Kindred’s preliminary Q4 2023 results showed total revenue growth of two per cent year-on-year to £312.9m.
The trading update was released amid the news that Kindred is set to be acquired by French operator group FDJ for £2.1bn.
Kindred said it saw “strong performance in several key markets” and that Relax Gaming “continues to show encouraging growth and proof of its scalable business model.”
The increased revenue was “particularly driven” by growth in the Netherlands, the UK and Romania, as well as in the casino segment.
“Regulatory measures in Belgium and Norway continued to impact adversely on overall growth,” the group added.
Casino and games gross gaming revenue increased by five per cent year-on-year, with sports betting GGR reaching £114.9m with a sports betting margin after free bets of 9.9 per cent.
This was despite a “challenging start to the quarter” amid “historically low sports betting margin in October.”
Underlying EBITDA for Q4 amounted to £56.8m, up 45 per cent from the £39.1m posted in Q4 2022.
The underlying EBITDA margin increased from five per cent to eight per cent.
“This was predominantly driven by the increase in revenue, which is a testament to the group’s scalability, as well as significant focus on cost optimisation,” Kindred said.
“Furthermore, there was a notable increase in contribution from Relax Gaming which showed an adjusted total revenue growth of 33 per cent and an underlying EBITDA contribution of £7.4m.”
