Kindred Group
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Kindred Group (KIND) investor relations material

Kindred Group has been acquired by

Kindred Group Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary25 Oct, 2024

Executive summary

  • Total revenue for Q3 2024 rose 4% year-over-year to GBP 294.5 million, with underlying EBITDA up 49% to GBP 63.4 million and active customers increasing 9% to 1,701,100.

  • The acquisition by La Française des Jeux (FDJ) was approved by over 91% of shareholders, with FDJ's stake expected to reach 98.6% post-settlement.

  • Kindred will exit .com markets lacking clear regulatory paths, impacting its ability to fully achieve the GBP 250 million underlying EBITDA target for 2024.

Financial highlights

  • Q3 2024 gross winnings revenue (B2C) increased 3% to GBP 283.1 million; underlying EBITDA margin reached 22%.

  • Profit before tax for Q3 was GBP 12.5 million, down from GBP 15.1 million, due to GBP 30.9 million in strategic review costs related to the FDJ transaction.

  • Profit after tax was GBP 9.6 million, with a loss from discontinued operations of GBP 0.4 million.

  • Free cash flow for Q3 was negative at GBP -4.2 million, compared to GBP 24.5 million in Q3 2023.

  • For Jan–Sep 2024, total revenue grew 4% to GBP 929.8 million, underlying EBITDA rose 33% to GBP 196.3 million, and profit after tax reached GBP 85.5 million.

Outlook and guidance

  • On track to approach the GBP 250 million underlying EBITDA target for 2024, but market exits post-FDJ acquisition will negatively affect the ability to fully reach this goal.

  • Continued focus on cost control, automation, and product innovation, including the launch of a proprietary sportsbook in a major market.

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Frequently asked questions

Kindred Group plc provides various betting services worldwide. The company offers online sportsbook, poker, casino games, and bingo under the brand names of 32Red, bingo.com, Casinohuone, Kolikkopelit, Maria Casino, Storspelare, Unibet, and Vlad Cazino. It primarily operates in Europe, Australia and New Zealand; and North America. Kindred Group plc is based in Malta.