Information on how the outbreak of COVID-19 affects daily operations
In Lithuania, all public premises are closed, currently until March 27, a date that can be extended by government decision. In Lithuania, Enlabs operates twenty LBOs, which are thus closed. In Latvia, all LBOs and casinos are closed. Enlabs operates eleven LBOs in the country, which are thus closed. Also in Estonia, all LBOs and casinos are closed. Enlabs does not conduct any such business in Estonia. Enlabs has chosen not to lay off employees in the LBOs. Despite the shutdowns, all of them receive full pay. Other markets where Enlabs operates are not affected to a greater extent.
The large number of canceled and postponed sports events, leagues and tournaments all over the world results in reduced activity in our betting. In 2019, our LBOs accounted for 6% of the group's revenue and our online betting accounted for 24% of the revenue. We believe that the negative impact on betting will continue until games in sports leagues and tournaments resume to a normal extent. Other products show increased activity. If this will fully compensate for the loss of revenue that occurs in betting, it is not possible to judge with certainty.
“The most important thing in this situation is the safety of our employees and ensuring that we are fully operational. I am very proud of how quickly and efficiently we have adapted to prevailing conditions. How the situation will affect the future is difficult to assess at present, and conditions can change rapidly. As of today, we do not see a greater impact on operations, sales or earnings. We continue to focus on delivering the best customer experience and monitoring the development very closely.” Says CEO and group president George Ustinov.
The next financial update will be made in the quarterly report for the first quarter of the year on 5/5 2020.
ENLABS stands for Entertainment Laboratories. We are a company that creates entertainment through innovative thinking within three business areas: Gaming, Media and Solutions. The corporate group has offices in Tallinn, Riga, Vilnius, Malta, Marbella and Stockholm. The operating subsidiaries hold national licenses for their operations and the Group employs approximately 200 employees. Enlabs AB (NLAB) is listed at Nasdaq First North Growth Market with Redeye AB as Certified Adviser: [email protected], +46 (0)8 121 576 90.
For more information, visit enlabs.se