January 22, 2024 3 min read

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Kindred Posts Strong Q4 Results amid Takeover Bid from FDJ

Preliminary results released by the company point to growth of revenue and underlying EBITDA for the recent trading period

The leading global online gambling operator, Kindred Group, released a new report, highlighting details regarding its fourth quarter and full year 2023 performance. The new preliminary financial report revealed that the overall revenue of the company for Q4 2023 hit £312.9 million ($398 million). This result marked an increase of 2% when compared to the £305.5 million ($388.6 million) figure posted for the same period in 2022.

Underlying EBITDA for the latest trading period marked an increase as well. In total, for Q4 2023, Kindred posted £56.8 million ($72.2 million) in underlying EBITDA, an increase compared to the £39.1 million ($49.7 million) result posted for the corresponding period in 2022.

Focusing on the bigger picture, the company released preliminary figures for its full year performance. In total, Kindred posted £1.21 billion ($1.54 billion) in revenue for 2023. Not unexpectedly, this result also marked an increase considering the £1.07 billion ($1.36 billion) result reported for 2022.

Still, it’s important to note that the aforementioned figures released by Kindred are preliminary and yet to undergo audit. The company confirmed that its year-end report for 2023 will be released next month on February 7.

During the fourth quarter of 2023, Kindred saw continued strong performance in several key markets, while Relax Gaming’s business continues to show encouraging growth and proof of its scalable business model,

reads a statement released by Kindred Group

The release of the company’s preliminary results coincided with the announcement of a major acquisition. La Française des Jeux (FDJ), the leading lottery and sports betting operator in France, hinted at plans to acquire Kindred in a deal for a staggering $2.5 billion.

A Successful and Scalable Business Model

According to Kindred, the fourth quarter marked a successful period with strong growth and solid performance in different strategic markets. The company acknowledged the growing position of Relax Gaming and confirmed that the results from the fourth quarter are a testament to the scalability of its business model.

Kindred said that its casino and games’ gross winnings revenue increased by 5% in Q4 2023 when compared to the same period the prior year. The betting and gaming company outlined that at the start of Q4, it observed a “historically low betting margin in October,” something that was offset in the other months.

Focusing on different markets, Kindred outlined that regulatory changes in Norway and Belgium continue to impact its operations. Still, the company said that it has seen strong growth over the last year within the casino segment for markets such as Romania, the Netherlands and the UK.

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William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

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