source: pixabay.com Tombola, the Sunderland-based bingo operator, saw the results of its UK and European expansion in 2020 with a 15% increase in turnover.
The family-run business established in 1999 and with a presence in Spain, Italy, and Gibraltor, experienced a strong 2020 as most of the UK, where around 60% of Tombola‘s revenue comes from, battled against a succession of nationwide lockdowns.
According to the filed accounts at Companies House, the increase in the year ended April 30 2020 from £104.4m to £120.1m comes six years after chief executive Phil Cronin laid out his intention to grow turnover to £100m by the financial year covered in the accounts.
Despite the increase in revenue, operating profit fell 6.7% as the cost of sales rose 19.7% to £85.3m. In a year of expansion, staff numbers at the North-East firm increased from 531 to 608, sending the wage bill 12.8% higher from £15.4m to £17.6m. Salary costs rose 13.3% to £15.3m.
Overall, Tombola, the operator of one of the UK's best bingo sites, saw profit came to £9.4m, down 16.6% from 2018-19.
Shareholders Statement
With no mention of the impact COVID-19 and the subsequent lockdowns in the shareholder's notes, the bingo firm which is one of the largest employers of game and web developers in the North East of England, said in its accounts:
“Group turnover has increased to £120.1m from £104.4m in the previous year as the group continues to thrive and grow its market share across the UK and Europe. The group’s net profit before tax reduced to £12m from £13.3m as we continued to invest in our people, our products, and opening up new territories.
“The group is focused on the continual research and development of its products and invests much time and resource to ensure the highest quality of its product.”
“We have a strong stance and responsible gambling, protecting our customers and putting them at the heart of everything we do. We optimise value for money, player retention and the potential for harm by having strong responsible measures in place.”
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