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 Inspired Entertainment Releases 2020 Financial Results

 
 Inspired Entertainment recently released its 2020 financial results, which report annual revenue of € 167.3 million, 30.2% more than in 2019.

Inspired Entertainment highlights that it obtained a net operating income of € 5.35 million in 2020, compared to a net operating loss of € 10.8 million in 2019. It also reports that after interest and taxes, Inspired's net loss for the year was € 24.4 million, down from € 30.9 million the previous year.
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Regarding the results obtained, Lorne Weil, Executive Chairman of Inspired, stated: "October was a stellar month and indicated how quickly we could recover before our land-based businesses went back into lockdown in November and December". Thus, he stressed that growth was possible despite pub curfews and closures from the second half of the month.

Inspired reports that their Online Virtuals and Interactive channels showed strength in the quarter with revenues increasing sequentially from $ 3.0 million in October to $ 3.3 million in November to $ 4.2 million in December. This reflects year-over-year growth of 89%, 95% and 99%, respectively, over $ 1.6 million, $ 1.7 million and $ 2.1 million in the same months in 2019, demonstrating the growing presence and popularity of the Company's online offerings.

On the recovery of the business in the United Kingdom, Lorne Weil explains: “By the end of the second quarter 2021, assuming the UK ends its lockdown, we would expect our UK business to be on a run rate similar to where we were in the third quarter 2020 when we generated $ 17.1 million6 in Adjusted EBITDA, excluding VAT-related income, at current exchange rates ".

On the other hand, and in reference to the holiday park business, Weil expects that “back to pre-pandemic levels, which was not the case in the third quarter 2020 given local restrictions”. Likewise, he considers that the recovery will be fast with the easing measures and hopes that the company can “emerge from this pandemic even stronger than before with a lower cost structure, improved liquidity, a larger customer base and increased growth opportunities”.

On the other hand, Stewart Baker, Executive Vice President and Chief Financial Officer of Inspired, explains that during the crisis they have focused on “on executing our strategic plan to drive margin expansion, deliver profitable growth, increase cashflows and maximize shareholder value”.

Summary of Q4 Results vs. Q4 Last Year on a Reported Basis
  • Gaming Revenue was $ 50.5 million, an increase of 52.3% from $ 33.2 million in the fourth quarter 2019, in part due to $ 32.5 million in VAT-related revenue. Gaming Service Revenue was $ 44.3 million, an increase of 102.1% from $ 21.9 million in the fourth quarter 2019. Gaming service revenue was favorably impacted by the VAT-related revenue, which was offset by COVID-19 Closures in the UK ($ 6.8 million), Greece ($ 2.3 million) and Italy ($ 1.7 million). Gaming Product Revenue declined to $ 6.2 million from $ 11.3 million in the fourth quarter 2019. Revenue during the quarter consisted of the sale of Valor ™ terminals ($ 1.4 million), Saber Hydra ™ electronic table games and machine sales in Italy ($ 0.9 million).
  • Virtual Sports Revenue, which no longer includes Interactive but does include Online Virtual Sports, increased 1.8% to $ 8.7 million from $ 8.5 million in the fourth quarter 2019. Due to the COVID-19 Closures and resulting growing migration to gaming online, Online Virtual Sports increased $ 3.0 million year-over-year while retail revenue declined $ 2.8 million.
  • Interactive Revenue increased 99.5% to $ 4.2 million from $ 2.1 million in the fourth quarter 2019. The revenue growth came primarily from our existing customer base in Europe, reflecting the growing migration of end users to online platforms, an increase in the volume and popularity of the Company's new proprietary content, significantly improved game quality and strong account management. Additionally, Inspired launched with over 42 new online customers in 2020 throughout the UK, New Jersey, Canada, Greece, Mexico, Germany, Belgium, Italy and Sweden and further expanded its base of interactive aggregators.
  • Leisure Service Revenue was $ 7.7 million in the fourth quarter 2020 compared to $ 21.8 million in the prior year period. Revenue from pubs, leisure parks and MSAs was lower than the prior year as a result of the COVID-19 Closures. Revenue generated from pub customers was $ 2.8 million, compared to $ 10.5 million in the prior year period; leisure park customers was $ 2.6 million, compared to $ 5.9 million in the prior year period; and MSA customers was $ 1.8 million, compared to $ 4.2 million in the prior year period. Leisure Product Revenue was $ 0.6 million in the fourth quarter 2020 versus $ 0.8 million in the prior year period.
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