Kindred Group anticipating 30% Q1 revenue crash as Dutch absence bites
Stockholm-listed firm also notes a potential 76.4% fall in EBITDA ahead of full Q1 2022 results later this month
Kindred Group has revealed it expects to post significant decreases in Q1 2022 revenue and EBITDA as its absence from the Netherlands continues to hamper operations.
The Stockholm-listed operator said it anticipates delivering approximately £247m in Q1 2022 revenue, down from the £352.6m posted in 2021.
This represents a 30% decrease, or 27% in constant currency, as the decision to leave the Netherlands before its regulation on 1 October 2021 continues to hamper the firm.
Kindred said that excluding the impact of the Netherlands in comparison from Q1 2021 to Q1 2022, revenue declined by 5%, or 1% in constant currency.
Additionally, Kindred is expecting to post an underlying EBITDA of £25m down 76.4% year-on-year from the £106m in Q1 2021.
Kindred said: “Kindred maintains its business momentum from the previous quarter with the total revenue for the first quarter of 2022 amounting to approximately £247m.
“Compared to the first quarter of 2021, activity has been impacted by the decision to temporarily cease activity in the Dutch market. Kindred’s active markets have performed well against the very tough comparative period highlighting the importance of a diversified market footprint.
On Friday 8 April, Kindred’s share price fell by as much as 14.5% following the announcement from SEK105.05 to SEK89.82.
At the time of writing the firm’s share price stood at SEK91.
Kindred’s full Q1 2022 report will be published on 28 April 2022.