Online gaming company Tombola has reached its target of doubling turnover in five years with revenue figures of over £100m, according to its latest company results.
The firm, which is based in Sunderland, has the reputation of being Europe’s biggest online bingo company, developing software for bingo games from its base in the north east of the UK, although it also has premises in Milan, Gibraltar and Madrid.
In 2015, Phil Cronin, the chief executive laid out plans to grow the company’s turnover to the £100m mark by the 2019/20 financial year. But according to accounts published for the 2018/19 tax year, the company has hit its target ahead of time, registering revenue of £104.4m, which represents a 16% increase based on the 2017/18 figure of £90.3m.
The figure takes into account the second full trading year of the online gaming site Tombola Arcade, which gives visitors the chance to play a range of arcade games while chatting with other customers. All of the games on the site are created by Tombola and are based on a low stake approach.
In a report that accompanied the release of the figures, Cronin said Tombola’s increasing popularity in overseas territories was responsible for the growth. But the figures also showed that the firm’s profit declined as they have expanded their workforce, with profits falling to £13.3 million from $19.2 million.
In the report, Cronin emphasised that the company was aiming to continue to improve its offering through additional investments:
“The group is focused on the continual research and development of its products and invests much time and resource to ensure the highest quality of product.”
Tombola, which was set up by Cronin in 1999, now employs 531 members of staff, up from the previous level of 421. They also paid dividends worth £7 million to directors during 2018-19.