Kindred Group

Kindred Group has released its earnings report for 2021, reflecting its “strongest year to date, despite temporary headwinds.”

The Malta-based company recorded total revenues of £1.26 billion (€1.5 billion) during the year, up from £1.13 billion (€1.34 billion) the year before.

However, despite the strong year, revenues for the final quarter were somewhat underwhelming, hitting £244.9 million (€291 million), down from £364.7 million (€433.3 million) during the same quarter a year before.

This decrease was led by an almost precipitous drop in gross winnings revenue, of 34 per cent, hitting £240.5 million (€285.8 million).

In terms of annual profit after tax, the quarter saw a decline after tax from £84.9 million (€100.9 million) during Q4 2020 to £75 million (€89.1 million).

Also notably, the company recorded a significantly lower number of active customers, which fell to 1,461,009, from 1,781,617.

These declines did not cancel out the strong quarters recorded earlier in 2021, however, and annual gross winnings revenue increase by 11 per cent to £1.26 billion while profit after tax increased substantially, reaching £295 million (€350.5 million), up from £165.2 million (€196.3 million).

Henrik Tjärnström Kindred CEO
Henrik Tjärnström

Kindred CEO Henrik Tjärnström commented one the results, acknowledging the challenging fourth quarter.

“Exceptionally strong numbers in 2020 led to tough comparatives for the quarter but despite the low sports betting margin at the beginning of the quarter, and the fact that we ceased services to Dutch residents, our fourth quarter delivered solid revenues.”

Regarding the Dutch market, he added: “Our Dutch licence application was submitted at the end of November as our “cooling-off” period ended, and the licensing process is advancing according to plan.”

Kindred acquired Relax Gaming at the start of October, and Mr Tjärnström explained that the company is working towards achieving the potential identified annual synergies of £6.9 million (€8.2 million), while leveraging the acquisition’s “unique content” to differentiate its B2C product suite.

Providing an update on the markets Kindred is active in, the CEO stated that with the North American business “in its infancy,” the company’s more mature markets in Europe and Australia performed well during the final quarter.

“This indicates the strength in our core market performance.”

Considering the results, Kindred’s board of directors has proposed a dividend of £0.3369 per share.

Continue Reading

Kindred reports encouraging decline in high-risk gambling revenue

11 February 2025
by Lyndsey Grima

This marks a positive step towards the company’s goal of eliminating harmful gambling revenue

KanonGaming sells four casino brands to PAF

6 February 2025
by Martina Bartolo Parnis

'I wanted to hand them over to someone who has the dedication to take them to newer heights'

‘My primary objective is continuity’ – Malta Gaming Authority CEO Charles Mizzi

30 January 2025
by Ramona Depares

Exactly one year into his new role, Charles Mizzi shares his vision and strategic direction for the prominent iGaming regulator

Fostering R.E.S.P.E.C.T for the iGaming sector in Malta

29 January 2025
by Rebecca Anastasi

GamingMalta CEO Ivan Filletti states that the agency will keep asserting Malta’s strengths and successes in the iGaming sector

See more