Double digit earnings growth has been recorded by online gambling operator Kindred Group, following a strong casino performance.
The company, with businesses across Europe, the US and Australia, published its interim report for the period between January and September.
Gross revenues in the third quarter were up six per cent to £298.4m and underlying EBITDA was up 13 per cent to £84.2m. Profit after tax was £60.6m compared with £52.5m.
For the nine months revenue was up 33 per cent to £1.014bn from £765.5m. EBITDA grew by 76 per cent to £296.5m and after tax profit was £220.3m compared with £80.3m.
CEO Henrik Tjärnström said: “After a relentless sporting calendar and subsequent low sports seasonality, sports book activity slowed as options for other sources of entertainment improved. However it was pleasing to see continued strong casino activity generating an increase in casino gross winnings revenue of 16 per cent against the same period of last year.”
Kindred also announced its services will remain closed to Dutch residents until a licence is awarded to service the Dutch market under the Dutch Remote Gambling Act.
“As communicated at the very end of the quarter, we took the decision to cease services to Dutch residents," said Tjärnström. "Subject to KSA licence application approval, we look forward to being awarded our licence in Q2, 2022. The opening of the online gambling market in the Netherlands is a very positive step for all involved and we look forward to making a positive contribution to the Dutch society in achieving a sustainable gambling market.”
