Kindred Group reported total revenue of £238.7m ($285.4m) for the second quarter of 2022, down 34% from the same period a year ago.
Gross earnings for the second quarter of 2022 declined by 36% year-on-year to £233.5m. Excluding the Netherlands, it was a 13% decline.
Basic EBITDA decreased by 78% to £25.3m, with pre-tax profit and after-tax profit of £7m and £5.8m respectively. The number of active customers decreased from 1,907,276 in the second quarter of 2021 to 1,336,706 in the second quarter of 2022.
Commenting on the results, Henrik Tjärnström, CEO of Kindred Group, said: “After a difficult short-term period, I look to the future with confidence as we see good progress with the group’s key strategic priorities.”
“We have received our long-awaited Dutch license, our sports betting platform remains firmly on track and Relax Gaming continues to show strong numbers. distorted view of our performance”.
“The second quarter is a seasonally low period of activity when sporting competitions end, with major football tournaments taking place every two years only. second quarter of 2021, we are now back to a normal sporting calendar,” added Tjärnström.
The company also reported its half year 2022 results with total revenue of £485.4m and underlying EBITDA of £49.8m. Gross earnings fell 34% to £475.9m, down 10% when excluding the Netherlands.
Tjärnström added: “We have an exciting period ahead with the Dutch market up and running, the continued development of our sports portfolio and, not least, the 2022 World Cup which takes place in November and December.”
“We also expect the headwinds experienced during the past quarters to gradually ease in the coming quarters. We have prepared and built our team for the future, and now we are ready to fully engage.”