Strong organic growth at Kindred Group in H1-2018
News on 25 Jul 2018
News on 25 Jul 2018
The Kindred online gambling group released its unaudited H1-2018 performance numbers Wednesday, reporting significant growth driven by increased punter activity during World Cup Russia 2018.
Highlights for Q2-2018 included revenue up 33 percent y-o-y at GBP 219 million, and H1-2018 revenue of GBP 427 million (H1-2017: GBP319 million).
The Stockholm-listed company said that the group active player base reached more than 1.5 million punters in Q2-2018, a 400,000 player rise over the comparative period in 2017
Operating margins remained strong across the group, enabling it to achieve a Q2-2018 EBITDA of GBP 42 million (Q2 2017: GBP 33.4 million), and GBP 89 million in H1-2018 (H1 2017: GBP 63.7 million).
Group profit reached GBP 55 million in the half-year (H1 2017: GBP 37 million) of which Q2 2018 contributing GBP 25 million (Q2 2017: GBP 20.4 million).
CEO Henrik Tjärnström reported:
“The World Cup provided a significant all-time high in customer activity and continued strong organic growth, and unexpected results led to a sportsbook margin of 8.2 percent after free bets. Our gross winnings revenue was up 31 percent and we recorded an all-time high in active customers
“Our underlying EBITDA grew by 25 percent compared to the same period last year (+27 percent organic and in constant currencies).
Looking ahead, Tjärnström said: “In the period up to 22 July 2018, average daily gross winnings revenue in GBP was 29 percent higher compared to the same period in 2017. Adjusting for the impact of exchange rate changes, the growth was 30 percent”.
