Net gaming revenue at online operator 32Red reached record levels in the six months to June 30 but profit was hit by point-of-consumption taxation in the UK and investments in Italy.
Total net gaming revenue for the six-month period was £18.6m, up 22 per cent year on year. Net gaming revenue for 32Red’s Italy operations climbed 67 per cent to £0.9m.
Underlying EBITDA in H1 was £4.2m, up 57 per cent year on year. After the payment of point-of-consumption tax (£2.0m) and investment into the Italian business (£1.0m), EBITDA was just £1.2m, down 45 per cent on the same period in 2014.
Mobile casino now accounts for 42 per cent of total casino revenues (up 32 per cent, year on year) while active casino players also climbed in H1 to 62,214; a rise of 22 per cent.
After the reporting period, 32Red acquired Roxy Palace. Issuing the results, 32Red said that Roxy Palace had generated a further £2.5m of net gaming revenue since acquisition.
Ed Ware, CEO of 32Red, said in a statement: “Current trading remains strong with like-for-like gross gaming revenue up 52 per cent on the prior year in the second half to date and the board remains confident of meeting its expectations for the year as a whole.”
