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Kambi Q1 revenue down marginally year-on-year to €43.2m

Kambi Group has unveiled its financial performance for the first quarter of 2024.

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Supplier Kambi has reported revenue of €43.2m ($46.1m) for Q1 2024, a 1.8% decrease year-on-year.

Operating profit (EBIT) for the quarter amounted to €4.4m, resulting in a margin of 10.2%, a 2.2% marginal decrease and a margin of 10.3% in Q1 2023.

EBITA for Q1 2024 remained stable at €5.8m, with a margin of 13.3%, similar to the previous year's figures.

Cash flow for the first quarter of 2024, excluding working capital and M&A, stood at €5.4m, showing a 68.75% increase compared to  Q1 2023. Earnings per share for Q1 2024 remained unchanged from the previous year at €0.107. 

The company's Annual General Meeting (AGM) is scheduled for 21 May 2024, with the Board proposing no dividend payout.

Key highlights of the quarter include notable partnerships and operational advancements. Kambi's AI trading division Tzeract has initiated a commercial partnership with European operator Kwiff to provide its Bet Builder product.

Additionally, Kambi extended its retail sportsbook partnership with Penn Entertainment until December 2025, replacing the previous agreement set to conclude in July 2024.

Furthermore, Kambi successfully launched LiveScore Group's Kambi-powered sportsbook in Nigeria and the Netherlands, with plans for a broader rollout ahead of Euro 2024. The company continues its focus on the development of its open platform and trading gateway, integrating Inspired Entertainment’s virtual sports offering and preparing for external odds feeds provision. 

In terms of financial strategy, Kambi completed its third share buyback program and announced a further share buyback program running from 18 March to 20 May, with a total of €4.0m allocated.

Kambi's outgoing CEO and Co-Founder Kristian Nylén commented: "For the first quarter of the year, we posted revenue of €43.2m, which was in line with our expectations, while expenses were at the lower end of our guidance at €39.0 million."

In February 2024, Kambi reported a decline in revenue for Q4 2023, with full-year growth, along with the announcement of a share buyback program and revenue guidance for 2024.

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