Kindred Group has announced its financial figures for the first quarter of 2023. The figures look positive with £305.4m ($381m) in revenue, a 24% rise on Q1 2022.
Kindred saw its total number of active customers rise 18% from Q1 2023 to 1,623,568.
EBITDA has improved by 104% to £49.4m, compared to £24.5m in Q1 2023. This includes an underlying margin increasing to 16%.
When speaking of the Q1 results, Kindred CEO Henrik Tjärnström commented, “The first quarter of 2023 has seen encouraging improvements in both revenue and profitability, with the underlying EBITDA margin increasing to 16%. The cost optimization initiatives previously communicated have been implemented during the quarter; however there is a lag before we see the full effect on the numbers".
Performance is on the path towards 2023 guidance and the company’s financial targets for 2025. When speaking of this, Tjärnström said, "I previously communicated that the cost optimization actions would strengthen our path towards our 2025 finanical targets. The first quarter of 2023 has shown encouraging performance and I see positive signs across our business".
While Kindred posted improved figures in 2020, adapting well to Covid-19, the organization saw a drop in profit in 2022. Overall, Kindred reported a profit of £25.6m after tax, showcasing a 300% increase from Q1 2022.
The Q1 figures for 2023 show a promising improvement for the company.
Elsewhere, another Scandinavian company targeting North America, Kambi, reported Q1 revenue of €44m ($48.5m), rising 19% year-on-year.
