Kindred Group Posts Third Quarter Financials

Internet gaming company Kindred Group has announced their third quarter 2017 financial results, noting record breaking revenues during the time period.

Key financial indicators for the third quarter ending September 30th, 2017 were:

  • Revenues of £193.6 million, up from £142.3 million last year
  • Revenue from 32Red making up £18.6 million
  • EBITDA of £46.8 million, up £33.9 million last year
  • Post-tax profits of £29.9 million, up from £21 million
  • Earnings per share of £0.137, up from £0.095 million

Speaking about his company's performance Kindred CEO Henrik Tjärnström said, "I am delighted to report record revenues and profitability for Kindred Group in the third quarter of 2017 driven by strong growth across our major markets and solid cost control. Despite the absence of a major football event this quarter, the organic gross winnings revenue growth in constant currency was 17% compared to the same period last year, which demonstrates that we continue to gain market share."

"32Red contributed £18.6m of gross winnings revenue and £3.7m of underlying EBITDA; this acquisition also brings new expertise into our teams and additional locally regulated revenue and opportunities for future revenue and cost synergies. Our underlying EBITDA reached a new all-time high at £46.8m for the third quarter, up 38% compared to the same period last year."

"Our focus on mobile strategy has enabled us to remain at the forefront of industry developments; in the third quarter, gross winnings revenue from mobile grew by 51% compared to the third quarter last year and amounted to 71% of our total gross winnings revenue."

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Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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bgsharpe
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31 October 2017 - 10:02am
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So obviously they doing great lately, don't know if that has anything to do with rebranding the company though, I think not.