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(TTR.L) 32Red PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 30-10-09 | RNS |
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RNS Number : 6754B 32Red Plc 30 October 2009 32Red Plc ("32Red'' or "the Company") Trading update 32Red Plc, the award-winning online casino, poker and bingo operator today provides an update on current trading. As noted in its interim results statement, player activity levels continue to be strong with the number of active casino players in Q3 up 16% on Q3 2008. This growth in activity levels is partially offset by reduced player yields as high roller activity continues to be suppressed. The Board now considers that it is unlikely that the Company will see sufficient growth in player yields in the second half of the year to be able to overcome the effect of the challenging trading conditions experienced in the first half of 2009. The Company continues to make significant investment in attractively priced marketing opportunities in order to recruit new players at reduced cost per acquisition levels. As a result of these factors and an unusually high level of customer wins in October the Board now believes that profit for the full year will be significantly below market expectations. Quarter 3 revenues were the highest ever experienced by the Group and were up 11% on the corresponding period in 2008 and up 24% on Q2 2009. This strong performance reflects the continued growth in the 32Red casino with Quarter 3 revenues up 10% on the corresponding period in 2008 and up 21% on Q2 2009. Quarter 4 trading has started well, although Casino gross win for October has been adversely affected by winning high roller players. Activity levels remain buoyant and the Company continues to invest in attractive and increasingly cost-effective UK marketing opportunities. A reduction in marketing spend has been considered in order to maintain the Company's short-term profitability, but the Board has concluded that this would not be in the best interests of the Company. The Board remains confident that the significant ongoing investment in marketing and in new technology during the year positions the Company well for 2010 and beyond. 30 October 2009 Enquiries:
Ed Ware, CEO
Jon Hale, Finance Director
Lee Aston, NOMAD Chris Wilkinson, Corporate Broking
College Hill Associates
Jamie Ramsay This information is provided by RNS The company news service from the London Stock Exchange END
TSTFDWFFSSUSEES More |
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| 07-10-09 | RNS |
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RNS Number : 3752A 32Red Plc 07 October 2009 32Red Plc ("The Company") Issue of Equity Application has been made to the London Stock Exchange for the admission to AIM of 30,000 ordinary shares of 0.2p each in the Company ("Shares") to trading. These Shares, which will rank pari passu in all respects with the existing shares in issue, have been allotted pursuant to the exercise of options. Admission is expected to become effective on 9 October 2009. 7 October 2009 Enquiries:
Ed Ware, CEO Jon Hale, Finance Director
Lee Aston, NOMAD Chris Wilkinson, Corporate Broking
Matthew Smallwood This information is provided by RNS The company news service from the London Stock Exchange END
IOEIIFIAIELDIIA More |
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| 02-09-09 | AFX UK Focus |
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LONDON, Sept 2 (Reuters) - 32Red Plc:
up 16% on H1 ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 02-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3636Y
32Red Plc
02 September 2009
32Red Plc
("32Red'' or ''the Company")
Interim results for the six months ended 30 June 2009
32Red Plc, the award-winning online gaming operator, today reports interim results for the half year ended 30 June 2009.
32Red has continued to accelerate the growth of its player base, reduced the cost of player acquisition, and developed operations for future growth. However, due to the challenging economic environment faced by the UK and the rest of Europe during the first half of the year, overall revenues have fallen 11.2% to £5.8m (down 8.6% on H2 2008).
Highlights:
* Active casino players in the first 6 months : 14,490, up 23% on H2 2008 and up 18% on H1 2008
* New casino players in the first 6 months : 9,733, up 32% on H2 2008 and up 19% on H1 2008
* New casino players attracted at cost of £89 each, a reduction of 16% on H2 2008 and 35% cheaper than H1 2008
* Launch of 32Red Rummy on 7 July 2009 and 32Red Spreadbet in March 2009
* Launch of PayPal banking service on 1 July 2009 making 32Red one of only a handful of online gaming operators able to offer this payment option, and providing 32Red customers with a new and trusted deposit method
* Sponsorship of Championship football team, Swansea City Football Club, until 2011
* Investment in both customer-facing and back office technology which is resulting in more effective marketing and operations with anticipated cost savings of c. £400k per annum
* Strong current trading with daily average casino revenue for July and August up 16% on the first six months of the year and up 9% on the corresponding period in 2008
Key Performance Indicators:
H1 2009 H2 2008 H1 2008 H2 2007 H1 2007
Casino Revenues £5.2m £5.7m £6.0m £4.4m £4.6m
Active Players 14,490 11,818 12,283 11,238 10,818
Casino Yield per active player £360 £480 £491 £390 £426
Casino new players 9,733 7,377 8,189 7,304 7,291
Cost per acquisition £89 £106 £137 £140 £155
Poker Revenues £0.5m £0.5m £0.6m £0.6m £0.6m
Active Players 11,054 6,508 8,668 8,802 10,662
Poker Yield per player £44 £77 £64 £68 £57
Revenue from emerging products £0.1m £0.2m - - -
Total revenue £5.8m £6.4m £6.6m £5.0m £5.2m
EBITDA before share option costs £0.5m £0.8m £1.0m £0.9m £0.8m
Earnings/(Loss) per share 0.3p 1.1p (16.8p)
Ed Ware, CEO commented:
"Despite the global recession, 32Red has managed to grow its new casino players by a record 9,733, driven in part by our new television advertising campaign that has helped deliver a lower cost of customer acquisition. 32Red now has an excellent offering for customers covering all aspects of online gaming and is well positioned to take advantage of any improvement in market conditions. During the period we have also signed a sponsorship deal with Swansea City Football Club and look forward to working with them throughout this season and the next.''
2 September 2009
Enquiries:
32 Red Plc Tel: 00 350 200 49396
Ed Ware, CEO
Jon Hale, Finance Director
Numis Securities Tel: +44 (0)20 7260 1000
Lee Aston, NOMAD
Chris Wilkinson, Corporate Broking
College Hill Associates Tel: +44 (0)20 7457 2020
Matthew Smallwood
Jamie Ramsay
32Red plc
Performance Summary
The challenging economic conditions faced by UK and European players during the first half of the year has resulted in overall revenues of £5.8m, down 9% on H2 2008 and down 11% on H1 2008.
Casino
Increased investment in selective marketing activities has yielded a record 9,733 new casino players during the first half of the year (8,189 in H1 2008). A large proportion of these new players were recruited by the recently launched television advertising campaign and it is pleasing to see the cost per acquisition of £89, down 16% on H2 2008 and down 35% on H1 2008. This cost-effective recruitment of new customers, along with continued targeted direct marketing campaigns, resulted in 14,490 active casino players in the first half of the year, up 23% on H2 2008 and up 18% on H1 2008.
The impressive growth in both active players and new players is partially offset by a reduction in player yields, which the Board believes is temporary and has been experienced widely in the industry. Casino revenues totalled £5.2m during the first six months of 2009 (H1 2008: £6.0m) and has suffered from reduced high-roller activity during the period, although the Board believe that this is a short term trend and is confident that increased high-roller activity will return later in the year.
32Red was delighted to receive a sixth consecutive Casinomeister Best Casino Award which is testament to the continued unrivalled customer service delivered by 32Red's Player Support team.
Other products
32Red Poker operations have generated revenues of £0.5m in the first half of the year (H1 2008: £0.6m). The Board continues to evaluate all aspects of the poker market and in particular welcomes recent moves to attempt to restrict those operators still accepting illegal bets from the US.
32Red Bingo operations generated £0.1m of revenue in the first half of the year (H1 2008: nil). Results from the initial marketing campaign were encouraging, confirming our belief that the 32Red brand sits comfortably as a bingo proposition and has potential.
32Red Rummy was launched on 7 July 2009 and will also offer its 32Red existing players the chance to play one of the world's best-known and compelling card games. Rummy also provides the Company with the opportunity to reach a new audience.
32Red Spreadbet, a platform for financial spread betting and contracts for difference (CFD's) was launched on 9 March 2009. 32Red Spreadbet is the result of a partnership with CMC Spreadbet Plc and CMC Markets UK Plc who are authorised and regulated by the Financial Services Authority. The partnership offers 32Red customers access to a multitude of financial markets around the globe.
Strategy
32Red will continue to focus on its core casino product while testing the marketability of its emerging products and monitoring regulatory changes in new territories. There are signs that economic conditions for players are improving and the Company will continue to invest in cost-effective marketing opportunities and in performance enhancing new technology.
Investment in marketing
32Red is proud to announce its association and partnership with leading Championship football team, Swansea City, for the next two seasons. The club has enjoyed notable success over recent seasons and we look forward to partnering with them as they continue their success. Swansea's progressive profile attracted 32Red to become main club sponsors through to 2011 which includes the appearance of 32Red's brand on the team's shirts and training kits and around the pitch at the Liberty Stadium.
The Directors believe that the sponsorship of Swansea City Football Club allied with targeted television advertising and other marketing campaigns will result in a steady recruitment of new players at attractive cost per acquisition rates and this bodes well for the Company's future.
Investment in new technology
The Company has recently invested in a direct marketing platform that will be fully live during the final quarter of 2009 facilitating a more detailed segmentation of the player databases and improving targeted email campaigns further enhancing the player experience.
32Red recently rolled out an automated bonus system tailored to meet the requirements of 32Red players. This investment in technology along with some re-structuring across the business has allowed the Company to implement a range of cost savings that will reduce overheads by approximately £400,000 per annum.
Litigation
32Red has initiated legal proceedings against three William Hill companies ("William Hill") in respect of the online casino, 32Vegas. The directors believe that the name 32Vegas infringes various 32Red registered trade marks and other intellectual property rights. 32Red issued a claim in the High Court of Justice on 4 March 2009 and this claim was served on 3 July 2009. Subsequent to service of the claim, William Hill has changed the 32Vegas website name, a move that was welcomed by 32Red.
In respect of the claim, William Hill filed a defence and counterclaim on 11 August 2009 challenging the validity of the 32Red trade marks. 32Red has always registered and protected its valuable trade marks and is fully prepared to defend their validity in the courts if necessary.
Current Trading and Outlook
The Board is encouraged by the key performance indicators detailed above, which allied with significant cost savings resulting from recent technological investments, leaves the Company well positioned for the future.
The second half of the year has started encouragingly with daily average casino revenue for July and August up 16% on the first six months of the year and up 9% on the corresponding period in 2008. Given current trading, the positive Key Performance Indicators detailed above and the cost-saving initiatives implemented during the first half of the year, the Board is confident that trading remains in line with expectations.
32Red Plc
Consolidated Income Statement
for the six months ended 30 June 2009
Notes Six months Six months ended
ended 30 June 2008
30 June 2009
Unaudited Unaudited
£ £
Net gaming wins 5,838,552 6,577,856
Cost of sales (3,976,644) (4,274,869)
Gross Profit 1,861,908 2,302,987
Administrative expenses before depreciation and (1,278,228) (1,241,282)
amortisation
Other operating expenses (68,291) (64,655)
EBITDA before share option costs 515,389 997,050
Share option costs (82,355) (78,176)
Depreciation and Amortisation (193,007) (141,867)
Profit before tax and finance costs 240,027 777,007
Finance income 2,069 47,591
Finance costs (7,869) (33,088)
Profit before taxation 234,227 791,510
Tax on ordinary activities 3 (450) (450)
Profit for the period 233,777 791,060
Earnings per share (p)
Basic 2 0.3p 1.1p
Diluted 2 0.3p 1.1p
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2009
Six months ended Six months ended
30 June 2009 30 June 2008
Unaudited Unaudited
£ £
Profit and total comprehensive 233,777 791,060
income for the period
32Red Plc
Consolidated Statement of Financial Position
as at 30th June 2009
Six months ended Six months ended
30-Jun 30-Jun
2009 2008
Unaudited Unaudited
Notes £ £
Assets
Non-current
Intangible assets 4 185,856 187,511
Tangible assets 5 253,319 397,659
439,175 585,170
Current assets
Trade and other receivables 407,029 222,394
Cash and cash equivalents 1,129,276 1,926,668
1,536,305 2,149,062
Total assets 1,975,480 2,734,232
Equity
Equity attributable to shareholders of 32Red
Plc
Called up share capital 138,750 138,250
Share premium 14,171,025 14,165,276
Share option reserve 414,844 254,728
Retained earnings (15,038,615) (15,791,451)
Total equity (313,996) (1,233,197)
Liabilities
Current 3,467,429
Trade and other payables 1,789,476
Bank loans 500,000 500,000
2,289,476 3,967,429
Total liabilities 2,289,476 3,967,429
Total equity and liabilities 1,975,480 2,734,232
32Red Plc
Consolidated Statement of Cash Flows
for the six months ended 30 June 2009
Six months ended Six months ended
30-Jun 30-Jun
2009 2008
Unaudited Unaudited
£ £
Operating activities
Results for the year before interest and after tax 239,577 776,557
Amortisation 75,866 32,234
Depreciation 117,141 109,633
Change in trade and other receivables (80,932) 657,820
Change in trade and other payables (321,324) (1,545,025)
Share option costs 82,355 78,176
112,683 109,395
Investing activities
Additions to other intangible assets (66,190) (49,007)
Additions to tangible assets (71,032) (43,974)
Interest received 2,069 47,591
(135,153) (45,390)
Financing activities
Share options exercised - 3,750
Proceeds from borrowings 500,000 500,000
Repayment of bank loans (250,000) -
Interest paid (7,869) (33,088)
242,131 470,662
Cash and cash equivalents, beginning of period 909,615 1,392,001
Net increase in cash and cash equivalents 219,661 534,667
Cash and cash equivalents, end of period 1,129,276 1,926,668
Notes:
1. Accounting policies
The consolidated interim financial results have been prepared in accordance with the measurement principles of applicable International Financial Reporting Standards (''IFRSs'') as adopted by the EU. The accounting policies have remained unchanged from the previous year, as set out in the Annual Report for the year ended 31 December 2008, available on www.32redplc.com.
2. Earnings per share
Basic earnings per share have been calculated by dividing the net results attributable to ordinary shareholders by the weighted average number of shares in issue during the relevant financial periods.
The weighted average number of shares used for basic earnings per share amounted to 69,375,000 shares (2008: 69,083,563).
To calculate the diluted earnings per share figure, the weighted average of employee share options expected to vest has been added. This number represents management's best estimate at the balance sheet date, which is also used for calculating employee payments relating to share based payment transactions. At 30 June 2009, the weighted average number of share options expected to vest was 3,953,000 (2008: 3,245,707).
Six months ended Six months ended
30-Jun 30-Jun
2009 2008
£ £
Net profit attributable to ordinary shares 233,777 791,060
Weighted average number of ordinary
shares:
for basic earnings 69,375,000 69,083,563
for diluted earnings
73,328,000 72,329,270
Basic earnings per share 0.3p 1.1p
Diluted earnings per share 0.3p 1.1p
Weighted average number of ordinary shares for basic earnings 69,375,000 69,083,563
Weighted average number of share options 3,953,000 3,245,707
Weighted average number of ordinary shares for diluted earnings 73,328,000 72,329,270
3. Taxation
Six months ended Six months ended
30-Jun 30-Jun
2009 2008
£ £
Tax on profit on ordinary 450 450
activities
The Company has been granted tax exempt status under the Companies (Taxation and Concessions) Act. Under the terms of such status an annual charge of £450 is payable to the Government of Gibraltar. Provided the Company complies with the necessary criteria, payment of such charges will satisfy the Company's tax obligation in Gibraltar in relation to the period.
4. Intangible assets
Website Development Software License Total
£ £ £
Cost
At 1 January 2009 264,883 217,819 482,702
Additions 5,520 60,670 66,190
At 30 June 2009 270,403 278,489 548,892
Amortisation
At 1 January 2009 174,024 113,146 287,170
Provided during the period 26,806 49,060 75,866
At 30 June 2009 200,830 162,206 363,036
Net book value
At 30 June 2009 69,573 116,283 185,856
At 30 June 2008 73,653 113,858 187,511
5. Property, plant and equipment
Motor Vehicles Computer and Office Leasehold Total
Equipment Improve-ments
£ £ £ £
Cost
At 1 January 2009 132,795 941,285 78,116 1,152,196
Additions - 71,032 - 71,032
At 30 June 2009 132,795 1,012,317 78,116 1,223,228
Depreciation
At 1 January 2009 93,102 727,027 32,639 852,768
Charge for the period 12,235 97,094 7,812 117,141
At 30 June 2009 105,337 824,121 40,451 969,909
Net book value
At 30 June 2009 27,458 188,196 37,665 253,319
At 30 June 2008 52,972 291,398 53,289 397,659
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFSRAIILIIA
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| Date/Time | Subject | Author | ||
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| 30-09-07 | ||||
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Shares suspended and not one post!
I do not hold but was waiting for the next set of results to show a turnaround before buying. I think the suspension is a technicality, if they sell Betdirect it will be an odd decision, as why did they buy it then? I suppose everything has a price. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 17-07-07 |
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This is actually good news for onlien advertising gambling portals such as Casino.co.uk and especially Gambling.com - The Labour government are re-looking at Gambling Act and whether or not to allow Gambling companies to advertise on TV or not. If they don't allow TV ads and with 6 weeks to go for the present ban to be lifted it could mean a huge slug of cash being redirected quickly into online and demand for space and top slot on search will be high. I hope MDC's sales team is making enquiries of their Gambling clients and agencies this week to offer them a quick contingency plan.
http://www.brandrepublic.com/BrandRepublicNews/News/671442/Gambling-firms-ad-plans-rocked-Labour-rethink/ More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 07-06-07 | ||||
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Google has banned ALL gambling ads on its paid for search ads system and this must be good news for MDC's Gambling.com which has the opportunity to mop up millions of pounds if only it culd find a way to affiliate itself out further to many more sites. The last time Google restricted Gaming advertising Gambling.com changed from a portal to a Pay Per Click Search Engine, mopped up advertisers and its profits increased dramatically. Let's hope they have the team in place to move quickly and secure those advertisers before they spend their money elsewhere.
Snippet of story here: http://www.nma.co.uk/Logon/ResourceBarrier.aspx?RequiredServices=17,|&PipelinedPage=/Articles/Article.aspx&PipelinedQueryString=liArticleID%3d33583#ContentContinues Google bans gambling ads Article Type: News | Author: By Will Cooper | Source: NMA magazine | Published: 07.06.07 Google has stunned the gaming community by prohibiting all forms of gambling advertising on AdWords, including bingo and play-for-fun sites. The ruling, which came into effect on Tuesday, stops companies using AdWords if they promote online casinos, sportsbooks, lotteries (except State lotteries), bingo or poker sites. Websites that provide tips, odds and handicapping or software facilitating online casinos and gambling are also now banned from advertising. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 19-04-07 | ||||
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The SP has been heading North these past couple of days. Anybody know why ?
More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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