Kindred Group hails “historic” Q4 as 2016 revenues climb 54%
Operator’s debut financial report since rebrand reveals double-digit growth across all core verticals and markets
Kindred Group has reported a 54% year-on-year rise in 2016 gross winnings revenue, another all-time revenue high for the operator despite “tough comparables” against 2015.
The operator recorded revenues of £544.1m for the year ended 31 December 2016, up from £354.1m last year, following double-digit growth across all the Group’s core verticals and markets.
Western Europe was the operator’s fastest-growing markets in 2016, up 60% year-on-year to £246.5m, while the Nordics and Central, Eastern and Southern Europe increased 50% and 59% respectively.
Poker was once again the standout performer on a vertical basis, with the Relax Gaming-powered business increasing its revenues 64% to £12.5m. Casino & Games remained the biggest segment with revenues of £269.4m, up 57% year-on-year, while sports betting revenues also increased 52% to £245.5m.
The growth in revenues also helped Kindred increase full-year underlying EBITDA 53% year-on-year to £123.7m, despite a significant increase in betting duties (£67.7m) and marketing costs (£114.7m).
Total active customers at 1.2 million at the end of a quarter which saw revenues increase 37% year-on-year to £152.8m.
Kindred Group CEO, Henrik Tjärnström, said today marked an “historic day” for the operator after reporting strong results in its first financial report since rebranding from Unibet Group last year.
“[EBITDA] represents an all-time high and continues to prove the scalability of our business model and our ability to face and absorb the impact of regulatory changes,” Tjärnström said.
Kindred Group’s share price was up 7.43% to SEK 83.90 on the Stockholm Stock Exchange at the time of writing.