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NEWS 10 March 2016

32Red considering new acquisitions amid big revenue rise

By Gareth Bracken
The chief executive of 32Red has revealed the online operator is "evaluating potential acquisitions".

Ed Ware made the comments within the firm's 2015 results, which showed net gaming revenue of £48.7m, up 52% year-on-year.

The main revenue driver was the firm's flagship 32Red operation, which reported a 35% increase to £41.7m.

32Red Italy enjoyed a 54% rise to £1.7m.

Roxy Palace, which was acquired by 32Red for £8.4m worth of cash and shares last July, contributed £5.2m.

The overall group's underlying EBITDA, which doesn't include its Italian operations, was up 76% to £11.2m when overlooking the impact of the UK point-of-consumption tax (POCT).

The firm paid £4.8m in POCT during 2015, reducing its underlying EBITDA to £6.4m, a 7% increase.

Overall EBITDA was £5.2m, down 3%, after subtracting a £1.2m investment into Italy.

32Red's cash balance as of 31 December was up 45% year-on-year to £10.3m.

"2015 was a very exciting and indeed record-breaking year for 32Red, achieved despite significant external regulatory and tax headwinds," said Ware.

"These results are an excellent demonstration of 32Red's core strengths – a talented and dedicated team, first class ROI-driven marketing skills and established, highly appealing online gaming brands."

Ware said the firm was confident of strong organic revenue growth in 2016 as it increases marketing investment in 32Red and Roxy Palace.

He added: "We continue to evaluate potential acquisitions that may complement our strong organic growth."
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