The first quarter of the year has concluded on March 31, 2021, and in light of that many companies have started to publish their financial results for the stated period of time. On May 10, 2021, Inspired Entertainment has also joined in, as the company has officially posted its financial results for the first quarter of this year.
First a few words on the company, Inspired Entertainment is a global corporation that provides a premium set of services such as content, technology, and hardware to regulated gaming, betting, lottery, and leisure operators. Currently, the company operates in 35 jurisdictions around the globe, and it has over 50,000 gaming machines deployed in many gambling halls, pubs, betting shops, and other similar enterprises.
Official Results
For the first quarter of 2021, the company has accumulated a total of US$22.8 million in revenue, a net loss of US$16.7 million, and an Adjusted EBITDA of US$3.9 million. It must be mentioned that the corporation’s land-based properties were closed for almost the entirety of the first three months of 2021, due to the ongoing lockdown restrictions all around the globe.
The statistics also include a payment from a United Kingdom-based Licensed Betting Operator which is related to the company’s contractual income share of its VAT rebate. Revenue from VATs and VAT-related income has positively affected the company’s revenue, net loss, and Adjusted EBITDA with US$3.1 million. The corporation’s Interactive and Online Virtual channels displayed growth with revenue of US$10.7 million.
Executive Chairman of the corporation, Lorne Weil, said that the company is encouraged by the displayed trends across its businesses as lockdown restrictions have started to be lifted. Mr. Weil explained that despite gambling properties being opened for a few weeks, revenue numbers have already started closing down on the December 2020 statistics when businesses operated with the same restricted conditions.
Mr. Weil continued his statement by saying that the company will continue to target North American markets in its current growth strategy plan and its influence in the region continues to grow. He shared that the company has already placed its first Valor™ terminals in Western Canada Lottery Corporation’s properties and since then the gaming machines have performed well above average.
Previously Established Impact
The company has already made its mark in the Canadian gaming markets as it has access to several of the country’s jurisdictions. Back in 2019, the company introduced its Virtual Sports offerings to Quebec in a deal with Loto-Quebec. The supplier has successfully rejuvenated the Crown agency’s online platform espacejeux.com with its top-notch quality of gaming products.
The gaming giant has also made its way into British Columbia and Manitoba a while back. This was achieved by the company’s partnership with the British Columbia Lottery Corporation, which was glad to welcome the addition of the company’s virtual sports solutions in order to keep players entertained. The gaming corporation’s content has gone live on PlayNow.com in the summer of 2019.
Source: “Inspired Reports First Quarter 2021 Results” Cision, May 10, 2021
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