Kindred Group’s Interim Report Unveils Striking Revenue Growth in H1 2023
Kindred Group has just released its interim report for the first half of 2023, revealing a remarkable surge in revenue and commendable financial achievements. The report also sheds light on the company’s performance during Q2, painting an impressive picture of growth and stability.
During Q2 2023, Kindred witnessed an exceptional 29 percent increase in total revenue, reaching £307.3 million (US$394.3m). Much of the revenue boost was attributed to substantial growth in B2C Gross Winnings Revenue, which soared by 28 percent to £298.3 million.
Underlying EBITDA, a key indicator of operational profitability, experienced a striking surge of 120 percent, amounting to £55.7 million. Kindred reported a profit before tax of £33.1 million and a profit after tax of £27.7 million, demonstrating a robust financial performance during the period.
Customer engagement also continued to grow in Q2, with the number of active customers rising by 17 percent to 1,561,444.
Over H1, Kindred continued its upward trajectory with a 26 percent increase in total revenue, soaring to £613.7 million. Gross Winnings Revenue (B2C) increased by 25 percent to £595.6 million, displaying consistent growth in core business activities.
An exceptional 111 percent increase in underlying EBITDA, hitting £105.1 million, reinforces Kindred Group’s capacity to effectively manage costs and achieve profitability. Additionally, the company reported a profit before tax of £63.5 million and a profit after tax of £53.3 million for H1 2023.
Commenting on the interim financial report, interim Kindred CEO Nils Andén said: “The strong start to the second quarter has remained throughout most of the period with the first two months being particularly strong. June was slightly slower due to normal seasonality creating a lack of sports events, including Wimbledon only taking place during the third quarter this year.
“Continued focus on a strong customer offering has resulted in revenue increasing 29 percent to £307.3 million, compared to the same period last year.”
“Performance was positively impacted by an increase in sports betting along with favourable sports results. In addition, the increased popularity of our Betbuilder product, changing market mix, lower bonus costs, and continued optimisation of trading, has improved the sports betting margin, which reached 11.3 percent for the Q2.”
“The diversity of our market portfolio provides stability across the Group with particularly strong performance in several markets including the UK, Denmark, the Netherlands and Romania.
“While the challenges experienced in Belgium and Norway during the first quarter remain, signs of improvement are seen in Belgium.
“We are currently amid a great customer acquisition opportunity with the Women’s World Cup taking place in Australia and New Zealand.
“Following the huge success of the Women’s Euros last summer, we see how Women’s football is growing in importance and influence. With the major leagues kicking off in August and September, we can look forward to improved activity towards the latter part of the quarter.”