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Enlabs posts revenue rise of 35% for Q3

Enlabs has reported a 35% year-on-year revenue rise for Q3 2020, aided by its takeover of Global Gaming.

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Revenue for the three months ending 30 September was up to €13.6m ($16.1m), while EBITDA rose 30% to €4m.

Net profit amounted to €10.3m, a significant rise from €2.6m in the same period last year. Net profit margin came in at 76%, while earnings per share increased by 281% to €0.155 per share.

Deposits over the period rose 54% up to €45.9m, while the number of active customers across the Baltics-facing online operator’s platforms, was 67,320, an increase of 79%.

The operator attributed its revenue rise to the acquisition of Global Gaming, increasing its shares in the company to 96% up from 67%,  with the offer made in September being approved in October. As a result, revenues for October increased 86% from 2019.

In terms of year-to-date, Enlabs revenue was up 9% to €30.2m, with net income up to €12.9m from €6.9m in the same period last year. However, EBITDA was down to €7.3m, from €8.4m in 2019.

Enlabs CEO George Ustinov, said: “During the past quarter, we steered our core business towards a record result, completed the largest strategic acquisition in the company’s history and succeeded with the technical feat of migrating our most important brand (Optibet.lv) to EnPL, our new platform.”

Its Q3 results followed a difficult Q2, which saw revenues decrease 35% down to €6.1m, as Latvia suspended all gaming licenses for two months.

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