Kindred reports 29% growth in revenue for Q2 2023, though background troubles remain

Updated:2024-03-31 08:36    Views:148

Kindred’s revenue increased 29% annually, up from £238.7m for Q2 2022. However, taking away the earnings it made from the Netherlands market, the company recorded a 1% increase.

Kindred highlighted the importance of the Netherlands market in its report, stating that the ‘total revenues for the Netherlands reached £63.6m.’

Looking at Kindred’s Q2 revenue from 2020 until 2023, it recorded a total of £235.1m before rising by 55% to £363.7m in Q2 2021. However, that figure fell back significantly in Q2 2022, finishing at £238.7m – down 38%.

At the time, Kindred stated that its revenue was hit by ‘the loss of Dutch revenues’ – something it has regained in 2023.

Kindred’s EBITDA has also risen year-on-year, now totalling £51.4m against £21.6m for Q2 2022. The graph below shows Kindred’s EBITDA since 2020, which highlights Kindred’s uneven four Q2s in the past four years.

Furthermore, the company’s profit after tax for Q2 2023 totalled £27.7m – up from £5.8m in Q2 2022. Over the past four quarters, Kindred’s profit after tax has fluctuated – with the graph below detailing the changes during the past 12 months.

Shares in the past six months for Kindred have been topsy-turvy, on Jan 25 each share was priced at SEK 102.00 ($9.80) – which unevenly rose to SEK 130.85 on 24 May,Online Casino Games for Real Money following a significant spike over the 25 & 26 April where the price rose from SEK 109.35 to SEK 126.80.

The reason for this is down to the Kindred Board announcing that it was exploring a sale of the company. However, since then, amid reports of some Board members being opposed to a sale, shares have dropped to a price (at the time of writing) of SEK 124.00.

For the year so far, Kindred’s revenue stands at £613.7m – 24% up on the same period last year. Its EBITDA is also up, with H1 EBITDA totalling £98.7m against £43.6m.

Furthermore, Kindred’s revenue from harmful gambling was reported as 3.1%, a rate that it has largely stayed at in the last couple of years – this is despite the company publicly stating that it wants to get the figure down to 0% in the long-term.

For a company that is in the middle of a sale process and has recently changed its CEO of 13 years, with Henrik Tjärnstrom unexpectedly resigning with immediate effect in May, Kindred’s figures are somewhat promising – then again, insiders may know something others do not (in fact, they almost definitely do).


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