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Kindred Group Q2 revenue down 34%

Kindred Group has reported £238.7m ($285.4m) in total revenue for the second quarter of 2022, a 34% decline from the prior-year period.

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Gross winnings revenue for Q2 2022 decreased by 36% year-on-year to £233.5m. Excluding the Netherlands, it was a 13% decline.

Underlying EBITDA decreased by 78% to £25.3m, with profit before tax and profit after tax amounting to £7m and £5.8m respectively. The number of active customers declined from 1,907,276 in Q2 2021 to 1,336,706 in Q2 2022.

Commenting on the results, Kindred Group CEO CEO Henrik Tjärnström said: “After a period of short-term headwinds, I look to the future with confidence as we see good progress with the group’s key strategic priorities. 

“We have received our long-awaited Dutch licence, our Kindred Sportsbook Platform remains firmly on track, and Relax Gaming continues to show strong numbers. We are also nearing the end of a period of very tough Covid-19 comparatives, which have been giving a skewed view of our performance.

“The second quarter is a seasonally low period of activity as sports leagues end, with major football tournaments only taking place every other year. With an exceptional period of sports in 2021, with Euros 2020 causing higher-than-normal activity during Q2 2021, we are now back to a normal sports calendar.”

The company also reported its half-year 2022 results, with total revenue amounting to £485.4m, and underlying EBITDA of £49.8m. Gross winnings revenue declined by 34% to £475.9m, declining by 10% when excluding the Netherlands.

Tjärnström added: “We have an exciting period ahead of us with the Dutch market up and running, the continued development of our proprietary sportsbook, and not least the 2022 World Cup taking place in November and December.

“We also expect the headwinds experienced during past quarters to gradually ease off in the coming quarters. We have prepared and built our team and offering for the future, which we are now ready to fully embrace.”

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