The Numbers Are Good: Kindred Group Enjoys Record 2016Published February 17, 2017 by Mike P
Unibet’s parent company, the Kindred Group, has revealed record 2016 revenues in its very latest financial results.
The Kindred Group is best-known for being the parent company of multichannel online gambling operator Unibet, which can offer sports betting, casino games, and more. Just recently, the parent company revealed that it oversaw a record performance in 2016 that was fuelled by an excellent final quarter.
After releasing its latest financial results, it emerged that the Kindred Group managed to increase its revenue by 37% to hit a record £152.8 million for the three months ending 31 December 2017. The Kindred Group also benefited from a 48% rise in earnings to £38.9 million while after-tax profit reached £29.4 million.
The Kindred Group’s stellar third quarter is a major reason why the parent company was able to secure a second record when it increased annual revenue by 53% to £544 million, as of 31 December 2017. There was a similar rate of increase for annual earnings, having risen by 53% to £123.7 million while profit grew by 50% to £84 million.
The financial results also revealed the Kindred Group’s 2016 monetary performance in specific online gambling channels. One of the most interesting results was the casino channel, where revenue increased by £57% to £269.4 million. This enabled the channel to surpass the £245.5 million annual revenue, which represented a 45% rise on 2015.
From a percentage standpoint, the largest growth channel was online poker and its 64% expansion, but its 2015 revenue of £12.5 million was far below the levels of sports betting and casino games. The launch of bespoke Relax Gaming software is credited with the dramatic ascension of poker.
In 2016, the financial results tell a story of how the Kindred Group has significantly improved its standing by decreasing its reliance on its domestic Nordic markets. Nordic revenues grew by 50% to £240 million, but Western Europe markets delivered a larger increase of 60% to £246.5 million.