Kindred Group has reported a positive H1 2018, with the World Cup helping achieve strong growth across its products and services.
In a trading update, the Stockholm-listed igaming company stated that gross winnings revenue for the second quarter was up 31 per cent to £219m (£166.6m), with the first half of 2018 bringing in £426.8m (319.8m).
Underlying EBITDA for the Q2 2018 was £41.7m (£33.4m) and £89.2m (£63.7m) for the first half of 2018.
Profit after tax for the second quarter of 2018 amounted to £25.5m (£20.4m) and £55.4m (£36.7m) for the first half of 2018. The number of active customers reached an all-time high during Q2 2018, at 1,550,508 (1,171,166).
Henrik Tjärnström, Kindred Group’s CEO, said: "The World Cup provided a significant all-time high in customer activity and continued strong organic growth, and unexpected results led to a sportsbook margin of 8.2 per cent after free bets.”
“Gross winnings revenue increased 24 per cent organically and in constant currencies which means that we are continuing to gain market share. Gross winnings revenue from mobile grew by 29 per cent compared to the second quarter last year and amounted to 72 per cent of our total gross winnings revenue. Of the Group’s gross winnings revenue, 43 per cent came from locally regulated markets.
“Our underlying EBITDA grew by 25 per cent compared to the same period last year (+27 per cent organic and in constant currencies).
“In the period up to July 22, 2018, average daily gross winnings revenue in GBP was 29 per cent higher compared to the same period in 2017. Adjusting for the impact of exchange rate changes, the growth was 30 per cent.”
