Kindred CEO Nils Andén has confirmed the group’s exit from North America will conclude towards the end of Q2 this year.
Andén said the plan to cut over 300 jobs in the process, which was announced in November, is “progressing as intended.”
“Our growth plan that we launched during the fourth quarter last year, focusing on Europe and Australia, continues at pace with dedicated strategic growth projects across locally regulated markets,” he added, as Kindred revealed Q1 revenue of £307.7m.
The figure was up slightly from Q1 2023’s £306.4m, with gross winnings revenue (B2C) also rising slightly from £297.3m to £297.6m in Q1 this year.
Underlying EBITDA rose by 20 per cent to £59.3m, up from £49.4m a year ago, while profit after tax was £31.4m, climbing from £25.6m.
Kindred’s number of active customers followed suit with an increase of three per cent to 1.7m.
Andén added that the revenue was matched by the “encouraging performance” of its B2B arm Relax Gaming.
“During the quarter, we launched the Kindred Sportsbook Platform (KSP) in a test market, and we are very pleased with the progress to date,” he said.
“KSP remains one of our most important strategic projects and will give us the flexibility and differentiation needed to improve growth in locally regulated markets.
“Our share of gross winnings revenue from locally regulated markets came in at a new all-time high of 84 per cent, indicating our continued focus to sustainable revenue and our commitment to a positive contribution to societies.
“Following a solid start to the year we now have our eyes firmly set on a much sought after summer of sports with the UEFA Euros, the Copa America and the Paris Olympics.”
