Kindred announces £306.4m in Q1 revenue, up 24%

April 26, 2023
By
Leer en Español

This shows positive growth for the company, which experienced a 30% fall for Q1 last year.

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.

State-by-State

Company Spotlight

Bragg Gaming

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
Virtual Showroom

Supplier

Supplier

Supplier

Supplier

Supplier

Industry Awards

Supplier

Supplier

Land-Based

Supplier

GA Newsletter

Exclusive news, analysis, insights, and interviews delivered straight to your inbox

Kiko Augusto - From fantasy sports to sports betting in Brazil

Rei do Pitaco CEO Kiko Augusto joins the (on-this-occasion-injured) Gaming America Editor, Tim Poole, for a Huddle to talk all things Brazil!

Rickard Vikström: How 2025 is shaping up for US iGaming

Internet Vikings CEO & Founder Rickard Vikström joins Gaming America to discuss the US online landscape in 2025.


Another year approaches its end, as 2024 slowly becomes our past, 2025 the present and a wave of opportunity defines gaming's future. There is an air of change as the regulated gaming world looks to welcome a new entra...

8-10-From-the-top
From the top: Reflecting on the past and looking to the future of land-based casinos
Gaming America reviews the closures of the Mirage Hotel and Casino, as well as the Tropicana, but also keeps an eye on the future with Durango Casino and Resort GM David Horn.
36-41-Oliver-Lovat
Cover Feature: Exploring what might be next for land-based casinos
Nothing is new. Everything is new. Oliver Lovat, regular Gaming America columnist and resident Las Vegas expert, discusses what the next generation of casinos need to succeed, while also reflecting on Vegas' generational shift away from the Tropicana and Mirage.
42-43-Lefosse---Brazilian-Sports-Betting
Steadying the ship in LatAm's largest market
After regulatory limbo, sports betting in Brazil is moving towards legal certainty – by Eduardo Carvalhaes, partner in Public Law and Regulation at Lefosse, and Karen Coutinho, counsel in Public Law and Regulation at Lefosse.
44-45-Lazarus-Legal
Brazilian opportunity: The future of LatAm
Edwin Monzon, Managing Partner of Lazarus Legal, speaks to Gaming America about Brazil's upcoming iGaming and online sports betting regulation, assessing both the prospects and challenges involved.

Sweepstakes were the talk of G2E 2024 and are generating plenty of headlines as we enter 2025. It is a fascinating vertical – and indeed whether it should even be seen as a legal vertical at all is in question. The Am...

8-10-From-the-Top
Countdown to launch: Just in time
In this edition of From The Top, Caesars New Orleans SVP and GM Samir Mowad speaks with Kirk Geller to detail what the future holds after the property finally completed its $435m transformation.
14-15-GGA-Americas
The industry's best getting their deserved recognition
The 11th annual Global Gaming Awards Americas once again honored and rewarded the gaming industry's strongest performers throughout the prior 12 months during G2E in Las Vegas.
16-18-G2E-Review
G2E 2024: Discussing the future of US iGaming
A deep dive into the lively debate: Gaming America's Laura Mack examines the objections to US iGaming expansion and the mythbusters offered as a rebuttal at G2E. Surely, it is inevitable in the long run?
20-21-year-review
G2E 2024: A year in review
Gaming America sits down with Pro League Network's (PLN) Mike Salvaris at The Venetian during G2E, to sum up the year and give us the inside scoop of what sports betting has in store for 2025.