savvy kindred maintains its world cup momentum despite new tax pressures

savvy kindred maintains its world cup momentum despite new tax pressures

by 26.10.2018 0 comments

Publishing its Q3 2018 trading update (period ending 30 September), Stockholm-listed online gambling firm Kindred Group Plc declares that it is confident of delivering on its full-year corporate expectations and projects.

Updating investors, Kindred details that it has maintained its strong post-World Cup Russia 2018 momentum, with group-wide customer activity up 25%.

Detailing a further robust quarter, Kindred records period gross-win revenues of £230 million (Q3 2017: £193m), with its year-to-date group revenues generating £657 million (Q3 2017: £513m).

Despite booking a 33% increase in group-wide ‘betting duties’, up 24% on 2017 metrics, the Stockholm enterprise maintains its earnings capacity, recording a period EBITDA of £56 million (Q3 2017: £47m), contributing to a YTD EBITDA of £145 million.

Closing a busy trading period, Kindred governance declares group profits of £42 million (Q3 2017: £35m), contributing to YTD corporate earnings of £105 million (Q3 2017: £76m).

Henrik Tjärnström, CEO of Kindred Group stated that the company had demonstrated its operational shrewdness during Q3 trading, a period in which the company faced a number of outside obstacles to sustaining its growth momentum.

“Despite significant increases in betting duties and marketing investments up 24 per cent this quarter, our underlying EBITDA grew by 24 per cent in constant currencies compared to the same period last year (+19 per cent in GBP), showing Kindred’s scalability business model and our continued good cost control.”

Closing the trading update, Tjärnström and Kindred governance note a number of strong future options for the online gambling group, which secured its first US-centric agreement with Hard Rock Hotel & Casino Atlantic City, New Jersey.

Furthermore, gearing up for its entry within the re-regulated Swedish gambling marketplace in accordance with the policies of the redrafted ‘Swedish Gambling Act’, Kindred has undertaken its biggest sponsorship and social/sporting commitment, with its Unibet SE brand becoming the title sponsor of Sweden’s Elitfotboll Allsvenskan and Superettan leagues.

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