Kindred posts record breaking Q3 results
Kindred Group has posted its financial results for the third quarter period of 2017, hailing it a “record quarter for revenue and profit”, all thanks to the acquisition of 32Red.
The company posted an all-time high in Gross winnings revenue of £193.6m for the third quarter of 2017, and £513.4m for the period January to September 2017.
For the same period, Underlying EBITDA for Q3 was £46.8m, and £110.5m for the period ending in September. Furthermore, the company’s success was boosted by gross wings revenue from 32Red, amounting to £18.6m, and underlying EBITDA totalling at £3.7m.
Henrik Tjärnström, CEO of Kindred Group commented: “I am delighted to report record revenues and profitability for Kindred Group in the third quarter of 2017 driven by strong growth across our major markets and solid cost control.
“Despite the absence of major football events this quarter, the organic Gross winnings revenue growth in constant currency was 17 per cent compared to the same period last year, which demonstrates that we continue to gain market share.
“32Red contributed GBP 18.6 million of Gross winnings revenue and GBP 3.7 million of underlying EBITDA. This acquisition also brings new expertise into our teams and additional locally regulated revenue and opportunities for future revenue and cost synergies.
Finally, the number of active customers during the quarter was 1,219,761. Of these, 120,171 were customers of 32Red.
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