32Red soars after trading update

32Red soars after trading update

Friday, May 13, 2016 Totally Gaming
The operator continues to post positive figures

32Red is again among the biggest risers on the London Alternative Investment Market (AIM) today (Friday) after announcing a 39 per cent year-on-year rise in like-for-like net gaming revenue.

The gaming operator’s share price was up more than 12 per cent after it said it had recorded “very strong” trading across the group during the 19 weeks to May 11. 

Like-for-like net gaming revenue actually increased by 71 per cent when including the contribution from Roxy Palace, which was purchased in the summer of 2015. The figures are even better than the trading update released in March, when 32Red said revenue was up 35 per cent for the first nine weeks of the year, and 66 per cent including Roxy Palace. 32Red achieved record revenue performance during 2015 with total net gaming revenues up 52 per cent to £48.7m (€61.8m/$70.0m).

In a statement, 32Red said it was “pleased with this strong trading momentum and remains confident of delivering its expectations for the year”.

The company has also announced that it will be the sponsor of English football club Leeds United, which plays in the second-tier Championship division. Under the three-year agreement, which runs from the 2016-17 season to 2018-19, 32Red branding will appear on the front of Leeds’ playing shirts.

The online gaming firm will also benefit from various branding opportunities at the team’s Elland Road home stadium.

Paul Bell, executive director at Leeds United, said: “32Red are a modern, forward thinking brand with a long-standing and successful history of sponsoring high-profile teams within football and we are delighted to welcome them into our commercial partners programme.”

TotallyGaming.com says: “32Red continues to thrive, and its sponsorship deal with Leeds suggests it is ready to up its marketing activities in the UK.”

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