Kindred Group announces World Cup profits windfall
THE Kindred Group has released figures which will have investors bullish about the second half of 2018.
Reporting on the second quarter and first half year highlights, the gambling company announced a profit of GBP £219 million for the second quarter of 2018, which was an increase of 31% on the opening quarter.
Chief Executive Officer of Kindred Group Henrik Tjärnström said the recent World Cup had proven to be a windfall for the company with an all-time high of 1,550,508 customers during the second quarter.
“Gross winnings revenue up 31 per cent and all-time high in active customers,” he said.
“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.
“Gross winnings revenue increased 24 per cent organically and in constant currencies which means that we are continuing to gain market share. Gross winnings revenue from mobile grew by 29 per cent compared to the second quarter last year and amounted to 72 per cent of our total Gross winnings revenue. Of the Group’s Gross winnings revenue 43 per cent came from locally regulated markets.”
Kindred Group also reports underlying earning before interest, taxes, depreciation and amortization in the second quarter was £41.7 million, with a total profit before tax for the same period of £28.9 million.
Encompassing the first quarter earnings too, Kindred Group has announced a £55.4 billion profit for the first half of 2018.
“Our underlying EBITDA grew by 25 per cent compared to the same period last year (+27 per cent organic and in constant currencies),” Tjärnström said.
“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.”
The Kindred Group also holds international gambling licences in Malta and Gibraltar. The Kindred Group pays betting duties in all markets in accordance with applicable local laws.