Kindred Group Release Interim Report for the First Quarter of 2023
LISTEN TO THIS ARTICLE:Kindred Group plc, one of Europe's leading online gambling companies, recently released its unaudited interim report for the first quarter of 2023, which showed encouraging improvements in both revenue and profitability.
The report revealed that Unibet's parent company has a revenue rise from both B2B and B2C operations of GBP 306.4 (246.7) million, an increase of 24 percent compared to the same period last year. Gross winnings revenue (B2C) also increased by 23 percent to GBP 297.3 (242.4) million, a decrease of 1 percent excluding the Netherlands.
Underlying EBITDA increased by 102 percent to GBP 49.4 (24.5) million, and profit before tax was GBP 30.4 (7.6) million. Profit after tax was GBP 25.6 (6.4) million, and earnings per share were GBP 0.12 (0.03). The number of active customers increased by 18 percent to 1,623,568 (1,377,317), an increase of 3 percent excluding the Netherlands.
According to CEO Henrik Tjärnström, the cost optimization initiatives previously communicated have been implemented during the quarter, although there is a lag before the full effect is seen on the numbers.
Kindred's CEO also highlighted the strategic focus on unique products and increased control of the company's offering, which resulted in the launch of its second exclusive game from Relax Gaming during the first quarter. The game is among the top five releases in the past twelve months and a top three performer in 2023, proving the value created through exclusive and high-quality content.
The Netherlands continues to exceed our expectations with Gross winnings revenue contribution of GBP 57.3 million in the first quarter of this year, a sequential increase of 8 per cent. We remain firmly on track towards market leadership for the full year 2023. However, while most of our core markets continue to perform well, the challenges faced in Belgium continue. This is primarily related to Kindred putting in place stricter anti-money laundering checks and improved responsible gambling processes.
North America is seeing positive developments, with Gross winnings revenue increasing to GBP 8.0 million and a declining negative underlying EBITDA contribution of GBP 5.5 million.
On 14 April, Kindred Group received approval from the New Jersey Division of Gaming Enforcement for its proprietary Kindred platform, which is expected to go live in mid-May. This is great news and will provide Unibet customers in New Jersey with an enhanced experience and give the company better control of performance and customer offering.
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