- COMPANY RESULTS
B90 Holdings has announced that it expects to make a revenue and reported loss for the 2023 financial year, but delivered on “several key operational milestones”.
The financial losses are expected to be in line with market expectations. Yet, the company confirmed that increased marketing and admin expenses during the year are expected to result in an increased adjusted EBITDA loss from 2022.
The B90 group highlights that it underwent a “significant shift” to focus on its B2B operations, including the discontinuation of Bet90.com and relaunch as an affiliate site.
B90 also notes it streamlined operations at Spinbookie.com and in January 2024 partnered with a specialised platform and operations partner. The brand is now, B90 says, solely focused on its B2B performance marketing strategy. This has already reduced operating costs and has enhanced B90’s focus on affiliate marketing.
Swedish marketing firm Emwys, which B90 acquired for €3.6m (£3.1m/$3.9m) in July 2023 has also performed in line with the company’s expectations during FY 2023.
B90 also confirmed that Marcel Noordeloos will continue in his role as finance director and will also remain on the board.
Ronny Breivik, B90 executive chairman, said that the business’ strategic refocus on B2B operations in the B90.com relaunch and outsourcing of operations of Spinbookie.com underpins the shift in its business model.
“These initiatives are central towards achieving our target of profitability, and to driving shareholder value in 2024,” said Breivik.
“We remain committed to leveraging our industry experience and partnerships to deliver innovative solutions, driving our performance marketing and affiliate services,” the executive chairman added.
Breivik also said that B90 is increasingly confident in its operational execution and ability to build a strong foundation for sustainable growth and shareholder value.
“With an enhanced management team and a stronger board, complemented by the backing of investment, as well as strategic and practical guidance from seasoned, insightful investors in our sector, we are well-positioned to realise our growth strategy."
£2m raised
Back in September 2023, B90 Holdings announced that it raised £2m through “a placing and subscription of 36,731,551 new ordinary shares”.
The money was used across the business, with £1.1m going into investment in inorganic growth opportunities, including M&A. £400,000 was earmarked for further investment in B90’s own assets and £500,000 was used for general working capital and fundraising expenses.