Kindred sees group revenue increase 24% for Q3

By Iqbal Johal

Kindred Group has reported a revenue rise of 24% year-on-year for Q3 2020, helped by a continued programme of live sport across Europe.

Gross gaming revenue (GGR) for the period ending 30 September was up to £280.7m ($368.8m), while operating profit rose from £22.7m in 2019, to £61.4m for Q3. Profit after tax increased by 190%, up to £52.5m.

EBITDA for Q3 doubled to £74.6m, while the group’s net debt of £2.2m is a stark improvement from £116.1m recorded for the same period last year, and £61m at the end of Q2. The number of active customers improved from 1,384,416 last year, to 1,650,153.

The increase in GGR, which was up 4% for Q2, was aided by a near full compliment of live sport, which saw the 2019/20 football season across Europe finish, and the 2020/21 begin during the period.

As a result, sports betting GGR came in at £120.9m, 11% higher than 2019, and a significant rise from £67.5m in Q2. The vertical’s total share of GGR was 43%, up from 29% in Q2, with casino and games accounting for 52% at GGR of £145m.

In terms of year-to-date, GGR was £765.5m, up 13% from 2019, while profit after tax was up from £45.7m last year, to £80.3m.

Kindred Group CEO Henrik Tjärnström, said: “The ability of the entire Kindred team to adapt to these new circumstances, and turn it into a strength, demonstrates our progressive attitude as a company. I am both proud and pleased to see how well we have all managed to deal with this difficult situation.”


Share This Post


More News

After a second period of COVID-19 forced closures, French casinos are set to reopen their doors from 15 December, according to trade union Casinos de France. France has been in its second...

Gambling Insider speaks with Ocean Casino Resort CEO Terry Glebocki and AGS CEO David Lopez about