Online gaming company 32Red have been quick to dispel fears that their company is in trouble after their share prices fell in recent weeks by announcing a strong set of figures for the first few weeks of March trading.
Ever since 32Red announced their results for the financial year share prices have been in decline, but a statement issued by the company earlier this week will have shareholders sleeping a little easier no doubt as gaming revenues are up an impressive 19% for the first 24 days of March compared to last years figures. On the back of those impressive figures for March the companies 2014 gross gaming revenues are now showing an 8% increase compared to the same period as last year.
A statement issued on behalf of the company to the media read, “The Company continues to work with the Gibraltar Betting and Gaming Association to ensure that the industry concerns are voiced and understood by the UK Government and other stakeholders. The new announcements in the Budget regarding increased Fixed Odds Betting Terminal duties and levy collection do not impact the Company. The Board remains confident in the prospects for the business and in meeting its financial expectations for the year.”
32Red are a company on the move in the last 18 months having strengthened their position as one of the leading gaming companies in the UK behind industry leaders Ladbrokes and William Hill. The announcement of an impressive rise of gaming revenues for March and the year as a whole will no doubt have shareholders sleeping a little easier tonight after the recent fall n share prices, and if revenues continue to improve 2014 could be yet another impressive year.