Internet gaming firm the Kindred Group has revealed their full year and fourth quarter 2017 financial results, noting a large climb in revenues.
Key financial indicators for the quarter and year ending December 31st, 2017 were:
- Full year gross revenues of £751.4 million, up from £544.1 million last year
- EBITDA of £185 million, up from £123.7 million lastyear
- Pre-tax profits of £132 million, up from £92.8 million
- Post-tax profits of £117.4 million, up from £83.9 million last year
- Fourth quarter revenues of £238 million, an all-time record and up from £152.8 million last year
Speaking about the results Kindred Group CEO Henrik Tjarnstrom said, "Strong growth across our major markets and an exceptional sportsbook margin approximately 50% above the long-term average, have resulted in record revenue and profitability for Kindred Group in the fourth quarter of 2017.
"Our investments in marketing and product development have also resulted in an all-time high in EBITDA and number of active customers.
"Gross winnings revenue grew by 56 per cent as reported and by 42 per cent organic and in constant currencies, compared to the same period last year."
Tjärnström added: "In the period up to February 11, 2018, average daily gross winnings revenue in GBP was 35% higher compared to the same period in 2017.
"Adjusting for the acquisition of 32Red and the impact of exchange rate changes, the growth was 23%."