LiveScore Group has reported a total group revenue of £179.1 million (€215.8 million/$222.3 million) for the 12 months to 31 March 2024. This is an increase of 38% from the previous year.
The majority of this relates to its betting and gaming arm, which accounted for £158 million in revenue.
In a Companies House filing dated 31 December, the operator broke down its revenues by market. The UK continues to be key for the group, it said in the filing as the market’s revenue for the region grew 78% to £139 million in the period.
Rest of Europe accounted for £23 million in revenue while rest of world (RoW) recorded £16.8 million in revenue, up 10%. Regulus Partners estimates Nigeria makes up the majority of RoW.
“The group is in a development phase,” the filing reads, as it continues to assess new markets and opportunities.
Losses narrow as LiveScore profit increases
Meanwhile LiveScore revealed it has reduced its operating losses for the year by 18% to £50.7 million in the 12-month period. Looking at the bottom line, gross profit for the period came to £138.1 million. This also marks an increase of 38%.
Group profit jumped despite the cost of sales also increasing 38% from the previous year. Distribution costs, largely attributed to marketing spend, was also up 21% to £101.2 million in 2024.
LiveScore closed the year with £293.5 million in net assets, up from £287.3 million in its 2023 financial year.
The report mentions a £20 million loan facility provided to LiveScore Group by its shareholders in September 2023.
On LiveScore’s performance, Regulus said: “LiveScore has continued to grow market share in the UK with a highly successful content-led customer acquisition model as well as leveraging the Virgin brand.
“However, while this is impressive at the revenue and customer engagement level, evidence of strategic cost cutting can be seen both in terms of moving the betting product to Kambi (live post period) and the subsequent Netherlands exit (at the end of November 2024). The extent to which strategic differentiation can be turned into operational success is still therefore being tested.”
LiveScore exited the Netherlands after the reporting period in November. The exit was then finalised in December. It also initiated a strategic restructuring in November, which is expected to impact more than 100 roles across the business.
