Inspired Entertainment has released its results for the second quarter of 2024.
Total revenue during the period reached $75.6m, representing only a slight 1% increase year-on-year (excluding low margin gaming hardware sales). However, looking at the individual segments of the business, Interactive was by far the segment with the highest growth rate, seeing its revenue go up by 40% to $9.4m.
While leisure revenue was the highest at $27.4m, its growth was only by 3%, followed by gaming at $27.1m which was an increase of 1% compared to the same period last year. However, virtual sports revenue decreased 23% during the period to $11.7m.
Net operating income was $9.4m, down 32% year-on-year, while net income itself dropped 64% to $2m.
Looking at adjusted EBITDA, this saw a 6% decline overall to $25.5m, with only Interactive and corporate seeing a rise, with the former up 69% to $6.1m. Gaming at $10.3m had the largest adjusted EBITDA, but this was still a decrease of 8% compared to the same period last year, while virtual sports went down 27% to $9.6m and leisure down 6% to $6.1m
Inspired Executive Chairman Lorne Weil said: “We delivered solid second quarter 2024 results led by strength in our interactive business and a stable performance in gaming.
“The gaming and leisure segments continue to provide a core foundation to our earnings and cash flow. The segment is poised for a solid second half with several recent agreements that we’ve announced.
“Overall, we’re encouraged by the overall trajectory of our business, including the success of our Interactive segment, coupled with the promising expansion of our Hybrid Dealer product our strategic partnership with William Hill, and a range of initiatives in Virtual Sports. As we continue to innovate and adapt to market dynamics, we remain committed to delivering long-term value for our shareholders.”
In other results-based news, Century Casinos also released its financial figures for Q2, showing a 7% increase in net operating revenue, though a 23% drop in earnings from operations.
