Inspired Entertainment announces a net loss of 17.4 million, a significant increase from 5 million in 2019
Inspired Entertainment has been able to offset the logical decline in revenue for its land-based division as a result of the pandemic, with a significant spike in its online revenue, largely due to the recent acquisition of Gaming Technology Group from Novomatic UK. Overall, the company's revenue was up 55%, generating up to $ 27.4 million in revenue.
Inspired Entertainment's revenue in the first quarter of the year increased 55% thanks mainly to the acquisition of Gaming Technology Group from Novomatic UK. In this way, the gaming technology company generated $ 27.4 million in revenue and makes the increase in revenue offset the problems created by COVID-19, including a drop in sales and the temporary suspension of business at the land-based level.
Adjusted EBITDA was $ 10.1 million, a 26% drop, which the provider attributed to "the customer closings related to COVID-19 and the delay in realizing the effects of associated cost reductions."
Net loss was 17.4 million, a significant increase from the net loss of 5 million reported in 2019
Despite this, the provider said its interactive revenue has worked well: "The year got off to a good start, building on the momentum of outstanding organic growth, increased profitability in our businesses, and better-than-expected early results from our transformative acquisition that we realized in the fourth quarter of 2019, "said Lorne Weil, Inspired CEO.
"However, the global pandemic of COVID-19 resulted in the temporary closure of our clients' onshore retail businesses with the continuation of many of the associated expenses, which had a significant negative impact on first quarter results."
