Buzz Bingo's FY23 Financial Performance

Buzz Bingo has released its financial results for the 2023 fiscal year, highlighting a noteworthy 14% increase in EBITDA. The results also reveal substantial improvements in net gaming revenue (NGR) and significant investments aimed at bolstering the company’s long-term growth.

For the fiscal year ending 13 January 2024, Buzz Bingo reported revenues of £206.9 million ($262.4 million), marking a 23.6% increase compared to the prior year’s £195.1 million. Despite the rise in revenue, the company saw a slight decline in profits by 0.7%, ending at £136.2 million. However, key areas of growth were noted, particularly in NGR, which rose by 6% to £207 million.

Buzz Bingo's online sector experienced remarkable growth, with online revenue climbing by 31% in FY23. This upward trend has continued into 2024, with year-to-date figures showing a 24% increase. These results underscore the success of the company’s digital strategy.

Strategic Investments and Future Outlook

Buzz Bingo has made significant strides in enhancing player protection and responsible gambling, areas emphasized in their recent strategic investments. Dominic Mansour, CEO of Buzz Bingo, commented, “Our performance in 2023 was solid, highlighted by substantial online growth outpacing the market and a 14% increase in underlying profitability. The year was pivotal in resetting our business foundations and implementing our omnichannel strategy for sustainable growth.”

Mansour expressed optimism for the future, noting the continued positive momentum into the current year. “With our strategy now established, we are pleased to see EBITDA for the first half up nearly 25%, demonstrating the effectiveness of our turn-around plan,” he said.

Recent Acquisitions

In addition to its financial successes, Buzz Bingo recently acquired two Merkur Bingo clubs located in Northampton and Cricklewood in the UK. These acquisitions are part of the company’s broader strategy to expand its physical presence and enhance its customer offerings.

Buzz Bingo's focus on physical and digital growth and its commitment to responsible gambling positions it favorably for sustained success in the competitive gaming industry.

Source:

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