Kindred Reports 6% Increase in Third Quarter Revenue

The Kindred Group has reported its financial results for the third quarter and year to date. The company reported revenue of £298.4 million for the third quarter of 2021, an increase of 6% from the year-ago period. EBITDA grew 13% to £84.2 million with the company’s free cash flow totaling £51.2 million with 1,738,504 active customers.

Profit before tax for the period was £71.8 million, while profit after tax was £60.6 million. The company’s earnings per share were £0.27; in 2,250,000 shares.

Henrik Tjärnström, Kindred CEO, commented: “I am pleased to deliver a strong performance in the third quarter. After a relentless sports calendar and subsequent season-end slump, sports betting activity has slowed, but other sources of entertainment have improved. ”.

Year-to-date, the company’s revenues were up 33% to £1 billion, with EBIDTA increasing from 76% to £296.5 million, and reported free cash flow at £223.4 million. Operating profit before tax totaled £259.6 million, with profit after tax equaling £220.3 million.

Kindred CEO explains Dutch market situation

Tjärnström continued: “As communicated at the end of the quarter, we have taken the decision to end services for Dutch residents. Subject to the approval of the license application, we expect to receive our license in the second quarter of 2022. The opening of online gaming in the Dutch market is a This is a very positive step for everyone involved and we hope to contribute positively to Dutch society in achieving a sustainable gambling market”.

Kindred CEO concluded: “On October 1, 2021, we completed the acquisition of Relax Gaming as planned. This is a major milestone for Kindred as it allows us to significantly differentiate new and existing products, ultimately giving us more control of offers and providing our customers with a better experience”.