Kindred Group Announced Its NA Exit During Q3 Report

Last updated on December 2nd, 2023 at 04:42 pm

Kindred Group announced its NA exit to focus on its core markets. Also, its third-quarter earnings report showed stable revenue with positive year-over-year results. Its revenue for the quarter reached $360 million, an increase of two percent.

According to pay per head sources, the company got a one percent rise, bringing in $348 million in gross wins from the business-to-customer segment. At the same time, underlying EBITDA jumped 6% to GBP 54 million.

Profit before taxes for Kindred was $19.1 million, while profit after taxes came to $16 million. The company’s active consumers increased by 7% to 1,563,762, and earnings per share reached $0.076 in Q3.

By the quarter’s conclusion, the company’s cash flow had decreased by $31 million. With $1.137 billion in the bank this year, sales are up 18%. Underlying EBITDA jumped 64% to $187.2 million, while gross profits from the B2C business jumped 16% to $1.1 billion.

Kindred Group Announced its NA Exit

According to bookie pay per head reviews and news sites, the year-to-date profits were $99.6 million before taxes and $83.5 million after taxes. Shares of stock were sold for $0.38. For the reporting period, free cash flow was $71.6 million. Regarding FY 2024, Kindred anticipates an underlying EBITDA of $317 million. The business is confident it will reach its 2023 EBITDA goal of $253.5 million.

In his remarks on the results, Kindred’s interim CEO, Nils Andén, noted the ongoing expansion of Kindred’s UK and Dutch casino businesses. Regardless, certain regulatory hurdles caused the corporation to lose ground.

The company’s overall performance was subpar, but its sports betting division was a major disappointment. Despite this, it is still the best sports betting software in the Netherlands. Kindred is still on track to achieve its EBITDA objective, according to Andén, barring any more setbacks caused by lackluster performance in the betting market.

While it searches for a third party to help increase shareholder value, Kindred keeps on its strategic review. The managed departure from the North American market, a decrease in workforce and operating expenses, and an enhanced focus on core markets were two significant operational measures announced by CEO Andén.

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