Euro 2024 helps boost Kindred Q2 revenue
H1 results for the operator also showed growth.
Kindred Group has released its results covering the second quarter of 2024, as well as its performance for the first half of the year.
Q2 2024
For Q2, total revenue grew 7% year-on-year to £327.6m ($422.8m), with gross winnings revenue (B2C) increasing 6% to £317.2m.
With the UEFA European Championships 2024 (Euro 2024) taking place during the quarter, this played its part in boosting revenue for the group.
Kindred, in fact, says it was the highest tournament revenue to date, with a 16% rise compared with the last FIFA World Cup back in late 2022.
Even looking at its B2B operations, namely Relax Gaming, there was solid growth of 16% in revenue.
Overall, all of Kindred’s product segments grew in revenue, while gross winnings revenue in locally regulated markets was said to have reached an all-time high for the group.
Profit after tax was £44.5m, while underlying EBITDA increased 32% to £73.6m during the period.
Highlighting the positive quarter for the company, its number of active customers was up by 12% when compared with the same period last year to 1,749,611.
H1 2024
Looking at the overall picture during the first half of 2024, total revenue grew by 4% to £635.3m, with gross winnings revenue (B2C) going up by 3% to £614.8m.
Underlying EBITDA was again the big riser at 26% to £132.9m, while profit after tax amounted to £75.9m during H1.
Comments
Kindred CEO Nils Andén gave some thoughts on the results: “Building on our solid start to 2024, I am pleased to present a very positive set of second-quarter results for Kindred.
“We continue to demonstrate our resilience and strategic execution, which is reflected in our strong performance across our market portfolio. The vast majority of our top markets have grown year-on-year, which is very encouraging.”
“The second quarter contained strong sportsbook activity throughout, with Euro 2024 boosting customer engagement towards the end of the period. Favourable results, in combination with a record share of Bet Builder activity, delivered a historic high sportsbook margin of 12.1%.”
This week has also seen Kindred, alongside Swedish operators ATG and Svenska Spel, announce the continuation of the joint initiative to publish responsible gambling (RG) metrics for the Swedish market.
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