Kindred Group reports 29% revenue increase to £307.3m for Q2

July 25, 2023
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The CFO and CEO both left during this quarter; Kindred has also reported an increase in profit.

Kindred Group has reported total Q2 revenue of £307.3m ($394.6m), representing a 29% increase year-on-year and a slight increase of 0.29% from the previous quarter. The group has had an eventful second quarter, however, with the announcement of a strategic review in April, as well as the departure of both its CFO and CEO in May 2023.

Kindred has managed to keep a steady increase on its quarterly revenue, as shown below, and it will be interesting to see where the second half of the year leads.

Highlights of the quarter included reported gross winnings revenue of £298.3m (up 28%) and a profit before tax of £33.1m (up from £7m the previous year). Active customers increased by 17% to nearly 1.6 million players.

Kindred’s proprietary tech platform recently launched in both New Jersey in May and Pennsylvania in July. Nils Andén, Interim CEO, said, “The North American market continues to see positive developments, as reported in the first quarter. Gross winnings revenue increased to £8.4m and the negative EBITDA contribution continues to decline.”

Overall EBITDA for Kindred sits at £51.4m, up from £21.6m year-on-year. Earnings per share have also increased from £0.03 to £0.13.

Andén commented on these recent platform launches, adding, “Early signs show positive retention and conversion numbers, bringing us great confidence in our ability to improve performance with our proprietary platform. As part of our efforts to improve performance in North America, we continue to explore all options.”

Though Andén stated that June was “slightly slower” due to the lack of sporting events, Kindred’s report included the Women’s World Cup as an expected source of growth and customer acquisition for the current quarter.

For this half of the year, total revenue has reached £613.7m, increasing 26% year-on-year. Profit before tax also increased from £14.6m for H1 of 2022 to £63.5m this year.

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