Thursday, July 18, 2024

Buzz Bingo grows annual revenue

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In its newly published annual financial results for FY 2023, Buzz Bingo has revealed that it grew gaming revenues by six per cent, retail returned to growth, and online delivered an uplift of 31 per cent.

Underlying EBITDA grew by 14 per cent in 2023, and grew a further 22 per cent in the first half of 2024.

Forty-four per cent of the 2023 online revenue came from customers who first played in the group’s retail clubs, which is a vote of confidence for the group’s omnichannel strategy.

“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,” said Dominic Mansour, CEO of Buzz Bingo.

“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.

“Our omnichannel strategy positions Buzz uniquely in the market. We have an extremely loyal, high frequency retail customer base and much of our online growth owes to the successful implementation of our ability to convert retail players to play online. We remain confident in the future, capturing the opportunity that exists for Buzz, and ultimately delivering sustainable profitable growth.”

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