Kindred Group turns in strong third quarter earnings results

Finance News

Kindred Group saw gross winnings revenue increased by 6 per cent to GBP 298.4 million in 2021. Profit after tax amounted to GBP 220.3. Underlying EBITDA grew by 76 per cent to GBP 296.5 million.

Number of active customers was 1,738,504. Gross winnings revenue increased by 33 per cent to GBP 1,014.7 million.

CEO Henrik Tjärnström comments on the interim report for the third quarter 2021 “I’m pleased to present a strong Q3 performance with Gross winnings revenue of GBP 298.4 million, an increase of 6 per cent (11 per cent in constant currency) compared to the same period last year. Our continued focus on costs and scalability has also delivered strong underlying EBITDA of GBP 84.2 million for the quarter, an increase of 13 per cent (21 per cent in constant currency) compared to the third quarter last year.”

“After a relentless sporting calendar and subsequent low sports seasonality, sportsbook activity slowed as options for other sources of entertainment improved. However, it was pleasing to see continued strong casino activity generating an increase in casino Gross winnings revenue of 16 per cent to GBP 168.3 million versus the same period last year, which is testament to our strong multi-product offering.”

“As communicated at the very end of the quarter, we took the decision to cease services to Dutch residents. Subject to KSA licence application approval, we look forward to being awarded our licence in Q2 2022. The opening of the online gambling market in the Netherlands is a very positive step for all involved and we look forward to making a positive contribution to the Dutch society in achieving a sustainable gambling market.”

“On 1 October 2021, we concluded the acquisition of Relax Gaming as planned. This is a great development for Kindred as it further enables us to significantly differentiate both new and existing products, ultimately giving us more control of the offerings and providing our customers with a better experience.”