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32Red Returns to Cash Positive Position

The 32Red online casinos gambling group has announced that although 2007 year-end results show a loss, the company goes into the 2008 fiscal year in a cash-positive position. 32red released the year-end report last week and the report showed that the company’s former Betdirect subsidiary’s poor performance in 2007 was primarily responsible for the multi-million dollar losses. But the online casinos gambling group sold Betdirect at the end of the year, which means that the 2008 year will not have any of Betdirect’s poor performance bringing down the company’s profits and revenue.

The CEO at 32Red, Ed Ware, has noted that the company is now focusing on its other core products for the 2008 year and will continue to focus on strategies that expand 32Red’s current online casinos, poker, bingo, and related internet gambling products and services. Ware noted, "Management are [sic] focused on building growth, expanding our product range and moving into new territories through the 32Red brand. We have surpassed several important milestones in the first few weeks of 2008 and look forward with confidence to an exciting year.”

And it looks as though Ware’s predictions for the company’s coming year just might be realized. The online casinos gambling group has already begun to trade well on the London AIM as investors now have more faith that 32Red will return high profits by the end of the 2008 fiscal year. Ware remarked, “The sale of Betdirect has refocused the group on its core products and has in 2008 returned the group to a cash positive position."

As for the year-end report’s specifics, the 32Red online casinos gambling group reported GBP 12.9 million pretax losses for 2007. But Stan James now owns the Betdirect product and company which bodes well for 32Red’s financial stability.