Inspired Entertainment has published its Q3 2022 financial report. The company reported third-quarter revenue of $74.9m, a decrease of 3% when compared to the prior-year period.
The company posted a net income for the period of $10.2m, which translates to $0.35 per diluted share. Adjusted EBITDA rose to $27.8m in Q3, when compared to $26.1m during Q2.
Adjusted EBITDA Margin during Q3 reached 37%, down 2% year-over-year.
Gaming revenue for the quarter fell by 12% year-on-year to a total of $24.1m. Leisure revenue during Q3 reflected similar trends, with a 9% decrease when compared to last year’s figures for a total of $30.5m.
Inspired Entertainment Executive Chairman Lorne Weil said the company is pleased with its Q3 results, based on its quarterly operating performance.
He commented: "This quarter's underlying operating performance was strong, with third-quarter adjusted EBITDA exceeding last year's record performance on a functional currency basis.
“This reflects a continuation of the trend we have seen in recent quarters, with the resiliency of our diversified business model as well as what we perceive to be the continued strength in consumer spending across our segments – notwithstanding perceived ongoing macro trends.”
Weil went on to add that the company’s land-based business has continued to perform well.
He concluded by saying: "As our online business continues its growth trajectory, our land-based business has held strong, with consumers continuing to frequent betting shops and pubs and staying local for holidays, and we continue to move towards a less capital-intensive business model, signing a milestone contract with Betfred after the end of the quarter for the sale of 5,000 terminals and the provision of fully integrated managed services for their entire estate.”
