Kindred Group has published the financial results for the first half of 2022, in which its revenues have fallen by 34%
The Kindred Group highlights the following aspects of the semester ending June 30:
- Total revenue, from both B2B and B2C operations, was €572 million, compared to €844 million for the same period in 2021.
- Gross profit revenue (B2C) decreased by 34% (32% in constant currency) to €561.3 million (€844.96 million in 2021), as the Group continued to be affected by the loss of Dutch revenue. Excluding the Netherlands, gross profit revenue decreased by 10% (8% in constant currency).
- Underlying EBITDA decreased by 77% to €58.74 million (€259.16 million in 2021).
- The profit after tax was 6.84 million euros (102.74 million in 2021) million. Profit after tax was €14.39 million (€188.38 million in 2021).
The group also mentions the following key points:
- Tough comparatives continued, impacted by Euro 2020 and higher sports betting margins in the second quarter
- of 2021, as well as COVID-19 normalisation.
- Development and delivery of the Kindred Sportsbook Platform remains firmly on track, with all milestones to date
- achieved.
- Off to a good start in the Netherlands since launching on 4 July, after being granted a license on 8 June.
- Short-term pressures from stricter affordability efforts in the UK will support long-term sustainable revenues.
- Nordic region continues to perform well, despite enhanced affordability controls.
Considering the announced data, Henrik Tjärnström, CEO of the Kindred Group, expressed his optimism for the future: "After a period of short-term headwinds, I look to the future with confidence as we see good progress with the Group's key strategic priorities. We have received our long-awaited Dutch license, our Kindred Sportsbook Platform (KSP) remains firmly on track, and Relax Gaming continues to show strong numbers. been giving a skewed view of our performance".
Read full report (PDF)
Watch video of the presentation
18+ | Juegoseguro.es – Jugarbien.es