Kindred Group plc’s Post

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This morning we published our Interim Report for the first quarter of the year. CEO Nils Andén and interim CFO Patrick Kortman presented a solid report where total revenue grew 3% in constant currency and the underlying EBITDA increased 20% year-on-year. 🔸 Q1 provided an encouraging increase in underlying EBITDA, coming in at GBP 59.3m – the strongest quarter since Q3 2021. Cost efficiency efforts put in place at the end of 2023 are starting to pay off and indicate the scalability of the business. The total revenue came in on GBP 307.7 million, an increase of 3% in constant currency and representing a new all-time high of 84% of GWR from locally regulated markets. 🔸 The Netherlands, UK and Romania show strong growth, where Kindred continues to outgrow the market. The exit from North America is continuing according to plan and we expect to be operationally out of the market by end of Q2. 🔸 Kindred Sportsbook Platform(KSP) remains firmly on track with the platform now live in a test market. KSP is a fundamental value driver and product offering differentiator. We are now accelerating our roll-out to small non-strategic markets during Q2. 🔸 We now have our eyes set on a busy summer of sports that kicks-off towards the end of the second quarter. Nils Andén, CEO at Kindred Group said: “We have had a solid start to 2024 with the underlying business operations performing well and operational initiatives moving forward according to plan. The headcount reduction plans announced at the end of last year are progressing as intended and the North America exit is set to conclude towards the end of the second quarter this year. 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”. Link to Press Release: https://lnkd.in/dP2_sxiR #Q1FinancialResults #KindredGroup #InterimReport

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