LiveScore, a leading sports media provider, has released its full-year report for the period ending 31 March 2023. The report highlights the company’s performance in its Virgin Bet, LiveScore Bet, and sports media businesses. Notably, gambling revenue saw a significant increase of 57.3% to £108.0m compared to the previous year. Advertising revenue also experienced growth, reaching £21.6m, a 17.7% increase.
In October 2023, LiveScore’s CEO, Sam Sadi, outlined the group’s future plans to InnovateChange The company aims to establish itself as the top sports media operator globally, rather than focusing solely on betting operations.
Geographically, the majority of LiveScore’s revenue was generated in the UK and Ireland, totaling £100.3m, a 40.0% increase. The Rest of Europe division witnessed the most significant growth, nearly tripling its revenue to £14.0m. The Rest of World division contributed £15.2m to the total revenue.
Furthermore, the number of LiveScore employees increased from 416 in 2022 to 492 in 2024.
Although the cost of sales, including gaming licenses, amounted to £29.7m, LiveScore achieved a gross profit of £99.9m, a noteworthy year-on-year increase of 45.1%. However, distribution costs, primarily related to marketing, reached £83.7m. Administrative expenses also grew by 28.6%, totaling £77.8m. This resulted in an operating loss of £61.7m, an improvement from the previous year. Various factors such as profit from associates and interest receivable partially reduced the loss, but interest repayments and expenses amounted to £4.1m, leading to a pre-tax loss of £65.5m. After taxation, the total loss for the year amounted to £65.4m, showcasing a 6.5% improvement in operating margin compared to the previous year.
LiveScore’s EBITDA for the year showed a loss of £50.4m, indicating an improvement of 14.4% compared to 2022’s EBITDA loss of £58.9m. The parent company, Anzo Group Limited, issued £38.6m worth of shares in September and October 2022 to repay party loan balances and cover LiveScore’s liabilities for the next 12 months. Additionally, a loan facility of £20.0m was established by Anzo Group shareholders in September 2023, with £10m being utilized in December that year. Furthermore, Ringier Sports Media Group AG invested £50m in LiveScore during the period.
