Published
Sports Betting

Kindred Q1 revenue rises 11% but profit takes considerable hit

Kindred Group has reported a year-on-year revenue rise of 11% for Q1 2020; however, the impact of the coronavirus outbreak along with exceptional costs has led to a fall in profit.

kindredfinancialresults

Revenue increased to £249.7m ($307.9m), although operating profit dropped 60% from 2019 to £7.3m, with profit after tax falling from £15.1m in 2019, down to just £1m.

Out of total revenue, £122.5m came from sports betting, up 15% on 2019, while casino revenue came in at £112.9m.

While underlying EBITDA was £42.5m, this was adjusted to £32.5m after the operator was hit with a £8.4m fine by the Swedish Gambling Authority (SGA) in March, for offering incentives deemed to be non-compliant

Kindred has since appealed the decision to the Swedish Administrative Court.

Profits were also hit by a £1.9m charge in connection with restructuring costs, along with a £10.8m non-cash charge related to rationalising the group’s portfolio, by closing several smaller brands, coupled with a review of acquired intangibles.

Kindred Group CEO, Henrik Tjärnström, said: "The growth was aided by a higher-than-average betting margin but underlying performance across all regions was positive.

"Our focus now is to optimise the business to meet the challenges of COVID-19. In the short term, we continue to deliver a high-quality service to our customers, while protecting our employees and ensuring business continuity and regulatory compliance."

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...