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BCC: Act now to trim regulation

first_img Share Show Comments ▼ BUSINESS lobby group the British Chambers of Commerce said government efforts to reduce regulation will be welcomed by business yesterday, but that promises will have to be backed by prompt action to reduce red tape. “If the government is serious about encouraging private sector growth and tackling high levels of unemployment, particularly among the young, we need to make it easier for companies to grow and create jobs,” said BCC director general David Frost. “The answer to this has to be reducing regulation.” KCS-content whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todaymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldcenter_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap BCC: Act now to trim regulation Thursday 17 March 2011 9:15 pm Tags: NULLlast_img read more

Enlabs hails “tremendous recovery” in Q3

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter A further €328,000, down 45.3%, came from Enlabs’ affiliate sites while €262,000, down 3.4%, came from other sources. Baltic-facing operator Enlabs saw revenue grow 35.5% to €13.6m and profit quadruple to €10.3m as the acquisition of Global Gaming helped the Optibet operator recover from a difficult Q2. Turning to outgoings, Enlabs paid €4.2m in direct operating costs, up 56.9%, comprising €2.9m in costs of services sold and €1.3m in gaming taxes, up 35.1%. The business said it bounced back a Q2 in which revenue fell 35.0% due to a ban on online gambling in Latvia for most of the quarter, while the country was under lockdown due to novel coronavirus (Covid-19), though the business still made a profit in that quarter. Email Address This left earnings before interest, tax, depreciation and amortisation (EBITDA) of €4.0m, a 29.6% year-on-year improvement. Almost all of Enlabs’ revenue – €13.0m, up 41.9% – came from gaming. Of this total, €10.2m was from online casino, up up 78.9%.  Between the growth in revenue, the Global Gaming acquisition and the migration of Enlabs’ Optibet.lv site to a new platform, George Ustinov described Q3 of 2020 as a  truly transformational quarter”. A further €2.7m, down 6.9%, was from betting and poker revenue came to €100,000 amid its migration to Playtech software. A negligible amount of additional revenue came from Enlabs’ new bingo product, which was launched during the quarter. While betting revenue recovered from Q2, Enlabs said there was still “some way to go” before the vertical is fully back on track again following the impact of Covid-19. 5th November 2020 | By Daniel O’Boyle Q3 results 2020 The business then made an additional €7.0m in financial income, compared to a €20,000 loss the year prior, for a pre-tax profit of €10.3m. This extra income was largely due to revaluation of Enlabs’ investments in Scout Gaming and Global Gaming. After receiving €17,000 in tax benefits, Enlabs’ final profit remained at €10.3m, four times the profit it made in Q3 of 2019. This growth, the business said, was partly due to the acquisition of Global Gaming, of which one month’s revenue was included in Enlabs’ figures, and also thanks to pent-up demand in Latvia after its online gambling suspension ended in June.center_img Subscribe to the iGaming newsletter After an additional €798,000 in depreciation and amortisation costs, Enlabs’ operating profit was up 25.9% to €3.2m. Yesterday, the business announced that it had increased its stake in Global Gaming to 95.8%, allowing the Ninja Casino operator to delist from the Nasdaq First North Growth Market. The operator paid a further €5.4m in operating expenses, up 26.3%. This included €2.7m in staff costs, up 24.2%, and €1.9m in marketing expenses, up 11.1%, as well as €1.3m in other expenses. Enlabs had 67,320 active customers during the quarter and players deposited €45.9m, up 54% from deposits in Q3 2019. “The Enlabs group executed a tremendous recovery after the stormy spring of 2020,” the operator said. Enlabs hails “tremendous recovery” in Q3 Ustinov added that the business is pursuing a licence in Ukraine, which legalised both land-based and online gambling earlier this year. It has set up a legal entity in the country as is required for a licence. Regions: Europe Baltics Estonia Latvia Lithuania Ukraine Finland Sweden Enlabs made €11.0m of its revenue from its old core business, plus an additional €2.5m from Global Gaming. Enlabs said that it is off to a strong start in Q4, with average daily gaming revenues in October up by 86% from 2019. Topics: Casino & games Finance Sports betting Online casino Q3 results 2020 Online sports betting Retail sports betting Tags: Global Gaming Enlabs Scout Gaming Group The group’s overall margin was 4.2%, up from 3.8% in 2019, meaning players bet €307.1m on non-poker games. Casino margins were up to 3.8%, for €268.4m in stakes, while online betting margins grew to 7.4% and retail betting margins declined to 8.2%.last_img read more