Buzz Bingo reports full-year online and retail growth

The UK bingo operator has reported a 39.6 per cent rise in revenue.

UK.- Buzz Bingo has reported revenue of £195.1m in revenue for the 12 months ending January 14. That’s a rise of 39.6 per cent. The release of the figures comes after the brand announced the closure of nine of its 91 Buzz Bingo venues in March.

Retail revenue rose 47.2 per cent year-on-year to £165.4m thanks to the lifting of Covid-19 countermeasures. However, Buzz Bingo said the recovery to 2019 levels was proving to be “slower than anticipated”.

However, online revenue also grew, rising by 8.2 per cent. This followed the release of a new iOS app and an update of the website. Online still makes up under 15 per cent of total revenue. Buzz Bingo reported that underlying EBITDA had tripled to £30.5m but said that increases in labour and utility costs combined with supply chain disruption had caused an impact on expenses. Results after tax give a loss of £53.3m, greater than the £51.9m loss reported for the previous year.

Buzz Bingo said: “The backdrop for the leisure market remains challenging in 2023. However, the group is confident in the plans it has in place to manage these risks and remains constantly focused on delivering great value for customers.

“Through building upon its customer-centric omnichannel offering, Buzz will focus on delivering great value for its customers and enabling them to play wherever is most convenient for them. The underlying investment and operational strategy will continue to centre on enhancing the customer experience across both clubs and online while ensuring we minimise the risk of harm at every stage.”

Buzz Bingo launched a programme of cost-cutting after Caledonia Investments sold its majority stake to asset manager Intermediate Capital Group (ICG) for a “nominal amoun” amid the Covid-19 pandemic. In April of this year, it announced the launch of its new online casino brand Buzz Casino. It marks a return for what was previously Gala Bingo.

Buzzcasino.com offers slots, live casino and table games. The site was designed in-house and built in collaboration with tech partner Playtech.