Internet betting operator the Kindred Group has announced their second quarter financial results, with revenues rising nearly a third during the period.
Key financial indicators for the quarter ending June 30th, 2018 were:
- Revenues up 31% to £219 million
- Earnings up 25% to £41.7 million
- Post-tax profits up 20% for £25.5 million
- Active customers of 1.55 million
- Sportsbetting margins of 8.2% which was up due to unexpected results at the FIFA World Cup
- Sportsbetting revenues up 43% from the year prior to £105 million
- Casino revenues up 23% to £104 million
- Poker revenues up 3% to £4 million
- Other revenues up 17% to £6.1 million
- Mobile revenues up 29% to £158 million
Thus far the company has entered the third quarter strong, with daily gross winning revenues up 29% from last year.
Even though the performance was strong, Kindred stock dropped 13% after the report.
Commenting on the results Kindred CEO Henrik Tjärnström said, "The World Cup provided a significant all-time high in customer activity and continued strong organic growth, and unexpected results led to a sportsbook margin of 8.2 per cent after free bets."
"Gross winnings revenue increased 24 per cent organically and in constant currencies which means that we are continuing to gain market share. Gross winnings revenue from mobile grew by 29 per cent compared to the second quarter last year and amounted to 72 per cent of our total Gross winnings revenue. Of the Group's Gross winnings revenue 43 per cent came from locally regulated markets."