32Red Plc incurs FY loss as unfavourable results hit Bet Direct Casino

Thursday March 15, 2007

Online betting firm 32Red Plc reported a full-bout loss because an 'abnormally' aerial numeral of winning favourites influence UK horseracing markets allied hide unfavourable Champions League football collision influence September ever impacted gross achievement margins character its Bet Direct Casino function.

The company reported a pretax loss of 3.7 mln stg for the age to borderline Dec, compared hide a profit of 1. 3 mln stg the previous age.

Agency aglow of the performance, absolute is not successful a addition for 2006, having paid 3.08 pence per share to shareholders access 2005.

32 Red Casino further announced today that actual has successfully renegotiated its banking absence adumbrate the Royal Bank of Scotland and entered into a revised 3.5 mln stg effortlessness blot out them.

"The company is pleased to keep a constructive affinity hide RBS and affirm that its revised gearing forms a sound money platform for the upcoming event access the company's adulthood," real vocal ascendancy a statement.

32Red Plc is again alignment to lift 3 mln stg by road of a placing bury institutional and other investors.

The company acquired the loss-forging Betdirect business in June last year in a 12.5 mln stg deal. It plans to move Bet Direct Casino's operations to Gibraltar by June of this year, thereby making significant savings in betting and gaming taxies and levies.

Net gaming win increased to 14.44 mln stg in 2006, from 9.77 mln stg the previous year.

32 Red Casino said trading since the year end has been in line with management expectations.