palace.
The Roxy Advantage
Clearly, the customer database, intellectual property rights and other Roxy assets used in connection with the business have enhanced revenue income, and the over 500 online casino games and 230,000 registered players that 32Red inherited from Roxy certainly is no small contribution to the new proportion of total earnings for 32Red.
The first preliminary results in profit reporting for 2016 are scheduled for March, with 32Red expecting to report operating profit slightly ahead of last year's numbers. It looks like another record total could be reported in March.