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32Red gambles on AIM floatation

27 Sep 2005

Online gaming business 32Red has been admitted to the Alternative Investment Market (AIM) with a market capitalisation of around £60m.

The company, which is headed by CEO Ed Ware, formerly managing director of Ladbrokes International, generated net gaming revenues of £5.9m in the year to 31 December 2004 and net profit of £1.1m.

In the six months to 30 June 2005, it reported revenues of £4.2m and profit of £1m.

“Admission to AIM takes us to the next stage,” said Ware.

“It will give us greater flexibility in this fast moving market and the option to raise funds at the appropriate time.” Details: www.32red.com

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