Strong performance reported by Kindred Group during the latest quarter, powered by the upcoming Euro 2024 tournament.
Kindred Group Sails Ahead in Q2 2024
Boom Times for Kindred Group as they announce a staggering £327.6 million in total revenue for Q2 2024, marking a substantial 7% year-on-year increase. With the shrinking US operations being phased out, revenue soared by an impressive 9%. The core vault of Gross Winning Revenue (GWR) surged 6% year-on-year to a colossal £317.2 million.
Euro 2024 graced the stage, bolstering the total GWR with a powerhouse performance. Meanwhile, Relax Gaming's B2B business enriched Kindred's pot even further by £10.4 million, signifying a robust 16% year-on-year surge. The operator's strategic execution is paying off, with underlying EBITDA skyrocketing 32% to a towering £73.6 million in Q2. This surging growth was precipitated by a 12% hike in active customers, now standing tall at 1.75 million.
In the Black for Kindred Group this quarter, they're boasting a significant post-tax profit of £44.5 million, a substantial leap from £27.7 million in the third quarter of 2022. This profit tally includes a £1.7 million loss from discontinued operations and an impressive £46.2 million profit from ongoing operations. For the first half of 2024, Kindred recorded a robust total revenue of £635.3 million, inching ahead by a modest 4% compared to the first half of 2023, with underlying EBITDA flexing its muscles with a 26% escalation to £132.9 million.
West is Best and Beyond
Western Europe emerged victorious in the GWR derby, garnering a £16 million increase, taking the total to £208.4 million. The Nordic region held firm with a steady GWR of £71.6 million, despite a dip in casino performance that was softened by an increase in sportsbook GWR. Central, Eastern, and Southern Europe reported a 9% year-on-year GWR decrease to £30.2 million, chiefly due to a more rapid decline in sportsbook GWR than casino GWR. Other regions were left reeling from a 49% GWR drop to £7 million, with the North American market revenue plummeting a hefty 73% to £2.2 million, as expected, due to the shuttering of operations.
CEO Nils Andén spotlighted Kindred Group's resilience and strategic execution, evident in the stupendous performance spread across their market portfolio. He highlighted particularly impressive development in locally regulated markets, with a staggering 10% (12% without North America) year-on-year GWR growth. The second quarter saw a sportsbook frenzy driven by Euro 2024, leading to a record-breaking sportsbook margin of 12.1%.
Looking ahead, Kindred Group's daily average GWR has grown to £3.28 million up to 21st July, soaring 10% above the Q3 2023 daily average. However, the exit from the North American market skews comparisons, resulting in a 12% increase in group GWR, excluding North America, for the same timeframe. The sportsbook margin after free bets for the period came in at a solid 10.6%, outperforming their long-term average of 9.9% and the 9.4% they achieved in Q3 2023.
As of now, Kindred Group PLC is trading robustly at SEK 25.90 on the Stockholm Stock Exchange under the symbol KIND-SDB, with no changes in the share price since the last trading session, reflecting a stable market tone for Kindred Group PLC.
The SiGMA Eastern Europe Conference, supported by Soft2Bet, will take place in Budapest from 2-4 September 2024.
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- In the world of technology and education-and-self-development, a new online course titled ',"Regulated Markets for iGaming"' is being offered by Kindred Group, sharing insights from their successful strategies.
- Amidst the bustling general-news landscape, the impact of Kindred Group's Q2 2024 success story on the sports industry is gaining attention, with analysts predicting a domino effect on other gambling companies.
- Casino-and-gambling enthusiasts eagerly await the upcoming SiGMA Eastern Europe Conference in Budapest, where Kindred Group will join various industry leaders to discuss the future of the gaming industry, including sports manipulation and regulatory changes.
