Buzz Bingo’s EBITDA Rises by 14% in FY23

Buzz Bingo has unveiled its financial results for the fiscal year 2023, showcasing a commendable performance marked by a 14% increase in EBITDA. The company also reported significant improvements in net gaming revenue (NGR) and strategic investments, underscoring a robust year for the bingo operator.

For the period ending 13 January 2024, Buzz Bingo’s revenue reached £206.9 million ($262.4 million), reflecting a 23.6% rise from the previous year’s figure of £195.1 million. Despite this revenue growth, profits experienced a slight decline of 0.7%, settling at £136.2 million. The company attributed this marginal drop to specific operational costs but highlighted key areas of revenue growth, including a 6% rise in NGR, totaling £207 million.

Additionally, Buzz Bingo’s online revenue surged by 31% during FY23, with the trend continuing into 2024, where year-to-date data indicates a 24% increase. This robust online performance is a testament to the company’s successful digital strategy.

Buzz Bingo emphasized its strategic investments in player protection and responsible gambling as critical areas of focus. Dominic Mansour, CEO of Buzz Bingo, remarked, “We delivered a solid performance in 2023, with strong online growth ahead of the market and underlying profitability up 14%. 2023 was a year in which we focused on resetting the business’s foundations and putting in place our omnichannel strategy to deliver sustainable growth.”

Mansour expressed confidence in the company’s future, noting that the momentum from 2023 has carried into the current year. He stated, “With our strategy now firmly in place, we are continuing to maintain the momentum into the current year and are pleased that EBITDA for the first half is up nearly a quarter, in clear evidence that our turn-around plan is delivering.”

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In line with its growth strategy, Buzz Bingo has recently completed the acquisition of two Merkur Bingo clubs in Northampton and Cricklewood, UK. These acquisitions are part of the company’s broader plan to expand its footprint and enhance its customer offerings.

Buzz Bingo’s strategic focus on both physical and online growth, coupled with its commitment to responsible gambling, positions it well for continued success in the competitive gaming industry.

Source:

Buzz Bingo EBITDA rises 14% in FY23, gamblinginsider.com, July 1, 2024.