Kindred group delivers robust results

In an industry update Wednesday, Kindred Group plc reported robust second quarter and first half year highlights saying marketing investments in the previous quarters were bearing fruit.

Key performance indicators for the first half-year ending June 2017 include:

– Gross winnings revenue of GBP 319.8 (H1/2016: GBP 249 million).

– Underlying EBITDA was GBP 63.7 million (H1/2016: GBP 50.5 million).

– Profit before tax was GBP 41.1 million (H1/2016: GBP 37.9 million), includes M&A costs of GBP 2.6 million related to the acquisition of 32Red.

– Profit after tax was GBP 36.7 million (H1/2016: GBP 33.5 million).

– Earnings per share were GBP 0.161 (H1/2016: GBP 0.146). Underlying earnings per share were GBP 0.188 (H1/2016: GBP 0.154).

“Taking into consideration the lack of major tournaments this year, we are confident that we have continued to outpace market growth and have continued to take market share,” Henrik Tjärnström, chief executive officer of Kindred, commented.

“In the second quarter of 2017, 38 per cent of the Group’s Gross winnings revenue came from locally regulated markets. The acquisition of 32Red will significantly accelerate our development and profitability in the world’s largest locally regulated market. Gross winnings revenue from the mobile channel grew by 52 per cent and accounted for 73 per cent of total Gross winnings revenue in the second quarter”.

In the period up to 23 July 2017, Kindred reports a 20 percent increase in average daily Gross winnings y-o-y including 32Red. Excluding 32Red, a 9 percent increase y-o-y.

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