Kindred Group reports a buoyant Q3-2018

In its Q3-2018 performance report published Friday the Kindred Group reported the following highlights:

* Revenue up 19 percent y-o-y to GBP 230.7 million boosted by marketing investment in the mid-year FIFA World Cup football;

* Sports betting accounting for GBP 111.1 million in revenue, whilst casino contributed a further GBP 109.9 million;

* Poker delivered GBP 4.4 million in revenue, with other products contributing GBP 5.3 million.

* Mobile contributed 74 percent of revenue, a rise of 24 percent;

* Active players at 1.53 million declined slightly from the second quarter’s 1,55 million;

* Cost of sales rose to GBP 89.1 million, with GBP 38.2 million paid in betting duties.

* Market revenue share was GBP 12.4 million;

* Management reported gross profit up 16.9 percent y-o-y at GBP 141.6 million; operating profit was GBP 43.6 million, and profit after tax was GBP 36.9 million, up 23.4 percent.

“During the quarter, we reaped the benefits of the marketing investments made in the lead up to the World Cup, with active customers up 25 percent compared to the same period last year,” Kindred Group chief executive Henrik Tjärnström said. “The sports betting margin was 8.5 percent after free bets.

“Gross winnings revenue increased by 22 percent in constant currencies which means that we are continuing to gain market share,” he explained.

For the nine months of 2018 to September 30th, Kindred Group revenue was up 28.1 percent to GBP 657.5 million, with profit after tax climbing 38.6 percent to GBP 92.3 million.

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