Kindred Group's Financial Report Reveals Stable Q3 Revenue

In the third quarter of 2023, Kindred Group reported a stable revenue of GBP 283.9 million (approximately $360 million), marking a 2% increase. The gross winnings revenue from the business-to-customer division saw a modest 1% rise to GBP 274.7 million ($348 million). Simultaneously, the underlying EBITDA experienced a notable 6% growth, reaching GBP 42.6 million ($54 million).

The company disclosed that the profit before tax and profit after tax amounted to GBP 15.1 million ($19.1 million) and 12.6 million ($16 million), respectively. Earnings per share in Q3 reached GBP 0.06 ($0.076), and there was a 7% increase in active customers, now totaling 1,563,762.

The year-to-date revenue for 2023 stands at GBP 897.6 million ($1.137 billion), marking an 18% increase. Gross winnings from the B2C segment increased by 16% to GBP 870.3 million ($1.1 billion), while underlying EBITDA surged by 64% to GBP 147.7 million ($187.2 million).

Kindred expressed confidence in achieving an underlying EBITDA of GBP 250 million ($317 million) for FY 2024. Despite regulatory challenges, Nils Andén, Kindred’s interim CEO, announced two major initiatives - the company's exit from the North American market and a strategic reduction in headcount and operational costs.