Inspired’s president and COO Brooks Pierce said the “staycation phenomenon in the UK” has helped both the company’s holiday park and motorway services business.
Inspired Entertainment executives said they had been buoyed by the recovery of the company’s UK business following lockdown. The firm reported a net loss of $43.8m (£31.9m) for Q2, despite revenues growing by 166.4 percent year-on-year to $41.5m (£30.2m).
During the quarter, Inspired’s key retail gaming territories, the UK, Italy and Greece, reopened at different stages following COVID-19-related restrictions.
“We are pleased with our second quarter results as the majority of our retail businesses steadily reopened throughout the quarter,” said Inspired’s executive chairman Lorne Weil. “Across both business units and geographies, our retail operations opened in stages during the quarter and by mid-July, we’re pretty much operating full tilt, a couple of weeks later than we had originally expected.”
The company posted a 289.3 percent increase in adjusted EBITDA to $8m (£5.8m) versus $2.1m in Q2 last year.
“We’re back to operating in full with no restrictions now and are encouraged by the results that we’re seeing. In the UK, our LBO [licensed betting offices] gaming machine performance is back to pre-COVID levels,” said Inspired’s president and COO Brooks Pierce.
He stated that the company’s UK leisure business is also “showing progress” after restrictions finally lifted in full on 19 July.
“The holiday parks, in particular, have had their best month since 2019 in July and we’ve seen that continuing to build as we are heading into the busiest month of the year, August, of course, for that part of the business,” Pierce continued. “The staycation phenomenon in the UK has really helped both our holiday parks as well as our motorway services business. We’re very encouraged by the trends we are seeing in the pub sector post the elimination of the social distancing requirements, and we can see a direct correlation in machine performance,” he added.