Kindred Group released results for the second quarter of 2024, as well as results for the first half of the year.
Second quarter of 2024
In the second quarter, total revenue increased 7% year-on-year to 327.6 million pounds ($422.8 million), and total bonus revenue (B2C) increased 6% to 317.2 million pounds.
With the Euro 2024 taking place during the quarter, this played a role in increasing group revenue.
In fact, Kindred said it was the highest tournament revenue to date, up 16% compared to the World Cup in late 2022.
Even its B2B business, Relax Gaming, saw revenue grow steadily by 16%.
Overall, Kindred's revenue grew across all of its product divisions, while total revenue in locally regulated markets is said to have reached an all-time high for the group.
Profit after tax was £44.5 million, while underlying EBITDA increased 32% in the period to £73.6 million.
In the strong quarter, its active customer base grew 12% year-on-year to 1,749,611.
First half of 2024
Looking at the overall picture for the first half of 2024, total revenue increased by 4% to 635.3 million pounds, and total bonus income (B2C) increased by 3% to 614.8 million pounds.
Underlying EBITDA increased significantly again by 26% to £132.9 million, while first half profit after tax was £759 million.
Comment
Kindred CEO Nils Andén had some thoughts on the results: “Building on our strong start to 2024, I am pleased to present a very positive set of second quarter results for Kindred.
We continue to demonstrate our resilience and strategic execution, as reflected in strong performance across our market portfolio. The vast majority of our top markets achieved year-over-year growth, which is very encouraging.
Q2 saw strong sports betting activity throughout the quarter, with Euro 2024 boosting customer engagement towards the end of the quarter. The good results, coupled with a record share of Bet Builder activity, resulted in an all-time high sports betting margin of 12.1%. "
Last week, Kindred also announced the continued joint publication of responsible gambling (RG) indicators for the Swedish market, together with Swedish operators ATG and Svenska Spel.
