Kindred Group heralds a profitable third quarter

Home » Kindred Group heralds a profitable third quarter

Prominent iGaming operator Kindred Group has released its interim third-quarter financial results showing that its profit after tax had increased by 15.4% year-on-year to reach just over £60.6 million ($83.2 million).

The Stockholm-headquartered firm used an official press release to detail that this rise came via a 6.3% swell of in its gross winnings revenue for the three-month period to £298.4 million ($409.8 million) alongside an associated 12.8% boost in underlying earnings before interest, tax depreciation and amortization to £84.2 million ($155.6 million).

Attracting aficionados:

Kindred Group was established in 1997 and disclosed that the three months to the end of September had similarly seen it enlarge its customer base by some 5.3% year-on-year to well beyond 1.7 million active players although it simultaneously experienced a 14.2% decrease in its cash on hand to roughly £51.2 million ($70.3 million). It explained that this latter disappointment came after it had spent approximately £28.7 million ($39.4 million) in order to buy back a collection of 2.25 million shares, which subsequently saw their individual value rise by 17.3% to £0.27 ($0.37).

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Lucrative legacy:

Responsible for a plethora of mobile-friendly iGaming domains including 32Red.com, Bingo.com and MariaCasino.com, Kindred Group additionally divulged that its net profit for the nine months to the end of September had ballooned by 174.3% year-on-year to £220.3 million ($302.6 million) as its gross winnings revenue climbed by 32.5% to surpass £1.01 billion ($1.38 billion).

Preeminent purchase:

Kindred Group inked a deal in July that saw it fully acquire Maltese online casino games developer Relax Gaming Limited and pronounced that its nine-month earnings before interest, tax, depreciation and amortization had grown by 75.6% year-on-year to £296.5 million ($407 million) to take its free cash flow up by almost 43% to £223.4 million ($306.7 million).

Recent relaxation:

Henrik Tjarnstrom serves as the Chief Executive Officer for Stockholm-listed Kindred Group and he used the press release to proclaim that the just-concluded purchase of Relax Gaming Limited is destined to allow his firm to ‘significantly differentiate both new and existing products’ so as to gain more control and provide its customers with ‘a better experience’. Regarding the first 24 days of October and the boss declared that his company’s average daily gross winnings revenue had declined by 61% year-on-year as the number of active customers shrank by 13%.

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Read a statement from Tjarnstrom…

“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% to £168.3 million ($231.2 million) versus the same period last year, which is testament to our strong multi-product offering.”

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