Kindred Group has reported total revenue (B2C and B2B) of £277.8m (£298.4m) in the third quarter of 2022.
Gross winnings revenue (B2C) decreased by nine per cent to £271.9m (£298.4m). Excluding the Netherlands, gross winnings revenue increased by eight per cent. Underlying EBITDA decreased by 52 per cent to £40.3m (£84.8m).
Profit before tax amounted to £60.3m (£71.8m), impacted positively by the reassessment of the fair value of the Relax Gaming contingent consideration of £39.6m. Profit after tax amounted to £57.9m (£60.6m).
CEO Henrik Tjärnström commented: “At the start of the third quarter, we were finally able to welcome Dutch residents to our Unibet.nl site, following a nine-month period of not accepting bets from the Netherlands.
"Thanks to our strong brand awareness, unique product offerings and an excellent team, we are off to a flying start. Like the Netherlands, most of our markets are displaying solid performances.
"This has significantly improved our underlying EBITDA margin and free cash flow when compared to the second quarter of 2022, which is a good indicator of our scalable business model.”
