Buzz Bingo's EBITDA growth of 14% in FY2023
Date: 2024-07-01 Author: Leon Pierce Categories: PAYMENT SOLUTIONS
Buzz Bingo announced its financial results for the 2023 financial year, reporting EBITDA growth of 14% and an increase in revenue and net gaming revenue (NGR).
Revenue growth and NGR
The company's revenue for the financial year ended 13 January 2024 was £206.9 million, up 23.6% on the previous year. Particularly notable was the growth in NGR, which increased by 6% to £207 million. Online revenue also saw an impressive 31% growth for the financial year.
Profit decline and strategic investments
Despite full-year profits falling 0.7% to £136.2m, Buzz Bingo focused on key areas of growth, including developing its online segment and improving its financial performance in 2024. Strategic investments in player protection and responsible gaming have become a priority for the company.
Dominic Mansour, CEO of Buzz Bingo, emphasized that 2023 was a time of recovery and implementation of an omnichannel strategy aimed at sustainable growth. He expressed confidence in the company's dynamics for the current year, noting an increase in EBITDA by almost a quarter in the first half of the year.
Recent developments, including the successful completion of the acquisition of two Merkur Bingo clubs in the UK, highlight the strategic development of Buzz Bingo and its commitment to further growth in the gambling industry.
