High Euro 2024 Activity Bolsters Kindred’s H1 Report

Kindred Group has published its unaudited H1 report, highlighting increases across the board, driven by the company’s favorable performance in the second quarter of the year. CEO Nils Andén praised the solid quarter, saying that it builds on the solid start to 2024.

In Q2 2024, the company reported a total revenue of £327.6 million ($423.3 million), marking an increase of 7% year-on-year. Additionally, the company posted B2C gross winnings revenue of £317.2 million ($409.9 million), up 6%. Underlying EBITDA, on the other hand, was up 32% to £73.6 million ($95.1 million).

Profits before tax and after tax stood at £55.6 million ($71.8 million) and £44.5 million ($57.5 million) respectively. Profit after tax, Kindred added, includes a loss from discontinued operations of £1.7 million ($2.2 million) and a profit from continuing operations of £46.2 million ($59.7 million).

Earnings per share for Q2 2022 stood at £0.21 ($0.27). The company also reported a free cash flow of £41.6 million ($53.7 million).

Finally, Kindred noted that the total number of active customers increased by 12% to 1,749,611.

Kindred also reported its unaudited H1 results, highlighting revenue and B2C winnings of £635.3 million ($820.9 million) and £614.8 million ($794.4 million) respectively, marking slight YOY increases. Underlying EBITDA was up 26% to £132.9 million ($171.7 million).

Profits before and after tax, meanwhile, were £95.4 million ($123.3 million) and £75.9 million ($98.1 million) respectively. Profit after tax includes a £2.7 million ($3.5 million) loss from discontinued operations and £78.6 million ($101.6 million) in profit from continuing operations.

Earnings per share for H1 stood at £0.35 ($0.45), while free cash flow stood at £65.3 million ($84.4 million).

CEO Andén Applauded the Results

CEO Nils Andén was pleased by the results, saying that they attest to Kindred’s resilience and robust strategy. He added that many of the company’s top markets have reported year-on-year growth, saying that this was very encouraging.

The increases in revenue and EBITDA, Andén said, underscored the scalability of Kindred’s business model and accelerated top-line growth while maintaining a stable cost base.

In the meantime, Euro 2024 resulted in a significant customer engagement boost, delivering favorable results and a record share of Bet Builder activity. This resulted in a historic high sportsbook margin of 12.1%, up from the long-term average of 9.9%.

CEO Andén added that the company’s KSP project remains on track. He added:

The KSP project remains firmly on track, with key features and functionality being released ahead of our planned market rollout, starting later this year. Live customers from selected test markets are already using the platform and providing valuable feedback and insight for the Product and Development teams.

CEO Nils Andén

In other news, Kindred recently made changes to its leadership team.