Kindred Group’s gross winning revenue grows 3% in Q2

Published by

Manfredi Bertelli

5 years ago

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.

Manfredi Bertelli

Manfredi used to be a junior journalist working with Business Malta, the predecessor of Malta Business Weekly's online platform. He enjoys putting his creativity into his writing and is committed to learning new styles to strengthen his skills and embellish his flair.