Inspired Entertainment has published its financial results for Q1 of FY2022, reporting a 166% increase in its revenues compared to the same period last year.
The lottery and gaming provider’s total revenue amounted to $60.6m in the three months ended March 31 (FY2021:$22.8m), citing the many closures to its land-based businesses last year.
Furthermore, gaming revenue increased 123% year-on-year to $24.1m and leisure revenue increased to $19.6m, returning to pre-COVID levels. Adjusted EBITDA increased 418% to $20.1m (FY2021:$3.9m).
However, despite growing 2% YoY to $5.3m, its interactive business was impacted by a re-deployment of resources to new market launches.
Lorne Weil, Executive Chairman, commented: “We have had a strong start to the year, generating year-over-year revenue growth across our business units, while also laying the groundwork for the long-term growth and profitability of our business.”
Weil added: “We continue to be encouraged by the trends and demand in our online and land-based businesses and remain extremely excited about our North American strategic growth initiatives.
“The North American online market remains a tremendous opportunity for Inspired, and we expect to continue to progress on the same growth trajectory with the continued addition of new customers and markets in the second half of the year,” Weil concluded.
This week, Inspired’s Board of Directors have also approved a share repurchase programme to purchase up to $25m of common stock.
Stewart Baker, EVP and CFO, stated: “We believe we are in a strong financial position, and this repurchase authorisation could provide an attractive return on capital.
“We will continue to be disciplined in our approach to capital deployment, while also focused on executing on our strategic plan to deliver profitable growth, increase cash flows and maximise shareholder value.”