The leading UK bingo operator, Buzz Bingo, has announced its financial results for the fiscal year ending January 14, 2024, reporting a 5% increase in Net Gaming Revenue (NGR) to £217.2 million (US$255.5 million).
The positive performance was primarily driven by a strong showing in its retail bingo clubs, which saw a significant uplift in both customer visits and average spend.
The company’s retail NGR grew by £10.3 million, a testament to the resilience of the land-based bingo sector and the success of Buzz Bingo’s efforts to enhance the in-club experience.
Customer admissions to its retail venues increased by 4%, while the average customer spend per visit rose by 2%. This growth in the core retail business helped to offset a slight decline in the company’s online revenue, which was down by £1 million.
Despite the challenges in the digital space, the overall growth in NGR allowed Buzz Bingo to significantly narrow its operating loss to £11.9 million, a substantial improvement from the £41.5 million loss recorded in the previous year.
The company‘s adjusted EBITDA also saw a positive swing, reaching £11 million.
Dominic Mansour, CEO of Buzz Bingo, commented on the company’s strategic focus and the strong performance of the retail division.
This has been a year of consolidation for Buzz Bingo. Following the restructuring of our club portfolio in early 2023, we have been able to focus our energies on strengthening the performance of our core retail business, and I’m delighted with the progress we have made.
Mansour also expressed his optimism for the future, highlighting the company’s commitment to both its retail and online channels.
We have a clear strategy for the future growth of the business which is focused on delivering the unique Buzz brand experience to more players, through our clubs and through our online platform, Buzzbingo.com. I am confident that we have the right plan and the right team in place to deliver this.
