Kindred reveals full-year growth after record Q4

Kindred Group has reported growth across a number of key financials in 2017 after a record revenue performance in the fourth quarter.

Full-year gross winnings revenue amounted to £751.4m (€844.3m/$1.04bn), up from £544.1m in the previous year.

Kindred also said that underlying earnings before interest, tax, depreciation and amortisation (EBITDA) climbed from £123.7m in 2016 to £185m in the last year.

Elsewhere, profit before tax improved from £92.8m to £132m, while profit after tax was also up from £83.9m to £117.4m.

Full-year growth was driven by a record final three months of the year, during which gross winnings revenue hit an all-time high of £238m, up from £152.8m in the previous year.

Underlying EBITA for Q4 amounted to £74.5m, while profit before tax increased from £30.1m to £55.9m and profit after tax from £29.4m to £50.8m.

Henrik Tjärnström, chief executive of Kindred Group, said: “Strong growth across our major markets and an exceptional sportsbook margin approximately 50% above the long-term average, have resulted in record revenue and profitability for Kindred Group in the fourth quarter of 2017.

“Our investments in marketing and product development have also resulted in an all-time high in EBITDA and number of active customers.

“Gross winnings revenue grew by 56 per cent as reported and by 42 per cent organic and in constant currencies, compared to the same period last year.”

Tjärnström added: “In the period up to February 11, 2018, average daily gross winnings revenue in GBP was 35% higher compared to the same period in 2017.

“Adjusting for the acquisition of 32Red and the impact of exchange rate changes, the growth was 23%.”

Related article: Kindred Group posts record revenue in Q3