The online gaming operator 32Red Plc revealed a strong increase in its annual profit and revenue. According to the company’s press release, the excellent full-year results were one of the reasons for a 33% increase in 32Red’s dividend and were a strong base for its strong projection for 2015.
The Chief Executive Officer of the company – Ed Ware – shared in a statement that another “excellent performance” was achieved by 32Red over the year. He also added that the increased spending on marketing investment over the period turned out to be really successful, which became one of the main reasons why the company was brought to a fifth straight year of profit and revenue growth.
The company also shared that some of its brands that have legally accessed the market of the UK have been quite beneficial for its overall performance over the year.
According to the press release of the online gaming operator, the total yearly dividend of the company rose by 33% and reached 2.4 pence. 32Red reported a large increase in its pretax profit, which rose from £2.3 million over the previous year to £3.4 million. The increase is considered as a result from the fact that 32Red’s net gaming revenue rose by 26% from £25.4 million to £32.1 million.
The Gibraltar-licensed company also shared in its press release that the growth of its revenue generated by net gaming operations rose over the second half of the year. It reported a double-digit growth in its organic revenue and explained that higher player activity levels are considered one of the major boosters to its performance.
Casino operations currently stand for about 95% of the total net gaming revenue of 32Red. Still, the company shared that its fledgling business located in Italy is also becoming a contributor to its revenue increase.
The online gaming operator also shared that it considers itself stable enough to take advantage of some opportunities provided to it in the UK market after recent regulatory changes. The implementation of the Point of Consumption tax is also considered as beneficial, nevertheless these factors could stand as a major obstacle for some operators.
32Red’s Chairman Mr. David Fish called the company “well positioned” and explained it is ready “to exploit such opportunities” in order to increase and accelerate its growth.
The increased marketing investment over 2015 is a strategy that was announced by the company’s Chief Executive Officer Mr. Ed Ware in February this year as part of the operator’s target to improve its messaging and proposition.
