Busy Kindred Group hits World Cup high notes during H1 2018

Stockholm-listed European online gambling firm Kindred Group Plc continues its streak of ‘all-time highs’ reporting significant growth across its underlying corporate metrics and KPIs for its interim H1 2018 trading period (unaudited January-June 2018).

Publishing its latest trading update, Kindred reports strong organic growth across its products and services driven by significant customer activity recorded during World Cup Russia 2018.

Corporate revenues for Q2 2018 amounted to £219 million up 33% on corresponding Q2 2017’s £166 million, as the Stockholm enterprise reports H1 2018 gross revenues totalling £427 million (H1 2018: £319 million).

Detailing a period of high customer activity for Q2 2018, Kindred was able to sustain its active player base at the +1.5 million mark (Q2 2017: +1.1 million), further representing a substantial increase on Q1 2018’s + 1.3 million.

At present, an enlarged Kindred Group now operates its services in ‘20 different languages within more than 100 countries’.

The multi-market operator, details that it was able to sustain strong operating margins across its product portfolio helping the company achieve an Underlying EBITDA for Q2 2018 at £42 million (Q2 2017: 33.4 million), and £89 million  (H1 2017: 63.7 million)  for the first half of 2018.

Closing a busy H1 2018 trading period Kindred governance declares corporate profits of £55 million (H1 2017: £37 million) of which Q2 2018 contributing £25 million (Q2 2017: £20.4 million).

Updating investors, Henrik Tjärnström, Chief Executive of Kindred Group commented on H1 2018 trading:

“The World Cup provided a significant all-time high in customer activity and continued strong organic growth, and unexpected results led to a sportsbook margin of 8.2 per cent after free bets.

Our gross winnings revenue up 31 per cent and all-time high in active customers

Our underlying EBITDA grew by 25 per cent compared to the same period last year (+27 per cent organic and in constant currencies).” “In the period up to 22 July 2018, average daily Gross winnings revenue in GBP was 29 per cent higher compared to the same period in 2017. Adjusting for the impact of exchange rate changes, the growth was 30 per cent”.

Kindred Group – H1 2018 Overview