Strong start to the year with positive business momentum and focus on scalability
Kindred Group plc – Interim report: January – March 2021 (unaudited)
- Gross winnings revenue amounted to GBP 352.6 (249.7) million, an increase of 41 per cent
- Underlying EBITDA was GBP 98.0 (42.5) million
- The result for the quarter was impacted by foreign currency losses on operating items of GBP 8.0 (1.8) million which are primarily unrealised losses as they relate to the retranslation of foreign currency current assets and liabilities. As the Group has significant cash balances in foreign currencies, and foreign currency rate movements were substantial, the impact was unusually large during the quarter
- Profit before tax amounted to GBP 85.3 (2.4) million
- Profit after tax amounted to GBP 72.6 (1.0) million
- Earnings per share were GBP 0.32 (0.00)
- During the quarter, 1,032,500 shares/SDRs were purchased at a total price of SEK 146.0, or GBP 12.4 million
- Free cash flow amounted to GBP 90.1 (22.3) million
- Number of active customers was 1,818,759 (1,531,302)
CEO Henrik Tjärnström comments on the interim report for the first quarter 2021
“The positive momentum from 2020 has continued into 2021 across our markets and product segments. We ended 2020 with a new all-time high in active customers and I’m pleased to see this trajectory continuing into the first quarter of 2021 with a new active customer record of over 1.8 million. It’s particularly encouraging as we look forward to an exciting year of sport ahead.”
“Markets across Europe have shown continued growth during the quarter thanks to sustained high customer activity, resulting in Gross winnings revenue increasing 41 per cent (39 per cent in constant currency) to GBP 352.6 million from the same period last year. Our continued focus on cost control and scalability has in turn contributed to underlying EBITDA improving by 131 per cent from the first quarter of 2020 to GBP 98.0 million, including unrealised foreign currency losses of GBP 8.0 million.”
“Our focus on sustainable growth in locally regulated markets is proving effective, with Kindred gaining market share in many markets, including the UK despite it being a mature and highly competitive market. In the US, our long-term investments are continuing to pay off, with Gross winnings revenue increasing 185 per cent compared to the same period last year.”
“The second quarter of 2021 has started off well with the average daily Gross winnings revenue for the first 25 days in April being 52 per cent (55 per cent in constant currency) higher than the full second quarter of 2020.”
Kindred Group’s presentation of the interim report
Kindred Group’s CEO Henrik Tjärnström will host today, on Wednesday 28 April, a web presentation in English at 09.00 (CEST) which is web casted live on www.kindredgroup.com/Q12021.
For those who would like to participate in the telephone conference in connection with the presentation, please call:
UK: +44 33 3300 9273
USA: +1 833 5268 347
Please call in well in advance for registration. There will be an opportunity to ask questions after the presentation.
This disclosure contains information that Kindred Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 28-04-2021 07:30 CET.
For more information:
Patrick Kortman, Head of Corporate Development & Investor Relations, +46 723 877 438
About Kindred Group
Kindred Group is one of the world’s leading online gambling operators with business across Europe, US and Australia, offering over 30 million customers across 9 brands a great form of entertainment in a safe, fair and sustainable environment. The company, which employs about 1,600 people, is listed on Nasdaq Stockholm Large Cap and is a member of the European Gaming and Betting Association (EGBA) and founding member of IBIA (International Betting Integrity Association). Kindred Group is audited and certified by eCOGRA for compliance with the 2014 EU Recommendation on Consumer Protection and Responsible Gambling (2014/478/EU). Read more on www.kindredgroup.com.