An increase of 47.2 per cent in its retail revenues across its bingo clubs was announced this week by Buzz Bingo, the one-time Gala Leisure when it was a bingo flagship brand for Ladbrokes Coral Group.
Buzz is the UK’s largest retail bingo operator and the result is the group’s first full trading year period since the pandemic.
Underlying EBITDA rose, as did the online business - the company launched its online platform in September 2018 - and Buzz believes that it now has a new, younger demographic that drives the revenue increases.
In fact, behind the figures is an overall loss, which is due to the significant restructuring costs that the company put into place.
It reckons that half of the players at its bingo clubs are now aged between 18 and 35, resulting from a strong programme of recruiting new and younger players each week.
Online revenue was up 8.2 per cent as Buzz has refocused on attracting recreational customers and enhancing player protection.
The company says that online growth will continue with recent statistics showing a 30 per cent rise in revenue since the same period in the previous year.
Gross profit was £137m on revenues of £195m but losses, after tax, were £53m, just up on the loss of £52m in the previous year.
