Kambi Group’s Board of Directors has made the decision to nullify its previously stated 2027 financial targets, following underperformance related to regulation in key global markets.
Although the markets causing the slow financial progress that led to this decision remain un-named, the group states that revenue delays from the unspecified markets can be attributed to poor regulatory progress.
Initially underlined in January 2023, Kambi’s 2027 financial targets were to achieve revenue two to three times higher than that of its FY2022 results – which would place the figure at €300m - €500m ($323.9m - $539.9m). Additionally, the group underlined an adjusted EBIT target of more than €150m.
Following the appointment of a new CEO in Werner Becher earlier this week, the Board has now taken the decision to re-evaluate these long-term financial goals alongside the new boss – following the change in circumstances. However, it has also been stated by the group that its immediate priority is helping Becher integrate into his new role as the company moves through this transitional period.
As Q2 2024 draws to a close, Kambi will be hoping to release some positive financial results, following a marginal decrease in Q1 revenue of 1.8% year-over-year to €43.2m.
It has been a busy period for the company, which recently helped to introduce LiveScore’s sportsbook to the UK and Irish markets at the end of May. Shortly before, the group drew up a similar partnership which saw the launch of Svenska Spel’s new sportsbook. These developments, paired with a partnership extension with Mohegan in Pennsylvania, underline Kambi’s strategy of global expansion and brand development as we move into the second half of the year.
