Online gaming operator and media firm Enlabs increased its overall revenues for the third quarter by almost a third, as it sets its sights beyond the Baltics.
The company hit the €10m barrier for revenue in Q3 2019, up 32 per cent from €7.6m, with gaming revenue up 39 per cent to €9.2m (€6.6m) as CEO and group president Robert Andersson hailed a record-breaking September.
EBITDA was €3.11m (€2.44m), with EBITDA margin at 31.0 per cent (32.2 per cent).
Andersson said: “Our debt-free balance sheet allows for an efficient transition to net profit which ends up in our bank account due to our strong cash conversion. We also continue to have high EPS growth of 39 per cent as gaming continues to deliver strong results. And it is great to see media continuing moving in the right direction. It is certainly safe to say the trend is positive. All in all, another very solid quarter with no surprises.
“The quarter showed overall strong performance, but September stands out as a record-breaking month on all fronts – so I have great confidence going into Q4. October has been off to an even better start as we launched a lot of new content, with Evolution Gaming in Latvia being a key driver going forward.
We are also in the final stage of migrating optibet.com to our new platform, which operates on our Maltese license. This means we will have a highly competitive offering, enabling us to go after markets beyond the Baltics, completely in line with our previously communicated strategy.”
