Gross winnings revenue up 38% for enlarged Kindred Group

Gross winnings revenue up 38% for enlarged Kindred Group

Friday, February 16, 2018 Posted by Luke Massey
No alternative text provided
CEO Henrik Tjärnström said the Group delivered on Year 1 of its vision

Stockholm-listed online gambling firm Kindred Group Plc is looking forward to 2018 trading, having closed an ‘exceptional 2017’.

Closing full-year 2017 trading, Kindred reported combined group gross winnings revenue of £751 million (FY2016: £544 million), recording top-line growth across all key metrics.

Trading against tougher shareholder expectations, an enlarged Kindred group delivered full-year 2017 corporate earnings of £132 million (FY2016: £92 million).

During 2017, Kindred also successfully acquired Gibraltar-based online gambling operator 32Red (£172 million deal concluded June 2017) to significantly expand its UK presence.

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

Speaking to investors, Tjärnström added that Kindred had ‘delivered on Year 1 of Kindred’s vision’, while stating that the enlarged online gambling group would continue to focus on accelerating growth in Western European and the CIS to relieve pressure on its home Nordic markets.

Totally Gaming says: Kindred has a lot to look forward to with 2018 being a World Cup year. The Swedish enterprise has been one of the most successful industry operators at expanding in new markets and through its proven M&A strategy.

Latest
Deal

Paddy Power Betfair takes majority stake in Adjarabet

Portugal

888 secures igaming licence in Portugal

Sweden

Swedish regulator issues final warning to licensed operators

Finance

IG highlights client ‘quality’ as ESMA measures hit

Gaming Products & Services Directory

The essential directory for the gaming industry