Buzz Bingo has announced a 47% increase in revenue at its bingo clubs in the year following the pandemic. This growth was attributed to recovery from Covid, growth in online business and attracting a younger audience. However, the company still made an annual loss due to restructuring.
Buzz Bingo is actively attracting young customers aged 18-35 and is achieving an 8% growth in online revenue due to changes in strategy and player protection. Online gaming also continues to accelerate, with expected revenue growth of 30%.Despite an increase in gross profit to £137m on revenue of £195m, Buzz Bingo reported a loss of £53m, mainly due to restructuring and other one-off costs.
The company has reduced operating costs, closed nine outlets, and launched an energy reduction program. Buzz Bingo Group CEO, Dominic Mansour, acknowledged the challenges of inflation and rising costs but reiterated the company's commitment to managing costs to ensure long-term sustainability.
The company has also improved player protection with availability checks and setting maximum bets on online slots at £10.
