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Kindred Group has released its financial report for the first quarter of 2024. In total, the operator made £307.7m ($382.4m), up only £0.7m from last year's £306.4m. Despite stagnant revenue growth, other segments did see development.
Q1 2024
Both EBITDA and adjusted EBITDA saw growth year-on-year, up 23.3% to £58.3m and 20% to £59.3m respectively.
Profit before and after tax also grew, up 30.9% to £39.8m and 22.7% to £31.4m respectively.
Active customers grew by roughly 44,000, coming to 1.67 million customers.
Similar to the company’s revenue, stock prices as of writing on the day of the report’s publication (24 March) have remained mostly stagnant, beginning at a trading price of SEK 123.30 ($11.35) and fluctuating between prices of SEK 123.60 and SEK 123.10.
A previous report also found that 3.2% of Kindred’s Q1 revenue came from high-risk players.
Comments
Despite some stagnation, Kindred Group CEO Nils Andén commented positively on the results: “ of gross winnings revenue from locally regulated markets at a new all-time high of 84%, indicating our continued focus to sustainable revenue and our commitment to a positive contribution to society.”
He added: “Following a solid start to the year we now have our eyes firmly set on a much sought-after summer of sports with the UEFA Euros, the Copa America and the Paris Olympics.”
Up to and including 21 April
Beyond the Q1 period, which covers January – March 2024, average daily gross winnings revenue for Kindred was £3.5m, up 6% from Q2 2023 results. Up until the end of last week (21 April) winnings revenue was up 8% year-on-year when excluding North America.
Kindred’s sports betting margin was also ahead of the group’s long-term average, at 11.3% as opposed to the average of 9.8%.
FDJ acquisition
After news broke earlier this year of FDJ’s plan to acquire Kindred, it was found that Kindred had accepted the offer, with shareholders now able to sell shares for SEK 130 – a 24% premium on the share price on 19 January – following a shareholder meeting in March.
FDJ also recently released its Q1 report. We also spoke to Kindred's CEO about the acquisition in the Sports Betting Focus issue of Gambling Insider Magazine.
The offer will stand until 19 November.
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