Kindred Group reports 54% year-on-year Q4 2020 revenue increase

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Kindred Group reports 54% year-on-year Q4 2020 revenue increase

Kindred Group has reported Q4 2020 gross winnings revenue of £364.7m ($503.9m), representing a 54% year-on-year increase.

Underlying EBITDA meanwhile was £118m, up from the £30.7m reported in Q4 2019. Free cash flow amounted to £111.2m, with profits after tax amounting to £84.9m. Kindred highlighted an all-time high in the number of active customers, which for Q4 2020 was 1,781,617, having stood at 1,603,903 the year prior, representing an 11% increase.

“I am pleased that we can finally put 2020, a difficult year for most people, businesses and countries, behind us,” said Kindred Group CEO Henrik Tjärnström. “It has certainly been a year we will all remember.”

Significant events for Kindred in Q4 2020 included the application for a sports betting licence in Virginia, as well as the agreement to acquire 100% of the shares in Blankenberge Casino-Kursaal NV, which operates Casino Blankenberge in Belgium, from The Rank Group Plc at a valuation of £25m on a cash free and debt free basis.

Tjärnström also noted the operator’s future ambitions, saying: “Entering new markets, or preparing for local regulation in existing markets, involves patience and focus. It normally takes 18 to 36 months for a market to reach pre-regulation profitability, following initial margin pressure due to betting duties, compliance costs and marketing investments. 

“I do not expect it to be any different for the Dutch market and, as it prepares for local regulation in 2021, we will use our previous experience to our advantage. After a slightly challenging start in Sweden, we are now two years in and, as envisaged, we are getting close to pre re-regulation levels of financial contribution.

“Finally, I would like to thank the Kindred team for their outstanding work during a very difficult year and I know that all of us look forward to giving our customers a safe and exciting experience during 2021, building up to the Euros and the Olympics in Tokyo.”

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