Kindred projects marginal Q2 revenue growth and fall in active customers

By Tim Poole

Kindred Group is expecting to announce marginal revenue growth for Q2, despite the impact of the coronavirus pandemic and a fall in active customers.

For Q1, Kindred reported a year-on-year revenue rise of 11%, to £249.7m ($307.9m), although operating profit fell 60% and its eventual profit after tax was only £1m.

However, for the second quarter in a row, the operator acheived revenue growth despite the effects of the pandemic, although growth has been reduced to around 4%.

With major sports returning and online casino play generally increasing during the period, Kindred has projected £235m in revenue for Q2 – with its report set for publication on 24 July.

This is despite the amount of active customers for the quarter falling an estimated 11% to 1.3 million, due to a drop in recreational sports bettors.

Considering Kindred posted 6% revenue growth for H1 last year, it can be speculated the effects of the pandemic have actually not hit the operator that hard.

That said, it is difficult to judge whether revenue would have been higher were it not for COVID-19, especially as sports betting wagering would naturally have been higher.

For Q3, Kindred will benefit from Premier League and Champions League betting – from a sports perspective – but will have missed out on the European Football Championships, which CEO Henrik Tjärnström previously told Gambling Insider would be the biggest sports betting event in history.

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