Published
OnlineFinancial

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.

kindred q2
Listen To Article

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.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...