Strong Q and H Figures for Multinational Kindred Group Remind All of the Robustness of iGaming
Published October 6, 2021 by Lee R
The Kindred example sets the standard for new and growing entities in many ways.
Kindred's rebound is leading the iGaming space.
Positive Q2 Results
This news comes on the heels of Kindred Group's reporting of £363.7m ($499.6m) for Q2 2021, for a smashing 55% increase from the previous year.
EBITDA and Liquidity
At the same time, Kindred's underlying EBITDA climbed from £51.7m to £114.3m, to yield liquidity of £82.1m. Kindred took home £102.5m in profit before tax, while profit after tax touched £87.1m. In the same period, Kindred saw its active customer base grow from 1,313,399 to 1,907,276.
Drivers of Success
The Malta-based global iGaming content-provider attributed key impacts on the Q2 numbers as M&A costs of £3.7m connected for the acquisition of Relax Gaming, along with a £4.2m credit from a reduction in a disputed regulatory sanction imposed by the Swedish Gambling Authority.
H2 Strength
The iGaming powerhouse with holdings in Belgium and German also reported H2 2021 totals reflecting a 48% year-on-year revenue increase to to £716.3m. The company's underlying EBITDA rose from £94.2m to £212.3m, while liquidity reached £172.2m.
Kindred Leader Speaks
Kindred CEO Henrik Tjärnström expressed his pleasure for the quarter's showing of “continued growth” across the sports and casino product segments and the realisation of a new all-time high in active customers of over 1.9 million.”
Key Relax Deal
Henrik further alluded to his organisation's acquisition of outstanding shares in Relax Gaming as another new driver of growth, calling Relax Gaming a “high-margin and fast growing B2B business” whose acquisition is “an important part of our long-term strategy and further increases our focus on product differentiation.”
Contributing to Expansion
Tjärnström looked forward to the deal providing more unique content to customers and enhancing end-to-end customer experience.
Kindred's Goals
These measures are part of Kindred's longer term goal of becoming the leading operator across all markets. Kindred is committed to expanding through transformation of the iGaming space with priorities of new technology, exciting products, and human resources.
Diverse and Strong
At this point, Kindred boasts a diverse global workforce of over 1600 employees, from over 62 countries across the full range of Kindred HQs which includes London; Malta; Stockholm; and Gibraltar; with additional offices in Antwerp; Milan; Madrid; Paris; Copenhagen; New York and Sydney.
Outlook
The new results and partnerships strongly indicate that Kindred is a company to watch--for iGaming investors; players; operators; and all other industry stakeholders.
