BAD NEWS FROM 32RED
6 November 2009
Popular online gambling group cautions that
full year results are likely to be disappointing
Investors in the Gibraltar-based online gambling group
32Red are in for a disappointment when the full year
results are released, according to a profit warning from
the group contained in a trading update this week.
The statement blames the impact of the global
economic meltdown earlier this (2009) year on its high
roller action, together with an inability to build
player yields sufficiently to beat the trend. The
company also flagged an extraordinarily high proportion
of wins by the players in October 2009.
A 32Red
spokesman warned that full year profit numbers were
likely to be “...significantly below market
expectations.”
Ironically, the poor full year
results come in a quarter where the group posted its
highest yet revenues, which rose by 11 percent - mainly
at the casino operations - on the same quarter in 2008.
During the quarter the number of active players rose 16
percent, but this was not enough to tip the balance into
positive territory.
Taking a positive stance, the
statement remained optimistic, saying that there was
still plenty of player action and that Management had no
plans to reduce its marketing initiatives merely for
immediate gain.
Online Casino News Courtesy of
Infopowa
More news here.
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