Kindred Group plc - Full-year report: January - December 2023 (unaudited)

Kindred Group plc – Full-year report: January – December 2023 (unaudited)

Fourth quarter 2023

January to December 2023

CEO Nils Andén comments on the fourth quarter of 2023

"The final quarter of 2023 saw sustained above-market performance in the Netherlands, UK, and Romania, which combined with continued growth in our B2B segment (Relax Gaming) generated total revenue of GBP 312.9 million and underlying EBITDA of GBP 56.8 million for the period, an increase of 45 per cent compared to the same period last year."

"During 2023, we provided guidance of GBP 200 million in underlying EBITDA, and I am very pleased that we have delivered on that target. Our performance demonstrates that Kindred is able to grow profitably within highly regulated markets. During 2023, 82 per cent of Gross winnings revenue was generated from locally regulated markets."

"The casino & games segment continues to grow well, contributing 57 per cent of Gross winnings revenue during the quarter – up 7 per cent versus the same period last year. The strong performance is testament to our strategic focus on enhancing the customer offering through exclusive games, improved supplier partnerships, and personalising the casino & games experience. As previously mentioned, accelerating growth across the segment within multi-product markets will continue to be a major delivery area during 2024."

"Relax Gaming continue to perform well with total revenue for the quarter increasing 33 per cent versus the same period last year. The underlying EBITDA contribution was also up 72 per cent, demonstrating the scalability of the Relax business."

"Following the cost optimisation initiatives announced at the end of 2023, we continue to reallocate resources and marketing investments into areas that will deliver improved growth. Specifically, this includes increasing focus on the profitable casino segment and concentrating our marketing efforts within markets where we see significant opportunity to outgrow the market."

"I remain confident that Kindred can deliver above-market growth across our portfolio during 2024. We see robust performance in select core markets, and I expect this momentum to continue going forward."

Trading update up to and including 4 February 2024

The average daily Gross winnings revenue for the Group, up to and including 4 February 2024, was GBP 3.21 million, 3 per cent lower (in line in constant currency) than the daily average for the full first quarter of 2023.

The sports betting margin after free bets for the above period was 9.5 per cent, which is lower than both the Group's long-term average margin of 9.7 per cent and the 9.9 per cent margin for the full first quarter of 2023.

Kindred Group's presentation of the full-year report

Kindred Group's CEO Nils Andén and Interim CFO Patrick Kortman will host a web presentation in English at 10.00 (CET) which is webcasted live on https://www.kindredgroup.com/Q42023. 

To access the telephone conference in connection with the presentation, please register at https://conference.financialhearings.com/teleconference/?id=5001990. After registration you will be provided phone numbers and a conference ID to access the conference.

Please call in well in advance for registration. There will be an opportunity to ask questions after the presentation. 

This disclosure contains information that Kindred Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 07-02-202407:30 CET.

For more information:

Linda Lyth, Investor Relations Manager, +46 767 681 337
[email protected]

The following files are available for download:

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