Inspired praises global growth as revenue rises in Q1

Inspired Entertainment has cited growth in existing markets and expansion into new regions as key reasons behind an increase in revenue in the first quarter.

Revenue for the three months through to December 31, 2017, came in at $31.4m (€25.2m), up 14.3% on $27m in the corresponding period in the previous year.

Net operating loss was cut by 52.3% from $9.3m to $4.4m, while net loss also improved 81.4% year-on-year from $22.4m to $4.2m.

Adjusted earnings before interest, tax, depreciation and amortisation for the first quarter also increased by 16.2% from $8.5m to $9.8m.

Net loss per diluted share for the three months stood at $0.20, an improvement on $1.79 in the first quarter of the previous year.

Luke Alvarez, president and chief executive of Inspired, said: “We are pleased with our first quarter results, which reflect strong growth in recurring revenues, expansion in non-UK European markets and achievement of a key market entry in North America.

“Our Greek SBG business continues to strengthen, with two additional orders from OPAP since the original contract and a new partnership with Novomatic.

“Our UK SBG business is expanding, as we deploy our new contract for additional terminals with Betfred.

“Our Virtual Sports business has expanded with multiple new launches in Italy, the UK, Greece, Poland and Romania, and with new contracts in the UK, Finland and Latin America.

“We are now live with Virtual Sports in New Jersey, with five online casinos including Caesars and Golden Nugget.”

Alvarez added: “We achieved a great deal in the first quarter and our business is expanding in multiple areas, especially in new European and U.S. markets and in regulated online and mobile channels.

“We are very pleased with progress in the business and looking forward to accelerating international growth, especially in North America.”

Related article: Inspired moves into Finland with Veikkaus