Tombola group posts fy 2017 results

Sunderland based tech company Tombola, who develops bingo software and online games, has posted FY 2017 results showing:

* Turnover up 24 percent at GBP 73.7 million;

* Operating profit up 17 percent at GBP 13.5 million;

* Profit for the financial year up 34 percent at GBP 15.3 million;

* Net profit before tax GBP 13.8 million;

* Employee headcount now 450 people across UK, Italy, Spain and Gibraltar;

* Move into a new GBP 7 million headquarters imminent;

* Dividends of GBP 7 million were paid out during the year;

Companys founder and chief executive Phil Cronin reported that the company continues to thrive and grow its market share across the UK and Europe.

The groups net profit before tax also increased during the year to GBP 13.8 million from GBP 11.9 million which is a result of the introduction of Tombola Arcade,” he said.

The group is focused on the continual research and development of its products”.

However, Cronin sounded a note of caution regarding Brexit, noting that management is making contingency plans and warning:

The principle risk and uncertainty the company faces is Brexit. There are still a number of Brexit scenarios which may cause issues with trade in Spain and Italy, however the management team are currently in the process of reviewing options to ensure the company have contingency plans for business continuity.

Cronin noted that Tombola has continued to grow at an outstanding rate whilst consistently delivering an innovative and original portfolio of online entertainment for its customers, and exceptional technical performance, support and customer service.

We are nearly three years into our five-year 2020 strategy and ahead of our own projections for the forthcoming year,” he said. The opening of our new HQ in Sunderland is a key element of our future development, expansion and growth plans. It will also assist us to achieve our aim to significantly increase the size of our northeast tech team by 2020.”

He concluded by revealing that management plans to expand into more markets going forward.