Inspired Q1 revenue up 55% thanks to Novomatic acquisition
Inspired Entertainment saw revenue of $52.3m for Q1 2020, a rise of 55% year-on-year.
The supplier attributed this mainly to its acquisition of Gaming Technology Group, of Novomatic UK, with the gaming technology company generating $27.4m in revenue.
Inspired said the increase in revenue was offset by issues created by COVID-19, including a lag in sales and temporary suspension of land-based business.
Adjusted EBITDA was $10.1m, a fall of 26%, which the supplier attributed to “customer closures related to COVID-19 and the delay in realizing effects from associated expense reductions.”
Net loss was $17.4m – a significant increase from a net loss of $5m in 2019.
As a result of the pandemic, Inspired has seen revenue from its land-based retail customers decline to near zero as casinos were forced to close.
Despite this, the supplier said its interactive revenue has performed well.
“The year got off to a strong start, building on the momentum from outstanding organic growth, increased profitability across our businesses and better-than-expected initial results from our transformative acquisition which we realized in the fourth quarter of 2019,” commented Lorne Weil, executive chairman of Inspired.
“However, the COVID-19 global pandemic resulted in the temporary closure of the land-based retail businesses of our customers with continuation of many of the associated expenses, which had a material negative impact on our first quarter results.”
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