Stockholm-listed online gambling firm, Kindred Group Plc has reported a strong opening to 2018, as the multi-brand/ multi-market operator continues to benefit from its expansion strategy, supported by further ‘organic growth’.
Publishing its unaudited Q1 2018 results (period ending 31 March), Kindred records a 36% group revenue uplift to £207 million (Q1 2017: £153 million).
The positive revenue momentum, sees Kindred record growth across all key metrics and KPIs, with the company recording a period underlying EBITDA of £47.5 million (Q1 2017: £30.3 million)
“After an exceptional sportsbook margin in the fourth quarter last year, the margin has normalised in the first quarter of 2018 at 8.2 percent after free bets. Gross winnings revenue grew by 36 percent as reported and by 23 percent organically and in constant currencies, compared to the same period last year.” detailed Henrik Tjärnström, Group CEO of Kindred Plc.
“During the first quarter, Gross winnings revenue from mobile grew by 34 percent compared to the first quarter last year and amounted to 72 percent of our total Gross winnings revenue. Of the Group’s Gross winnings revenue, 42 percent came from locally regulated markets.”
In its corporate update, Kindred reports a further ‘all-time high in active customers’, as the firm’s brands break the + 1.3 million active player mark.
Closing its Q1 2018 trading, Kindred governance declares a profit after tax for the first of £29.9 million (Q1 2017: 16.3 million).
Moving forward, Kindred looks forward to a busy summer period featuring Russia 2018, in which the company states that it will operate the most comprehensive range of pre-game and in-play markets.
“In Europe, the development of local licensing systems has continued and in Sweden the parliament will vote for a new modern licensing system on 7 June 2018. Outside Europe, during the year we are investigating if and how we can launch any of our brands in the USA.” Tjärnström further detailed
Kindred Group Plc – Q1 2018 – Performance Overview.
Source: SBC News
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