32Red posts record revenues in 2011 trading update
Total revenues up 96% from 2009 figures " Hills appeal against trademark infringement case thrown out in court
32Red has posted a 48% rise in revenues in its full year trading update for the 12 months ended 2011, ahead of its preliminary results presentation in March.
The casino operator saw revenues rise to £25m, up from £16.9m in 2010, with total revenues 96% higher than its 2009 figures. An increase in active depositing players “ up 39% year-on-year “ pushed casino revenues up 47% to £21.8m.
CEO Ed Ware (pictured) commented that he was looking forward to further growth, and reiterated 32Red’s plans to launch in Italy this year:
“Although we recognise the potential for uncertainty in the economy at home and abroad, we look forward to further progress during 2012. We also believe Italy represents a good opportunity for 32Red to establish itself as a leading remote gaming operator in a new market and we maintain a watching brief on other regulatory developments around the world.”
The company’s trademark infringement case moved towards a conclusion this week after William Hill’s appeal against the ruling was dismissed in court. 32Red initiated court proceedings in 2009 after William Hill launched its 32Vegas casino, claiming the use of a similar name had led to loss of revenues.
The High Court of Justice ruled in favour of 32Red in January last year, but Hills appealed the decision at the Court of Appeal in December. The court ruled that Hills’ case was a “full-scale, wide-ranging attack on the Judge’s analysis and conclusions on virtually every aspect of his judgment,” and awarded 32Red the costs associated with the appeal, with interest.
William Hill has been ordered to pay an initial sum of £70,000 in the next fortnight, with the level of damages and liability for costs relating to the original hearing to be assessed at the High Court early next year.