Family run bingo business Tombola Ltd is toasting rising revenues after turnover jumped to £120m.
The Sunderland-based business - Europe’s largest online bingo firm - creates and develops bingo software and games from its North East head office and also has offices in Copenhagen, Gibraltar, Milan and Madrid.
Founded in 2006 by Philip Cronin, the company has seen huge growth as it expands its presence in the 海角视频 and Europe, leading to a 15% rise in turnover in the year ended April 30 2020.
The increase - from £104.4m to £120.1m - comes six years after chief executive Phil Cronin set out plans to increase turnover to £100m by the financial year covered in the accounts. Staff numbers also rose, from 531 to 608, boosting the wages bill from £15.4m to £17.6m.
But the accounts show operating profit dipped slightly, from £12.8m to £12.03m, while pre-tax dropped from £13.25, to £12.04m.
Total comprehensive income for the owners came in at £9.4m, down on the previous year’s £11.2m.
Despite the financial year covering the start of the global Covid-19 pandemic, the accounts report makes no reference to it, but shareholder funds were increased from £39m to £48.5m during the year.
Notably, the firm chose not to pay a dividend for the first time since 2013, having paid out dividends to its family owners of at least £7m between 2013 and 2019, with the figure rising to £24m in 2016.
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In the accounts, the firm says: “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 海角视频 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.”
Total charitable donations in the year more than doubled from £108,000 to £281,000, which went to local charities and other institutions.
The business is based at Tombola House in Sunderland, which was designed by Ryder Architecture and built by Brims Construction after the firm created a new head office that would help attract and retain talent.