Inspired cuts costs to shore-up profits

Inspired Entertainment cuts costs
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An update from NASDAQ-listed gaming firm Inspired Entertainment has reassured its investors that the company has taken all necessary steps to balance the books in wake of the large-scale lockdowns throughout the broad swathe of its global markets.

 

A statement from the US corporation, which entered the UK market last year with the acquisition of the Bell-Fruit, Astra, RLMS Sales and Bulldog Games brands, said that whilst it had seen “an uptick in demand” for certain specific business lines, “the vast majority of [our] retail customers remain on lockdown.” To that end, Inspired said it had furloughed the lion’s share of its staff and made a number of “expense reductions.”

Taken together with a strong financial performance leading up to the outbreak of the virus, Inspired said that it was expected to still turn a profit and potentially enjoy a little growth as of April 2020 onwards.

“As the impact of this pandemic continues to grow, we remain focused on the well-being of our employees, while taking the necessary steps to strengthen our financial flexibility, prioritise investments, and reduce our expenditures in this time of uncertainty,” said the firm’s executive chairman Lorne Weil. “We continue to monitor developments on a real-time basis, and, fortunately, we’re starting to see some restrictions on land-based venues have been lifted. We’re looking forward to resuming normal operations as soon as conditions permit, as we seek to build upon our positive momentum from our fourth quarter.”


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