Kindred increased revenue up 31% in the 2Q

The Stockholm-listed Kindred Group reported a 31 percent increase in gross revenue in the second quarter of 2018 to £219m and £426m for H1.

The underlying expected earnings before interest, taxes, depreciation and amortization (EBITDA) was £41.7m for the quarter and £89.2m for the first half of the year. Profit after tax rose to £25.5m for Q2 and £55.4m for H1 2018. The group’s sports betting brand, 32Red, also performed well, with gross winnings revenue at £16.9m for the quarter.

Kindred credited excitement over the first half of the 2018 FIFA World Cup for generating a significant all-time high in customer activity, with active customer ranks hitting 1.55m during Q2. The company says the good times have continued into Q3, with average daily gross winnings revenue through July 22 rising 29% year-on-year. Despite the positive news, the company’s stock price dipped nearly 13% following the report.

 

Follow us on