× Gambling News In-Depth iGaming Calendar Gaming Stocks Connections GI Friday Trafficology GI Magazine GGA 2017 AffiliateCon
NEWS 14 February 2017
Kindred Group reaches all-time high in the fourth quarter
By Caroline Watson
Stockholm-listed sports betting operator Kindred Group Plc has announced in its year end report that its annual sales from gross winnings in 2016 increased by 54% to £544.1m, pushed by mobile gaming.

Closing its full-year 2016, the enlarged operator posted profit before tax stood at £92.8m for the full year of 2016 compared to £66.2m for the previous year and EBITDA for 2016 was £120.7m, up from £77m in 2015.

Despite betting duties increasing by 67% for the fourth quarter of 2016 and some unfavourable sporting results, EBITDA grew by 48% to £38.9m.

Kindred Group’s Chief Executive, Henrik Tjärnström comments: “Of the Group’s gross winning revenue 35% was from locally regulated markets. Gross winnings revenue from the mobile channel grew by 74% and accounted for 71% of total gross winnings revenue in the fourth quarter.

“The strong performance of the Group resulted in free cash flow of 57% in the fourth quarter. In the period up to 12 February 2017, average daily gross winnings revenue in GBP was up 36% higher compared to the same period in 2016. Adjusting for the impact of exchange rate changes, the growth was 21%.”

Kindred governance expects to declare full-year 2016 profits of approx £84m and the performance breakdown will be made available on 13 March 2017.

Looking to the future, the company has set a goal to make at least one acquisition a year to continue its focus on expanding the brand.

RELATED TAGS: Financial | Sports Betting | Industry
DISCUSS THIS ARTICLE
IN-DEPTH 17 October 2017
A sweet sixteen
It’s been 16 years since Sportradar Founder and CEO Carsten Koerl launched the sports data and digital content business. Gambling Insider got an insight into both his tenure and key developments in the sports betting industry that have shaped their offering
READ MORE
PREMIUM CONNECTIONS