Kindred reports 55% year-on-year revenue increase for Q2 2021

By Peter Lynch

Kindred Group has reported revenue of £363.7m ($499.6m) for the second quarter of 2021, a 55% increase from the prior-year period.

Underlying EBITDA rose from £51.7m to £114.3m, with free cash flow amounting to £82.1m. Profit before tax was £102.5m, with profit after tax amounting to £87.1m. Kindred’s number of active customers meanwhile grew from 1,313,399 to 1,907,276.

The group noted that the result for Q2 2021 was impacted by M&A costs of £3.7m connected to the acquisition of Relax Gaming, and a credit of £4.2m following a reduction of the disputed regulatory sanction from the Swedish Gambling Authority.

Kindred also reported its financial results for the first half of 2021, with revenue increasing by 48% year-on-year to £716.3m. Underlying EBITDA rose from £94.2m to £212.3m, while free cash flow amounted to £172.2m.

“I’m pleased to see yet another great quarter for Kindred with continued growth across both the sports and casino product segments and a new all-time high in active customers of over 1.9 million,” said Kindred CEO Henrik Tjärnström.

“The acquisition of the remaining outstanding shares in Relax Gaming, a high-margin and fast growing B2B business, is an important part of our long-term strategy and further increases our focus on product differentiation,” added Tjärnström. “I see great potential in this deal, granting us the ability to provide customers with more unique content, increasing our flexibility and improving our end to end customer experience.”

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