Buzz Bingo EBITDA rises 14% in FY23
Group revenue and NGR also rose year-on-year, despite a decrease in profit.
Buzz Bingo has released its financial results for the 2023 financial year. EBITDA was up by 14%, with additional upturns in net gaming revenue (NGR) and investments.
The company has reported that revenue generated for the period ending 13 January 2024 settled at £206.9m ($262.4m), a 23.6% increase compared to the figure from the previous year – which was £195.1m.
Profits fell by 0.7% to £136.2m over the course of FY23 for Buzz Bingo. However, the organisation highlighted several key areas of revenue growth – namely NGR, which rose by 6% to £207m. Furthermore, online revenue grew by 31% in FY23, with year-to-date data also showing growth in 2024 so far, up 24%.
Strategic investment detailed by the group has been highlighted in the areas of player protection and responsible gambling.
Dominic Mansour, CEO of Buzz Bingo, commented: “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.
“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.”
Recent group developments have seen Buzz Bingo complete the acquisition of two Merkur Bingo clubs located in Northampton and Cricklewood in the UK.
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