Kindred Group reports 6% increase in Q3 revenue; 33% increase year-to-date

By Isabella Aslam

Kindred Group has reported its Q3 and year-to-date financial results.

Third-quarter
Kindred has reported revenue of £298.4m ($409.80) for the third quarter of 2021, a 6% increase from the prior-year period. Underlying EBITDA grew by 13% to £84.2m with the company’s free cash flow totalling £51.2m, with 1,738,504 active customers.

Profit before tax for the period was £71.8m, while profit after tax amounted to £60.6m. The company’s earnings per share showed a value of £0.27; in 2,250,000 shares, SDRs were purchased at a total price of £28.7m. 

Henrik Tjärnström, Kindred CEO, commented on the interim report for the third quarter of 2021, saying: "I'm pleased to present a strong Q3 performance. After a relentless sporting calendar and subsequent low sports seasonality, sportsbook activity slowed as options for other sources of entertainment improved.”


Year-to-date

The company’s revenue amounted to 33% to the value of £1,01bn, with an underlying EBIDTA increase of 76% at £296.5m, and free cash flow reported at £223.4m.

Operating profit before tax totalled £259.6m, with profit after tax equating to £220.3m. Kindred’s earnings per share for the year-to-date period were £0.97, with a total of 3,567.99 shares and SDRs purchased at £44.9m.

Tjärnström continued: "As communicated at the very end of the quarter, we took the decision to cease services to Dutch residents. Subject to KSA licence application approval, we look forward to being awarded our licence in Q2 2022. The opening of the online gambling market in the Netherlands is a very positive step for all involved and we look forward to making a positive contribution to the Dutch society in achieving a sustainable gambling market.

"On 1 October 2021, we concluded the acquisition of Relax Gaming as planned. This is a great development for Kindred as it further enables us to significantly differentiate both new and existing products, ultimately giving us more control of the offerings and providing our customers with a better experience."

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