Inspired Entertainment has seen third quarter revenue increase for this year, thanks largely to 37.7 per cent growth in server-based gaming service revenue.
The company saw net loss narrow significantly, from $8.3m to $4m, as adjusted EBITDA increased 60.8 per cent from $9.7m to $15.5m.
The company also successfully completed an approximately $150m debt refinancing on its senior debt and extended maturity to 2023, as well as extending its key contracts with OPAP for video lottery terminals and Virtual Sports and its server-based gaming agreement with Paddy Power.
"Our third quarter performance is a testament to the strength of our underlying core business and our ongoing strategy to diversify our revenue base not only across product and service areas but across geographies as well," said Inspired executive chairman Lorne Weil.
"With our third quarter adjusted EBITDA growing 61 per cent year over year to $15.5m and our adjusted EBITDA margins growing to 42 per cent from 30 per cent, our business is building as envisioned. Our products continue to deliver and gain traction while our margins are benefiting from scale."
Weil continued: "We are very pleased with the additional machine installation and the launch of an additional Virtual Sports channel in Greece. We believe our strong performance in Greece is sparking interest in our innovative games and technology from operators around the world, further diversifying our geographic exposure. We expect this to bode well for our products in North America, where we will be launching Virtual Sports with the Pennsylvania Lottery later this week."
