Last Updated on Wednesday, 24 July, 2019 at 12:50 pm by Christian Keszthelyi
Kindred Group saw its gross winnings revenue rise 3% to £226.2m (unaudited £219m) — approximately €252.7m (€244.7m) — in the second quarter of the year, as compared to the same period a year earlier, according to a press statement issued by the group. Gross winnings for the first half reached £450.6m (unaudited £426.8m) — approximately €504.4m (€478m).
With active customer numbers reaching 1,478,437 (unaudited 1,550,508), Kindred made an after-tax profit of £12.5m (£25.5m) — approximately €13.9m+ (€28.4m) — during the second quarter and £27.6m (£55.4m) — approximately €30.8m (€61.9m) — in the first half of 2019. Profit before tax for Q2 amounted to £14.7m (£28.9m) — approximately €16.4m (€32.3m) — and £32.4m (£62.5m) — approximately €36.2m (€69.8m) — for the first half of 2019.
Underlying EBITDA for the second quarter of 2019 was £30.5m (£41.7m) — approximately €34.1m (€46.6m) —, and £61.1m (£89.2m) — approximately €68.3m (€99.7m) — for the first half of 2019. “In the Swedish market, we saw a significant improvement quarter on quarter, but EBITDA contribution was still down £9.2m [approximately €10.2m] when compared to the second quarter last year,” said Henrik Tjärnström, CEO of Kindred Group. He also noted that the new licensing regulation in Sweden has resulted in significant short-term margin pressure driven by higher betting duties but also higher marketing activities by the group.
Some 59% of the group’s gross winnings revenue came from locally licensed markets which represented 41% growth compared to the same quarter last year (growth of 19% excluding Sweden), the press statement outlines. Additionally, gross winnings revenue from mobile grew by 11% in Q2 2019, compared to the second quarter of last year and amounted to 77% of our total gross winnings revenue.
“For the period 1 July to 22 July 2019, the daily average gross winnings revenue in British Pound Sterling was 7% lower (8% in constant currency) than the average daily gross winnings revenue for the full third quarter last year,” Mr Tjärnström added.