Inspired Posts Decline in Revenues
Inspired Entertainment, reported financial results for the three-month period ended September 30, 2019.
Total Revenue for the three months ended September 30, 2019 was $26.6 million, a year-over-year decrease of $9.0 million, or 25.3%, on a reported basis, and $7.5 million, or 21.0%, on a functional currency (£) at constant rate basis. Adjusted EBITDA1for the three months ended September 30, 2019 was $8.7 million, a year-over-year decrease of 46.5% on a reported basis and 43.4% on a functional currency (£) at constant rate basis.
The Company’s Revenue and Adjusted EBITDA were negatively impacted by the reduction in maximum B2 stakes to £2 in the UK LBO market implemented on April 1, 2019. The Company completed its acquisition of Novomatic’s Gaming Technology Group on October 1st and third quarter results are not reflective of the acquisition.