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NEWS 14 February 2018

Kindred Group enjoys double digit growth in Q4 2017

By Robert Simmons
Announcing its financial results for the fourth quarter of 2017, online gaming company Kindred group have reported double digit growth in all of its key verticals.

The company reported a new high in its gross winnings revenue which jumped 55% year-on-year from £152.8m in Q4 2016 to a high of £238m in Q4 2017.

Profits after tax for Q4 2017 amounted to £50.8m; rising year-on-year by 72% from the previous Q4 2016 figure of £29.4m, while underlying EBITDA during the fourth quarter of 2017 increased to £74.5m from the Q4 2016 high of £39.3m, a rise of almost 90%.

The contribution made by its 32Red online casino to overall gross winnings revenue during the fourth quarter of 2017 amounted to £18.8m. Numbers of active customers using Kindred jumped year-on-year by 15% from a Q4 2016 figure of 1,150,027 to a fourth quarter 2017 figure of 1,329,124.

Full year 2017 profits after tax amounted to £117.4m, while gross winnings revenue generated in 2017 amounted to £751.4m. Underlying EBITDA for the full year 2017 was £185m.

In a statement accompanying the results, Kindred Group CEO Henrik Tjärnström said: “Strong growth across our major markets and an exceptional sportsbook margin approximately 50 per cent above the long-term average, have resulted in record revenue and profitability for Kindred Group in the fourth quarter of 2017. Our investments in marketing and product development have also resulted in an all-time high in EBITDA and number of active customers.

“The strong performance of the Group resulted in an increase in free cash flow of 78 per cent for the full year 2017. The Board has reviewed the cash requirements for 2018 and is proposing a cash dividend of GBP 0.551, which represents a growth of 78 per cent compared to the previous year.”

RELATED TAGS: Online | Industry | Financial | Casino
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