Kambi reconsiders strategy: Why abandoning financial targets for 2027
Date: 2024-07-05 Author: Robert Beloved Categories: SPORTS BETTING
Kambi Group, a leading player in the global betting services market, has decided to abandon its previously stated financial goals for 2027. The move was prompted by poor regulatory performance in key global markets, resulting in slow financial progress in uncertain market conditions.
Reasons for revising financial goals
Cambie's board of directors has decided to withdraw its 2027 financial targets in light of missed progress in some markets. While specific markets were not specified, the company notes that delays in achieving revenue may be due to poor levels of regulation.
Kambi initially announced targets for 2027 in January 2023, suggesting significant revenue growth of two to three times 2022 levels, which would be between €300 million and €500 million. In addition, an adjusted EBIT target of over €150 was highlighted million
Reaction to changing circumstances
With the appointment of new CEO Werner Becher, the decision to review long-term financial goals became inevitable. The Company recognizes the importance of helping Becher successfully integrate into his new role, especially during the transition and onboarding period.
Future prospects
Kambi expects to publish positive financial results by the end of the second quarter of 2024, following a slight decline in first-quarter revenue of 1.8% to €43.2 million compared to the previous year.
This has been a busy period for the company, but recent strategic initiatives such as the launch of LiveScore sportsbook in the UK and Ireland markets, as well as partnerships with Svenska Spel and Mohegan in Pennsylvania, have demonstrated Cambi's strategic direction to expand globally and strengthen the brand.
The move away from financial targets for 2027 was an important step for Kambi in a volatile market and changing regulatory requirements. The company continues to strive for sustainable growth and success by maintaining innovation and flexibility in strategic decisions.
