Supported by a recovery in the company’s gaming and leisure segments, alongside steady online growth, Inspired has made a strong start to 2022.
All-in-all, the company’s top-line revenue rose from $23m to over $60m for the three months ended 31 March.
Inspired’s gaming and leisure businesses were adversely affected by Covid-19 during the prior-year period, but have since returned to pre-pandemic operating levels.
The former segment recorded 123% year-on-year revenue growth, taking it to approximately $24m, while the latter segment bounced back from $500,000 to nearly $20m.
Moreover, Inspired’s Interactive business posted a revenue increase, albeit a considerably lower one. On a year-over-year basis, this area experienced 2% revenue growth, bringing its total to $5.3m.
This segment’s revenue growth, said Inspired, was “impacted in the quarter by a redeployment of resources to new market launches.”
What’s more, the company returned to profitability. For the first quarter of last year, Inspired reported a net loss of almost $17m, but for Q1 2022, it generated $1.5m in net income. Adjusted EBITDA likewise rose, increasing by over 400% to approximately $20m.
“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,” said Lorne Weil, Inspired’s Executive Chairman.
“Our gaming and leisure results were particularly strong, demonstrating the full recovery of our land-based customers.”
He concluded: “With our enlarged digital business, growing position in North America and our ongoing focus on delivering superior content, we believe our business remains in good standing for the future.”