Kindred Group plc - Interim report: January - June 2023 (unaudited)

Second quarter 2023

First half 2023

Interim CEO Nils Andén comments the second quarter of 2023

"The strong start to the second quarter has remained throughout most of the period with the first two months being particularly strong. June was slightly slower due to normal seasonality creating a lack of sports events, including Wimbledon only taking place during the third quarter this year. Continued focus on a strong customer offering has resulted in revenue increasing 29 per cent to GBP 307.3 million compared to the same period last year."

"As revenue increases, we see the true scalability of our business model. Together with the actions taken at the start of the year to optimise our cost base proving to be effective, underlying EBITDA reached GBP 55.7 million, representing a margin of 18 per cent, or 20 per cent excluding North America. We reiterate our underlying EBITDA guidance for the full year 2023 of at least GBP 200 million."

"Performance was positively impacted by an increase in sports betting along with favourable sports results. In addition, the increased popularity of the Betbuilder product, changing market mix, lower bonus costs, and continued optimisation of trading, has improved the sports betting margin, which reached 11.3 per cent for the quarter."

"The diversity of our market portfolio provides stability across the Group with particularly strong performance in several markets including the UK, Denmark, the Netherlands and Romania. While the challenges experienced in Belgium and Norway during the first quarter remain, signs of improvement are seen in Belgium. Excluding Belgium and Norway, we saw strong Gross winnings revenue growth for the Group of 41 per cent, and with the Netherlands also excluded Gross winnings revenue increased 7 per cent."

"We are currently amid a great customer acquisition opportunity with the Women's World Cup taking place in Australia and New Zealand. Following the huge success of the Women's Euros last summer, we see how Women's football is growing in importance and influence. With the major leagues kicking off in August and September, we can look forward to improved activity towards the latter part of the quarter."

Trading update up to and including 23 July 2023

The average daily Gross winnings revenue for the Group, up to and including 23 July 2023, was GBP 2.93 million, 1 per cent lower (1 per cent higher in constant currency) than the daily average for the full third quarter of 2022.

Sports betting Gross winning revenue has been positively impacted by a stronger sports betting margin of 11.6 per cent after free bets for the above period, compared to 9.9 per cent for the full third quarter of 2022.

Kindred Group's presentation of the interim report

Kindred Group's Interim CEO Nils Andén and Interim CFO Patrick Kortman will host a web presentation in English at 10.00 (CEST) which is webcasted live on https://www.kindredgroup.com/Q22023. 

To access the telephone conference in connection with the presentation, please register at https://conference.financialhearings.com/teleconference/?id=5009378. 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 25-07-202307:30 CET.

For more information:
Patrick Kortman, Interim CFO, +46 723 877 438
Linda Lyth, Investor Relations Manager, +46 767 681 337
[email protected]

The following files are available for download:

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