‘Testament to our strong multi-product offering,’ Kindred CEO Henrik Tjärnström marks strong Q3

Kindred Group has released its interim financial report for the third quarter of 2021, showing a strong quarter where profit (before tax) and revenue increased significantly, by 18 per cent and six per cent respectively.

The performance was celebrated by Kindred’s CEO Henrik Tjärnström, who singled out the company’s casino vertical, where gross winnings revenue increased by 16 per cent compared to the same period a year prior, to hit £168.3 million (€199.47 million), which is a “testament [to Kindred’s] strong multi-product offering.”

Commenting on the overall performance of the group, he said: “I’m pleased to present a strong Q3 performance with a gross winnings revenue of £298.4 million (€353.67 million), an increase of six per cent compared to the same period last year.”

Kindred’s profit after tax amounted to £60.6 million (€71.82 million), up from £52.5 million (€62.22 million) year-on-year, whereas earnings before interest, tax, depreciation and amortisation grew by 13 per cent to hit £84.2 million (€99.8 million).

The number of active customers during the quarter under consideration also increased notably, from 1,650,153 a year earlier to 1,738,504.

On the corporate side, Kindred completed its acquisition of Relax Gaming on 1st October, which Mr Tjärnström described as “a great development,” which will eventually allow the company to “significantly differentiate both new and existing products.”

On a less positive note, the company also presented financial data for the first 24 days of October, where gross winnings revenues for the group were 61 per cent lower than the daily average for the same period last year.

Referring to this, it cited that revenues were negatively impacted by the closure of services to Dutch residents, and an “exceptionally weak” sports betting margin.

The margin after free bets was under two per cent during the period, compared to 13 per cent for the same period last year.

Depending on activity levels and the sports betting margin for the remainder of the quarter, Kindred estimates gross winnings revenue for the fourth quarter of 2021 to be in the range of £220 million (€260.75) to £260 million (€308.16 million).