32Red Casino has revealed steady growth from 2010 to 2011 with pre-tax profits doubling to £2.12 million.
The key performance indicators include net gaming revenues going up by 48% to £25.03 million (from £16.95 million in 2010) and EBITDA increasing by 70% to £2.8 million (from £1.64 million in 2010). Profit before tax increased a whopping 102% to £2.12 million (up from £1.05 million in 2010). The final dividend for 2011 was 1.2p per share as it increased 0.7p per share from 0.5p. Finally the company had cash reserves of £3.4 million at the end of 2011 which is a £1.2 million increase on 2010 – they also have no borrowings.
Active depositing casino customers was also on the up with a 47% increase from 2010 with 39,687. The casino player yield (revenues per customer basically) went up from £519 to £550. 32Red’s marketing activities also have been successful as the number of new casino depositing players increased 42% to 27,648. The only downside was that the cost of a depositing player went up £10 to £143.
A reason for the increase in players is due to their “increased investment in online marketing programmes” as well as investment in “successful offline campaigns”. This includes a series of TV adverts, presence in UK horse racing and their sponsorship of Swansea City Football Club.
2011 was a good year for 32Red PLC. Chief Executive Officer Ed Ware commented on the results: “32Red progressed considerably in 2011 and we have improved key metrics right across the business”.
“While we (32Red Casino) remain focused on the United Kingdom, we also look forward to expanding our profile in the regulated market in Italy where we intend to utilise our core skills and apply our business philosophy to establish the 32Red brand. Performance in the first two months of 2012 has been strong and serves as further encouragement to continue to grow marketing investment in the business.”
32Red Casino also had a positive outcome to the William Hill trademark infringement case as the Court of Appeal ruled in favour of 32Red and turned down William Hill’s appeal. William Hill had a casino called 32 Vegas which 32Red believed infringed on their trademark.
Furthermore, 32Red Casino will be offering their services in Italy as they were successful in their application for a remote gaming license. The product should be ready by the end of June 2012. 32Red are also performing well in 2012 with revenues for January and February up 69% on the same period in 2011.
32Red Casino offers you a £32 No Deposit Bonus to start with (if you’re a UK player) – this way you can sample their great slot games such as Thunderstruck II. If you want a deposit bonus, they give you £32 free for every £20 you deposit (up to £160) – that means you can get £160 free for depositing just £100. To find out how to claim these great offers, read our 32Red Casino review.