Kindred Announces Q1 2024 Results Revealing Jump in Profits

Kindred Group PLC has released its latest quarterly report revealing group revenues of £307.7 million (€357.8 million/$382.4 million) for the first quarter ending on March 31st 2024.

Key Highlights Q1 2024

• Total revenue – £307.7 million (€357.8 million/$382.4 million), up by 0.42%
• Gross winnings revenue (B2C)  – £297.6 million (€346.07 million/$369.9 million), up by 0.1%
• Underlying EBITDA – £59.3 million (€68.9 million/$73.7 million), up by 20%
• Profit before tax – £39.8 million (€46.2 million/$49.4 million), up by 30.9%
• Profit after tax – £31.4 million (€36.5 million/$39 million), up by 22.6%
• Earnings per share – £0.15 (€0.18/$0.17 )
• Free cash flow – £23.7 million (€27.5 million/$29.4 million)
• Number of active customers – 1,667,564, up by 2.7%

Nils Andén, Kindred CEO commented:

“We have had a solid start to 2024 with the underlying business operations performing well and operational initiatives moving forward according to plan. The headcount reduction plans announced at the end of last year are progressing as intended and the North America exit is set to conclude towards the end of the second quarter this year. Our growth plan that we launched during the fourth quarter last year, focusing on Europe and Australia, continues at pace with dedicated strategic growth projects across locally regulated markets.”

Andén also noted that the acceptance period for La Française des Jeux’s offer has started:

“At the start of the quarter, Kindred received a public cash offer of SEK 130 per SDR from La Française des Jeux, which the Board has unanimously recommended shareholders to accept. The offer has now been presented to shareholders, who have until 19 November to accept.

Following a solid start to the year we now have our eyes firmly set on a much sought after summer of sports with the UEFA Euros, the Copa America, and the Paris Olympics.”

The report confirmed that the closure of the company’s North American operations remains on track and is expected to be completed by the end of the second quarter of 2024.