Kambi undergoes “toughest of tests” as Q2 revenue down 32%
Kambi CEO Kristian Nylén has described the past few months as the “toughest of tests” as the sports betting supplier’s Q2 revenue fell 32% year-on-year to €14.8 ($17.1m).
Operating profit was €3.5m for the period, a drop of 31%, while results after tax amounted to a loss of €3m, a significant shift from profit of $1.6m in 2019.
Cash flow from operating and investing activities equated to a loss of €2.8m for the reporting period, down from profit of €0.4m in 2019.
Despite the decrease in revenue, Kambi insisted the return of leagues and sports in addition to cost reduction measures had allowed the company to “successfully weather COVID-19’s profound impact.”
The supplier said activity for its sports betting partners had increased month-on-month culminating in June, when operator turnover and gross gaming revenue saw an increase year-on-year.
Kambi CEO Nylén said: “Although challenges remain, and an element of uncertainty persists, the past few months have proven Kambi can overcome the toughest of tests, and emerge the other side stronger for it.
“With sports gradually returning and our ambitious partners keen to catch up on lost time, we’re ready for an exciting second half of the year.”
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