Kindred Group Q2 revenue climbs 55%

Finance News

Kindred Group has reported a Q2 year-on-year revenue rise of 55% to £235.1m. Underlying EBITDA was £114.3m. Profit after tax amounted to £87.1m.

“I’m pleased to see yet another great quarter for Kindred with continued growth across both the sports and casino product segments and a new all-time high in active customers of over 1.9 million. During the quarter, our business has performed exceptionally well with Gross winnings revenue increasing by 55 per cent compared to the same period in 2020 when the sports calendar was impacted by COVID-19.”

“Our dedicated focus on costs and scalability, along with a strong sports betting margin, have had a positive impact on underlying EBITDA, which increased by 121 per cent compared to the second quarter of last year. This equals an impressive EBITDA margin of 31 per cent.” 

“The acquisition of the remaining outstanding shares in Relax Gaming, a high-margin and fast growing B2B business, is an important part of our long-term strategy and further increases our focus on product differentiation. I see great potential in this deal, granting us the ability to provide customers with more unique content, increasing our flexibility and improving our end to end customer experience.”

“All product segments continue to show solid momentum, with the sports segment benefiting from a strong sports betting margin of 10.7 per cent after free bets in the quarter. Meanwhile, the casino segment has delivered a record quarter with 18 per cent growth compared to the same period last year, despite this being a sports-heavy quarter. This indicates that many of our casino customers remain loyal, even as restrictions start to ease across our markets, and is a testament to our customer experience.” CEO Henrik Tjärnström.