Kindred Group reports record fourth-quarter earnings

Finance News

Kindred Group has reported record Q4 2021 revenue of GBP 1,259.6million.Gross winnings revenue increased by 11 per cent to GBP 1,255.2 million. Underlying EBITDA grew by 15 per cent to GBP 332.1 million. Profit before tax amounted to GBP 338.4 million.

CEO Henrik Tjärnström comments on the year end and fourh quarter 2021 “Closing off 2021, we can look back at a strong year despite a slightly more challenging fourth quarter. Exceptionally strong numbers in 2020 led to tough comparatives for the quarter but despite the low sports betting margin at the beginning of the quarter, and the fact that we ceased services to Dutch residents, our fourth quarter delivered solid revenues of GBP 244.9 million, underlying EBITDA of GBP 27.6 million, and an underlying EBITDA margin of 11 per cent.”

“Our Dutch licence application was submitted at the end of November as our “cooling-off” period ended, and the licensing process is advancing according to plan. Subject to licence application approval, we look forward to being a close partner to the Dutch community stakeholders and contributing to a sustainable gambling industry in the Netherlands.”

“Our acquisition of Relax Gaming closed on 1 October, and we are working towards achieving the identified annual synergies of GBP 6.9 million, as well as leveraging unique Relax content to differentiate our B2C product suite.”

“With the North American business in its infancy, our more mature markets in Europe and Australia have performed well during the fourth quarter. If we exclude the US, our markets in Europe and Australia grew revenue for the full year by 12 per cent compared to 2020 and delivered growth in underlying EBITDA of 19 per cent. This indicates the strength in our core market performance.”