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32Red sets new revenue record in 2014

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Online casino operator 32RED (LON:TTR) told investors revenues rose 26% in 2014 to set a new company record of £32.1mln.

It marks a fifth consecutive year of double digit percentage growth, the company said.

"We performed well throughout the year with an accelerating performance in the second half following increased investment in our business,” said chief executive Ed Ware.

"Our marketing and operations have never been in better shape,” he added.

A total of 44,385 new players signed up to 32RED during 2014, up 17% on the prior year, and at 82,155 the number of active users increased 15%.

32RED generated some £510 per active user in 2014, which is 5% more than 2013.

More than half of all new players were ‘recruited’ via smartphones and tablets, the company said, while the overall ‘cost of acquisition’ equated to £184 per user, 18% more than the year before.

Michael Campbell, analyst at Northland Capital, said 32RED continues to show “healthy” top-line growth and added that the Italian business is showing particularly high growth albeit from a lower base.

The analyst, in a note, however, also highlighted that the UK’s new Point Of Consumption tax on gambling activities is a threat to the company’s margins though he says 32RED is doing well to diversify into other markets.

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AIM:TTR
Market: AIM
Market Cap: £0.00
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