Plumbee records £12m in annual revenues
London-based social casino operator's revenues rise 138% while its RMG joint venture Bonza Gaming records a £2m loss following start-up costs to scale the business
Social casino operator Plumbee posted a marginal loss in 2013 as the London-based firms annual revenues soared 138%, according to accounts filed with Companies House.
Plumbee’s overall revenues for the year increased to £11.9m compared to the £5m posted for the previous 18 months ended 31 December 2012, of which 99% was attributable to non-UK markets.
The filings show Plumbee recorded losses of £55,000 after tax for the 12 months ended 31 December 2013, while its real-money gaming venture Bonza Gaming recorded a a £2m loss due to start-up costs.
Plumbee CEO and co-founder Raf Keustermans said the loss from Bonza Gaming was largely expected after significantly scaling the business last year.
“The is not a huge surprise or a major upset as any business, especially in RMG, that launches in February will have a lot of costs linked with the start up and marketing launch that are unlikely to be fully recovered within 10 months of operations,” he said.
Alderney licensed Bonza, which was formed in December 2012, launched its new real-money casino app early last year while in February2014 its flagship Bonza Slots product, which has over 10,000 monthly users on Facebook, was also released on mobile.
Unibet holds the remaining 50% stake in the real-money gaming start-up after having acquired its share from Sportingbet in March 2013.
In April Plumbee launched its first non-slots product Mirrorball Bingo which features a Deal or No Deal-branded game through its partnership with Endemol which led a $14m Series B funding round in Plumbee in December.
Plumbee’s flagship product Mirrorball Slots was launched in 2012 and currently has 1.7m monthly active users on Facebook according to analytics firm Dystillr.
The company has current assets worth £9.8m including £8.4m in cash at bank and in hand.