Spirited Kindred, All-time High for Q3
Defying money-killing lockdowns and the concomitant financial drag of coronavirus, Sweden’s Kindred Group has promised what can only be described as sensational financial results for Q3.
The Stockholm-listed owner of Unibet, one of the world’s leading online gambling operators with business across Europe, Australia and USA, said its gross winnings revenue was up 24 per cent, year-on-year, to a record £280m.
EBITDA–Earnings before interest, tax, depreciation and amortisation—for the three months to September 30 is estimated to be in the range of £74m, higher than previous estimates and double the EBITDA of £37.2m from Q3 2019.
Prudent management and keen marketing investments were major factors in driving the earnings growth to an “all-time high”, said a spokesperson in advance of the group’s Q3 interim report; expected this November 6.
“[Although] the sports calendar has continued to be disrupted and [despite] the delay in completion of many 2019-20 seasons, [the] short break before the start of 2020-21 seasons has meant a continuous stream of events,” said the group.
Marketing spend came in at approximately 21 per cent of gross revenue in the quarter.
Active customers for the quarter were also significantly up, to 1.65 million; an increase of 19 per cent over the same quarter last year.
Kindred’s share price has risen over 10 per cent, to SEK74.92, on the positive news.
Last September, Kindred’s Unibet launched its first online sportsbook in the US through a partnership with the Hard Rock Hotel & Casino Atlantic City in New Jersey.