Buzz Bingo revenue rises 4.9%
Full-year revenue was up to £217.2m.
UK.- Buzz Bingo has reported a strong performance for its 2024 financial year, with revenue up 4.9 per cent to £217.2m. Underlying EBITDA rose by 20 per cent to £41.8m.
Buzz Venus Group, the parent company, attributed the results to its omnichannel strategy, which has successfully encouraged retail customers to engage with its online offerings. Digital revenue increased by 14 per cent to £44.2m, while retail operations also saw a modest 3 per cent uplift to £173m.
The company also reported a rise in customer signups, with 175,000 new players, half of whom were under 35. This demographic shift reflects Buzz Bingo’s efforts to broaden its appeal beyond its traditional older audience.
CEO Dominic Mansour noted that the latest quarter was the strongest since before the pandemic, with visits up 3% year-on-year despite seasonal challenges. To further attract younger players, Buzz Bingo introduced Big Money Live in late 2024, a new bingo format designed to operate across both its physical venues and digital platforms.
Buzz relocated its online operations to Gibraltar last year. The shift was aimed at improving access to suppliers and exploring international growth opportunities. While the relocation delivered operational benefits, it also contributed to a rise in administrative costs, which increased from £121.7m to £126.8m. Annual losses widened slightly from £30.9m to £31.7m. Additional expenses included the acquisition of bingo clubs in Cricklewood and Northampton.
In July, Buzz secured a £25m funding package from Barclays and other investors to modernise its venues and enhance its appeal to younger audiences. Upgrades are underway, including the installation of new electronic bingo terminals and the replacement of technology. It also plans to launch a new loyalty programme.
