Enlabs CFO to depart

13 July 2020

Enlabs is on the hunt for a new chief financial officer after announcing the departure of Adam Jonsson.

Having joined the group in 2018, Jonsson has held a series of posts including business controller, head of investor relations and head of finance before being named CFO in December 2019.

Jonsson will remain at Enlabs until October, with the group adding that the process of appointing a replacement has already begun.

“Adam has played an important role within Enlabs and has contributed a lot to our development. I will miss our close cooperation and wish Adam all the best in his further career,” said Enlabs chief executive George Ustinov.

Enlabs - formerly Nordic Leisure – has experienced a busy few months on the financial front having invested in Scout Gaming Group and become the biggest shareholder in Global Gaming, which owns Ninja Casino.

It has also launched a new brand in Latvia, Laimz, to compliment existing sites such as the Baltic- and Nordic-facing Optibet.

Ustinov, previously chief operating officer, was named CEO in March 2020.

In May, Enlabs reported a year-on-year increase in revenue for the first quarter of 2020, with growth across all major gaming segments. Revenue in the three months to 31 March amounted to €10.5m, up 16.7% from €9.0m in the same period last year.

Enlabs said it drew 94.0% of revenue from operations in Baltic markets, namely Estonia, Latvia and Lithuania, while 6% of revenue came from its rest of world segment, through its licences in Belarus, Malta and Sweden.

Last month, Enlabs announced it would scrap financial targets for 2020 and instead focus on operational and technical improvements. For 2021 it has targeted EBITDA of €20m, earnings per share growth of 40% and organic growth of 25%, while its net debt to earnings before interest, tax, depreciation and amortisation ratio must not exceed 1.5x.

The group has offices in Estonia, Latvia and Lithuania, as well as Malta, Spain, Belarus and Sweden.