Buzz Bingo Sees 14% EBITDA Growth in FY23 Amid Strategic Investments

Buzz Bingo’s Strong FY23 Financial Results

Buzz Bingo has disclosed its financial results for the fiscal year 2023, showcasing a 14% rise in EBITDA. The company also recorded notable increases in net gaming revenue (NGR) and made significant strategic investments aimed at long-term growth.

Detailed Revenue and Profit Insights

For the year ending 13 January 2024, Buzz Bingo’s revenue reached £206.9 million ($262.4 million), a 23.6% increase from the previous year’s £195.1 million. Despite this revenue growth, profits saw a minor dip of 0.7%, ending at £136.2 million. The company pointed out several areas of revenue growth, particularly in NGR, which increased by 6% to £207 million.

Buzz Bingo’s online revenue grew impressively by 31% during FY23, a trend that has continued into 2024, with year-to-date figures showing a 24% increase. This strong performance highlights the success of the company’s digital strategy.

Strategic Investments and Growth Plans

Buzz Bingo has focused on significant investments in player protection and responsible gambling, which are central to its strategic plan. Dominic Mansour, CEO of Buzz Bingo, stated, “2023 was a year of solid performance, with notable online growth surpassing market expectations and a 14% rise in underlying profitability. We concentrated on resetting the business’s foundations and implementing our omnichannel strategy for sustainable growth.”

Mansour also highlighted the company’s continued momentum into the current year, adding, “With our strategy firmly in place, we are pleased to report that EBITDA for the first half of the year is up nearly 25%, proving that our turn-around plan is effective.”

Recent Strategic Acquisitions

Buzz Bingo has also expanded its physical footprint by acquiring two Merkur Bingo clubs in Northampton and Cricklewood, UK. These acquisitions are part of the company’s broader strategy to enhance its market presence and improve customer offerings.

With its strategic focus on both physical and online growth and a commitment to responsible gambling, Buzz Bingo is well-positioned for continued success in the competitive gaming industry.

Source: Buzz Bingo EBITDA rises 14% in FY23, Gambling Insider, July 1, 2024.