LITHUANIA

Lithuania contributed well to the total growth of Enlabs in 2019

Igaming operator Enlabs’ revenues totalled EUR 39.6 million (30.6), a 29% increase. The operator if focused on Baltic states and commented that that growth was primarily driven by casino vertical, and the company is very happy to see Lithuania contributing well to total growth.

Fourth quarter: 1 October – 31 December 2019

  • Revenues totalled EUR 11.2 million (8.9), a 25% increase.
  • Gaming revenues increased 29% to EUR 10.4 million (8.0).
  • Revenues from regulated markets were 94%.
  • Total active customers were 41,518 (37,087), an increase of 12%.
  • Deposits totalled EUR 33.7 million (23.8), a 41% increase.
  • Media revenues were EUR 0.54 million (0.59), a decrease of 8%.
  • Number of NDCs in Media totalled 5,040 (1,510), an increase of 234%.
  • Solutions revenues decreased 14% to EUR 0.25 million (0.29).
  • Adjusted EBITDA was EUR 3.48 million (2.88), adjusted EBITDA margin was 31.1% (32.2).2
  • EBITDA was EUR 3.17 million (2.88), EBITDA margin was 28.4% (32.2).
  • Adjusted net profit totalled EUR 2.85 million (2.47).
  • Net profit totalled EUR 2.54 million (2.47).
  • Adjusted EPS growth of 15% to 0.045 EUR per share (0.039).

Full year 1 January – 31 December 2019

  • Revenues totalled EUR 39.6 million (30.6), a 29% increase.
  • Adjusted EBITDA was EUR 12.25 million (9.74), adjusted EBITDA margin was 30.9% (31.8).2
  • EBITDA was EUR 11.58 million (9.27), EBITDA margin was 29.2% (30.3).
  • Adjusted net profit totalled EUR 10.11 million (7.48).
  • Net profit totalled EUR 9.44 million (7.01).
  • Adjusted EPS growth of 32% to 0.161 EUR per share (0.122).

“Our best quarter yet. It never gets old to open with that statement, and again, it was a true team effort. This quarter revenues grew 11% over the previous quarter, so our strong momentum has continued. This was primarily driven by our casino vertical, and we are very happy to see Lithuania contributing well to total growth. The sports betting margin was lower than expected, but this seems to be a wider industry issue this quarter, though we can’t make that an excuse. It is our responsibility to ensure our margins, and we plan to improve these margins significantly in Q1.

“Q4 can be summarized as involving significant activity and investment for the future. I am pleased with 11% QoQ revenue growth and the more than 40 thousand active customers, and profitability was on a reasonable level, resulting in adjusted EBITDA margin of 31%. As I mentioned, Media revenue came in below expectations and caused us to revise our strategy. Gaming is once again leading the way and underlying KPIs there are trending in the right direction: actives grew 11% and deposits 13% QoQ. Considering the circumstances with a tough market climate for Media and lower betting margin than anticipated, I am satisfied with these results, even though I expected a lot more after a great October.” says CEO and Group president Robert Andersson.

 

 

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