32Red reports surging growth in 2016
Online operator 32Red has announced record revenue growth in 2016, growing 28% to £62.3m, the vast majority of which was generated by its flagship casino offering.
EBITDA increased to £10.6m, up 102% on 2015, while the company’s profit before tax shot up by 511% to £6.5m.
The operator is now set to be acquired by Kindred Group, with the £175.6m deal announced on 23 February.
32Red will line up alongside the likes of Unibet, Stan James and Bingo.com as part of Kindred’s multi-brand strategy, with 32Red CEO Ed Ware saying that the acquisition “reflects the strength” of 32Red’s position.
Commenting on the operator’s full-year results, Ware said: “It is once again a pleasure to announce another record annual performance from 32Red. In 2016 the Group 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.
“2017 is set to be another landmark year for 32Red and I would like to thank all of my colleagues for their continued dedication and hard work.”
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