February 25, 2024

Kindred Group PLC has reported a rise of 2.19% in its group revenues for the third quarter ending on September 30th, 2023. The total revenue for the quarter was £283.9 million (€327.8 million/$359.7 million). This brings the total revenue for the year up to September 30th to £897.6 million (€1.03 billion/$1.13 billion).

Key highlights for the third quarter of 2023 include an increase in total revenue, gross winnings revenue (B2C), underlying EBITDA, profit before tax, profit after tax, earnings per share, free cash flow, and the number of active customers. The number of active customers increased by 7% to 1,563,762.

For the year-to-date Q1-Q3, Kindred Group reported a total revenue of £897.6 million (€1.03 billion/$1.13 billion), representing an 18% increase compared to the same period in 2022. The gross winnings revenue (B2C) for the same period increased by 16%, while the underlying EBITDA increased by 64%.

The company also announced its decision to cease all operations in the North American market, including its Unibet sportsbook and online casino. The full exit from North American markets is expected to be completed by the end of Q2 2024 and will result in the loss of over 300 employees during 2024. This exit, along with other cost reduction measures, is expected to result in overall group cost savings of an estimated £40 million (€46.2 million/$50.7 million) per year.

Nils Andén, the interim CEO of Kindred Group, expressed confidence in the company’s ability to continue delivering above-market growth across its core markets, which have a combined estimated market size of GBP 25.3 billion with a forecast compound annual growth rate of 6% over the next five years.

Andén also acknowledged the necessity of the cost reduction measures, stating that they would put the company in a stronger position to secure long-term growth across its locally regulated core markets.

In conclusion, Kindred Group’s latest quarterly report shows positive growth in its revenues, but the decision to exit the North American market and implement cost reduction measures reflects the company’s strategic shift towards focusing on its core markets and driving long-term growth.