Buzz Bingo has reported 47% year-on-year growth in retail revenues across its bingo clubs in its first full trading period since the pandemic.
This increase is attributed to the recovery of the UK's bingo operator post-Covid, the growth of its online business and the attraction of a younger demographic.
However, the company's overall financial picture was marred by restructuring costs, leading to an annual loss.
Buzz Bingo's retail strategy included initiatives to introduce bingo to a younger audience, with half of the new customers aged between 18 and 35.
Buzz Bingo's online revenue also showed growth, with an 8% increase from the prior year. This growth followed a refocusing of efforts to attract recreational customers and enhance player protections, in line with recommendations made in the Government's White Paper on gambling.
Recent trading figures indicate that online growth is set to accelerate, with a 30% jump in revenue compared to the previous year.
Despite the growth in gross profit, which reached £137m ($167m) on revenues of £195m, Buzz Bingo reported an overall loss of £53m after taxation.
This loss is slightly up from the £52m loss reported twelve months ago, and it was primarily impacted by restructuring costs and other one-off expenses, including a non-cash goodwill impairment charge.
In late 2022, the company restructured its Head Office operations to reduce operational costs. Additionally, in early 2023, nine retail locations were permanently closed. The company has also initiated an energy reduction program, leading to a 30% reduction in energy consumption.
Dominic Mansour, CEO of Buzz Bingo Group, recognised the challenges posed by inflation and rising costs but noted the company's commitment to cost control to secure its long-term future.
The company has invested in improving player protections, implementing measures like affordability checks and a maximum online slots stake cap of £10.
