Buzz Bingo Posts Growth Despite Challenges

Despite facing obstacles like inflation, Buzz Bingo observed an increase in both its revenue and earnings for the financial year ending on 14 January 2023. The company's revenue saw a substantial 39.6% rise to £195.1m ($239.5m/€224.2m) during this period, attributed to growth in its retail and online businesses. However, persistent challenges, including the impact of inflation, hindered the company's growth.

The company's retail revenues, amounting to £165.4m, demonstrated a remarkable surge of 47.2% from the previous year. Nevertheless, Buzz Bingo noted that the recovery in admission levels compared to 2019 was slower than expected, posing a challenge to the company's growth trajectory.

Despite challenges, Buzz Bingo's online business showcased notable progress, achieving an 8.2% growth compared to the prior year. The introduction of a new iOS app, website evolution, and an improved player experience contributed to the online segment's success. However, despite this progress, online revenue still accounted for less than 15% of the group's total revenue.

The company faced several cost pressures, including labor cost increases, utilities inflation, and supply chain disruptions, affecting the cost of food and beverage inputs, labor costs, and customers' disposable income. Buzz Bingo initiated a fundamental cost restructuring during the last quarter of 2022, leading to the permanent closure of nine retail locations in April 2023. Despite a loss of £53.3m after taxation, Buzz Bingo remains confident in its plans to manage risks and provide value to its customers. The company continues to prioritize enhancing the customer experience across its clubs and online platforms while ensuring responsible gaming practices.