Shares of the 32Red online gaming company rose after a set of half-year results were revealed. The company has been listed on The London Stock Exchange since 2005.
32Red, which also sponsor a well known Premier League football team Swansea City, reported a 50% jump in revenues all the way up to £16.5m. This encouraged the management to raise the interim dividend to 0.6p.
Investors may have anticipated a better share boost; however, a near doubling of the sales costs meant that flat pre-tax profits had to be implemented. Similarly to its online rivals, 32Red have big plans to expand aggressively into regulated gambling markets. In the last quarter of this year it plans to enter the Italian market. The boost from Italian casino players is expected to help the shares’ growth and keep the company on a positive track.