LiveScore Group releases FY2023 strategic report, annual revenue increases by 49%
The company has described itself as being in ‘a development phase’ while it creates new products and decides which territories it’s going to expand into next.
LiveScore Group has published its accounts for the year ending 31 March 2023.
Founded in 2019, Livescore Group operates several brands, including Virgin Bet, LiveScore and LiveScore Bet.
Revenue/turnover for the year was £129.7m ($165m), an increase of 49% when compared to the results from the year previous.
And, despite still yielding a negative figure, operating loss of £61.8m was a 12% improvement annually.
In the report, LiveScore Group said: “While Virgin Bet, LiveScore Bet and LiveScore Media continue to contribute significantly to the growth in turnover of the group, with substantial contributions from new jurisdictions, the group incurred an operating loss of £61.8m in the year.
“This was in with with expectations and overall growth plans as the business incurred significant expansion and marketing costs.
“The decrease in operating loss is due to an increase in gross profit, which outpaced continued significant investment in marketing and the LiveScore brand.”
EBITDA also improved by 14% up to -£50.4m while LiveScore Group continues to review opportunities to enter new markets. However, this figure is still some way the wrong side of zero.
While there is an interest in launching in other jurisdictions, LiveScore has stated in the report that the ‘key market for the Group continues to be the UK.’
While net assets increased 64% up to £64m, the net current assets saw the largest change with a 222% increase resulting in £17.6m.
During the later months of 2022, LiveScore Group received an investment of £50m in return for 9.99% interest in the group.
In a recent industry event, LiveScore Group CEO Sam Sadi discussed Fanatics’ future in the US.
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