Extends timeline for financial targets

2020-05-06

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Enlabs is monitoring and assessing the situation regarding the outbreak of covid-19 very closely and continuously adapting to the situation. Following the consequences from the ongoing situation the Board of Directors, in consultation with the senior management, have decided to extend the previously communicated financial targets to 2021.

Financial targets

Enlabs is still determined to deliver on the financial targets, but 2020 will be a year with focus on operational and technical improvements in order to be even better prepared for profitable growth in 2021. Enlabs has decided to exclude 2020 from the financial targets, but shall deliver at least the following in 2021:

  • EUR 20 million EBITDA
  • EPS growth of 40%
  • Organic growth of 25%
  • Net debt / EBITDA shall not exceed a ratio of 1.5

Comment from CEO

“Until mid-March we strongly believed that our 2020 targets were attainable, plan was in motion. After reshuffling our cards, 2020 will be used to make a significant operational and technological milestone of migrating all our local businesses to the new gaming platform. 2020 will be a year of operational efficiencies which will pave the momentum for organic and profitable growth in the future. Given the turbulence in financial markets, the value of our cash balance is increasing, and we are as ever in a good position to make a value contributing acquisition. There is no rush as we need to see some of our target companies recovering from the crisis. We remain committed to delivering EUR 20 million EBITDA under the previous financial target framework, but we will require one more year to reach this.” Says CEO and Group president George Ustinov.

 

For more information, please contact:

Enlabs AB

George Ustinov, CEO and Group president

[email protected] / +371 29424175

Adam Jonsson, CFO

[email protected] / +46 73 8200058

About ENLABS

Enlabs stands for Entertainment Laboratories. We are a company that creates entertainment through innovative thinking within gaming. The corporate group has offices in Tallinn, Riga, Vilnius, Malta, Marbella, Minsk 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

ENLABS AB is obliged to publish the above information in accordance with the EU’s Market Abuse Regulation. The information was provided by the above contact person for publication at 08:00 CET on 6 May 2020.

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