B90 plc Final Results: Profitable in Q1 FY2024 with Transformation Complete

B90 Holdings plc (AIM: B90), the online marketing and service provision company for the gaming industry, is pleased to announce its audited Final Results for the year ended 31 December 2023.

The 2023 Annual Report is being sent to shareholders and can be found on the Company’s website at: www.b90holdings.com

Commenting on the results, Executive Chairman, Ronny Breivik, said:

“2023 was the year in which we transformed B90. These efforts have paid off and the Company has been EBITDA positive numbers for every month in Q1 of FY2024.[1]

“We have successfully implemented a realignment of our strategic vision, carried out an operational shift, strengthened our balance sheet and successfully acquired and integrated the operations of Emwys, which bolstered our digital marketing capabilities.  The transition towards a core B2B model has been underscored by the relaunch of our flagship brand, www.bet90.com.

“We are now fully focused on our B2B performance marketing strategy, positioning us as a leader in online marketing and service provision within the dynamic and exciting gaming industry.”

Business Turnaround:

  • Major restructuring of casino and sportsbook operations towards outsourced solutions, to focus on core strengths therefore creating financial and operational efficiencies.
  • Continued emphasis on B2B operations.
  • Post period performance shows EBITDA profitability in Q1 2024 with positive EBITDA each month in the quarter.1

Financial Highlights:

  • Revenue for the year ended 31 December 2023 increased to €3.0 million, from €2.1 million in 2022, indicating progress from strategic shifts.
  • Net loss increased year-over-year from €4.3 million to €5.5 million, due to impairment charges relating to Bet90.com, the financial treatment of the Convertible Loan Note, increased expenses paid to Payment Service Providers in the operations of Bet90 and Spinbookie and additional marketing spend.
  • Successfully raised €6.6 million, before transaction costs, through convertible loan notes and equity placements, bolstering financial flexibility, improving working capital and strengthening the balance sheet.

Operational Highlights:

  • Strategic pivot from B2C to a B2B focus, optimising operations around performance marketing and affiliate services.
  • Brand relaunch of bet90.com as an affiliate website, reducing operating costs and enhancing focus.
  • Successful acquisition and integration of Emwys to bolster digital marketing capabilities within the online gambling sector.
  • Over 200 partnerships established with major industry players such as Bet365 and ComeOn Group, enhancing market presence.

Strengthened Management Team, and Advisory and Main Boards:

  • Appointment of industry veteran Andrew McIver to the Board, and the appointment of Mark Blandford as strategic adviser, strengthened strategic oversight and operational capabilities.
  • For over a decade, Andrew was on the board of Sportingbet plc, first as Chief Financial Officer and then as Group Chief Executive Officer
  • Mark is a senior industry figure and considered by many to be one of the founders of the developed online gaming industry.

Commenting on Summary and Outlook, Ronny Breivik, concluded:

“Looking ahead, we are very optimistic about the future of B90.  Management delivered on several key operational milestones during 2023, which are expected to help the Group achieve profitability in 2024.  Our refocus on B2B operations, coupled with a strong management team and Board, and a much stronger balance sheet, positions us well to achieve our goal of returning to profit, realising substantial potential for driving shareholder value.”

“Our efforts to reduce operating costs and leverage our new business model have already resulted in much improved EBITDA over the first quarter of 2024.  During the first three months of 2024, the Group has recorded positive EBITDA1 every single month. In January 2024, we partnered with a specialised platform and operations partner – and we are now fully focused on our performance marketing strategy.

“We are grateful for the continued support of our shareholders and are excited about the opportunities ahead. Our commitment to growth, operational excellence, and financial discipline will guide our efforts as we aim to deliver long-term value to our stakeholders”.

B90 plc Final Results: Profitable in Q1 FY2024 with Transformation Complete was first seen on Sports Betting Operator