32Red post record figures for first half of year

32Red have expanded the quality of their racing portfolio

PICTURE: Mark Cranham (racingpost.com/photos) 32Red post record figures for first half of year By Andrew Dietz 9:38AM 21 SEP 2016

ONLINE gaming operator 32Red have reported record revenue and pre-tax profits during the first half of 2016.

The casino and sports betting company, who have significantly increased their presence in racing through the sponsorship of Kempton’s King George VI Chase and the Sprint Cup at Haydock, recorded surges in pre-tax profit (£2.5m from £0.1m) and total net gaming revenue (£30.4m from £18.6m).

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Ed Ware, 32Red chief executive, said: "We are delighted to report a record revenue and profitability performance for 32Red in the first half of 2016 which has been driven by strong growth across our business and brands.

"We are also delighted to announce today the renewal of our contract with Microgaming. We have enjoyed a long and strong partnership with one of the world leaders in digital gaming expertise and are very excited to have strengthened our relationship in a way that provides 32Red with further opportunities to invest in and develop our business.

"Current trading remains strong with like-for-like NGR [net gaming revenues] up four per cent on very strong comparatives in the second half to date. Underpinned by our strong online gaming brands and exciting customer-focused offer, the board remains confident of meeting its expectations for the full year."

32Red already sponsor two categories – the Fillies & Mares and 3yo championships – as part of the All-Weather Championships.

Shares in 32Red were up nearly 6.5 per cent at 141p in morning trading.

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