Kindred Group reports 41% increase in Q1 revenue

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Kindred Group reports 41% increase in Q1 revenue

From January to March, operator Kindred Group gained gross winnings revenue of £352.6m ($489.2m), a 41% increase from last year’s Q1 revenue of £249.7m.

Underlying EBITDA and EBITDA also increased year-on-year, reaching £98m and £97.6m respectively.

Profit had the most significant increase for the company: in 2021 the profit before tax was £85.3m and after tax it was £72.6m. To compare, the year before these figures only reached £2.4m and £1m.

The growth in figures came as business operations progressed smoothly in comparison to 2020, with online gaming soaring during the pandemic, this year Kindred reached a record high of 1.8 million active customers.

The quarter also marked the period when Kindred announced a partnership with the Quechan Tribe, to secure access to markets in California and Arizona.

CEO of Kindred Group, Henrik Tjarnstrom, said: “The positive momentum from 2020 has continued into 2021 across our markets and product segments. It’s particularly encouraging as we look forward to an exciting year of sport ahead.

“Our focus on sustainable growth in locally regulated markets is proving effective, with Kindred gaining market share in many markets, including the UK despite it being a mature and highly competitive market.

“In the US, our long-term investments are continuing to pay off, with gross winnings revenue increasing 185% compared to the same period last year.”