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.”

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