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32Red Smash Corporate Records With 2016 Results
- March 14, 2017 By Riley Wilson -
It was announced in February that Malta-based Kindred Group had bought 32Red for a staggering £175.6 million and this is already proving to be a very good investment for the gaming company.
It seems the one of Europe’s leading online gaming businesses made a good decision with this purchase, since the 2016 results show record-breaking revenues of £62 million.
That’s an increase of 28% when compared to 2015, with company’s EBITDA more than doubled in the last year (£10.6 million). The numbers really went wild, with corporate profits of £6.5 million being six times larger than in 2015.
32Red emphasized the contribution of its regulated markets, which brought 77% of overall net revenue, but also pointed out the launch of the new multi-platform website, which went online in April.
Kindred Group, which was known as Unibet Group until last year, now owns 71.1% of 32Red, with its 32Red Casino, 32Red Sports and Roxy Casino brands joining the vast family already consisting of 13 brands and with more than 1 million customers around the globe. Some of the brands owned by Kindred include Unibet, Stan James, Maria Casino and Bingo.com.
32Red CEO ecstatic
The chief executive officer of 32Red, Ed Ware, said the company would continue to implement the current market strategy until the completion of the takeover by Kindred. He expressed his immense pleasure with the results and overall financial outcome in 2016, stating he was sure Kindred would further contribute to an already impressive growth.
Ware said the outstanding results achieved during the last year were the indicator of an incredible commitment shown by 32Red’s employees. They were also commended by Ware for the passion and dedication in their work. In the end, Ware thanked his colleagues for giving their best in 2016 and said he was positive this year would be even more successful.