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Kindred Group plc – Year end report January – December 2018 (Unaudited)

George Miller

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Kindred Group plc - Year end report January - December 2018
Kindred Group's CEO Henrik Tjärnström. / Photo Source: affarsvarlden.se
Reading Time: 3 minutes

 

Fourth quarter and full year highlights

  • Gross winnings revenue amounted to GBP 250.1 (238.0) million for the fourth quarter of 2018, and GBP 907.6 (751.4) million for the full year 2018.
  • Underlying EBITDA for the fourth quarter of 2018 was GBP 58.8 (74.5) million, and GBP 203.7 (185.0) million for the full year 2018.
  • Profit before tax for the fourth quarter of 2018 amounted to GBP 45.0 (55.9) million, and GBP 149.5 (132.0) million for the full year 2018.
  • Profit after tax for the fourth quarter of 2018 amounted to GBP 39.3 (50.8) million and GBP 131.6 (117.4) million for the full year 2018.
  • Earnings per share for the fourth quarter of 2018 were GBP 0.173 (0.223) and GBP 0.580 (0.516) for the full year 2018.
  • Number of active customers during the fourth quarter was 1,568,574 (1,329,124).
  • The Board of Directors propose a dividend of 0.496 (0.551) per share/SDR, which is approximately SEK 5.92 (6.48) per share/SDR and amounts to a proposed distribution to shareholders of GBP 112.5 (125.6) million which is 75 per cent of the Group’s free cash flow for 2018. The dividend will be paid out in two equal instalments in order to facilitate a more efficient cash management.
  • AGM to be held on Tuesday 14 May 2019 in Stockholm.

 

“Strong levels of activity and all-time high in active customers resulted in all-time high for Gross winnings revenue”

“In the fourth quarter of 2018 we have seen strong levels of activity, together with an all-time high in active customers. This has resulted in record Gross winnings revenue, proving that our long-term strategy, to maintain a sustainable business by increasing the number of active customers rather than the ARPU, is paying off. Despite the exceptional sportsbook margin in the fourth quarter of 2017 making the comparatives for this quarter very tough, we have still managed to grow the business by 5 per cent.”

“During the fourth quarter, Gross winnings revenue from mobile grew by 11 per cent compared to the fourth quarter last year and amounted to 74 per cent of our total Gross winnings revenue. Of the Group’s Gross winnings revenue, 45 per cent came from locally regulated markets. For the full year 2018, betting duties increased by 40 per cent with an EBITDA margin of 22 per cent which shows the Group’s ability to absorb betting duties through its focus on scalability and cost control.”

“On 1 January, we successfully went live under the new local license in Sweden with five of our brands and we have also continued to lay the foundation for the USA early this year with the agreement in Pennsylvania. Always planning ahead, the Group prepared for the opening of the Swedish market and enlarged the customer base through bonus offers and marketing investments already from the start of the World Cup last summer. During the first six weeks of 2019, we awarded our Swedish customers with one additional bonus under the terms of the new licensing system, which resulted in new depositing customers up by 166 per cent and active customers up by 97 per cent over the last 90 days. As expected, we can now see the bonus expenditure tail off.”

“For the period 1 January to 10 February 2019, the daily average Gross winnings revenue in GBP was 17 per cent higher (18 per cent in constant currency) than for the full first quarter last year.” says Henrik Tjärnström, CEO of Kindred Group.

Today, Wednesday 13 February 2019, Kindred Group’s CEO Henrik Tjärnström will host a presentation in English at FinancialHearings, Tändstickspalatset, Västra Trädgårdsgatan 15, in Stockholm at 9.00 CET.

The presentation is also webcast live on www.kindredgroup.com/Q42018. For those who would like to participate in the telephone conference in connection with the presentation, the telephone numbers are UK: +44 3333 009 269 or USA: +1 646 722 4956.

The Kindred Group companies hold local gambling licences in UK, France, Belgium, Denmark, Sweden, Germany (Schleswig-Holstein), Italy, Australia, Ireland, Romania and Estonia. The Kindred Group also holds international gambling licences in Malta and Gibraltar. The Kindred Group pays betting duties in all markets in accordance with applicable local laws.

The information in this report is such that Kindred Group plc is required to disclose under the EU Directive of Market Abuse Regulation.

 

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SkyCity Shuts Down Auckland Casino as New Zealand Re-enters Lockdown

Niji Narayan

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SkyCity Shuts Down Auckland Casino as New Zealand Re-enters Lockdown
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Casino operator SkyCity Entertainment Group has once again closed down its flagship integrated resort SkyCity Auckland, after the New Zealand government revealed four new cases of community transmitted COVID-19 on Tuesday.

The cases have come as a huge shock to the country, which only 24 hours earlier had celebrated 100 days without a single new locally transmitted case of the coronavirus. Auckland has immediately been placed back on Stage 3 restrictions for three days as a precautionary measure, with the rest of New Zealand on Stage 2. Under Stage 3 lockdown, bars and many businesses will be closed, gatherings restricted to 10 people and travel in and out of Auckland mostly prohibited.

SkyCity’s casinos in Hamilton and Queenstown will remain open with social distancing measures in place.

“SkyCity is fully complying with this latest update from the New Zealand government. SkyCity is well prepared to respond quickly to these changes and is in a strong financial position to withstand the financial impacts of these temporary restrictions,” Graeme Stephens, CEO of SkyCity Entertainment, said.

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FSB Appoints Glenn Elliott as its Chief Operating Officer

Niji Narayan

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FSB Appoints Glenn Elliott as its Chief Operating Officer
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FSB, one of the fastest growing online gaming technology companies, has appointed Glenn Elliott as its chief operating officer.

Elliott will be working closely with the management team to further develop FSB’s dynamic personnel to become an even better growth partner for its clients in regulated markets around the world.

The role includes responsibility for the account management team as well as full oversight of the company’s five operational service divisions: Sports, Platform, Marketing, Retail and SaaS Hosting.

Before joining FSB, Elliott was at OpenBet where he was a senior account director for tier one operators such as Ladbrokes, PMU, Paddy Power Betfair and Singapore Pools.

“I am delighted to welcome Glenn to the team. Having someone of Glenn’s calibre is hugely valuable for the business, especially at a time when we are expanding into new markets, adding additional products and signing new partners,” Dave McDowell, CEO of FSB, said.

“It is an honour to join the FSB team and to help drive the organisation forward through the next stage of its development. The business is in incredible shape and has a talented and highly motivated team dedicated to ensuring it achieves its full potential,” Elliott said.

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EGBA Demands pan-European Consumer Rights for iGaming

Niji Narayan

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EGBA Demands pan-European Consumer Rights for iGaming
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The European Gaming and Betting Association (EGBA) has demanded for the introduction of a specific single set of consumer rights for Europe’s iGaming sector.

The European Commission (EC) will publish its new consumer strategy later this year. The EGBA wants the EC to incorporate its demand into the new strategy. It is now consulting stakeholders for developing a single pan-European set of consumer rights.

EGBA has sent a letter to EC with the following excerpts:

In its submission to the EC, it says: “The lack of regulatory consistency jeopardises online players’ safety, as it exposes them to the unregulated and unsafe websites of the black market, which profits to the detriment of the European economy.

“EGBA advocates sector-specific EU regulation for consumer and minor protection.

“There are simple rules that can be proposed, to ensure that online players, minors and players who are at risk are equally protected.

“For example, self-excluded players could benefit from a European self-exclusion register, that would prohibit access to any regulated website of the EU.

“To bridge the gap stemming from inconsistent rules on protecting minors from gambling marketing, EGBA has recently published a European code of conduct to establish minimum requirements on responsible advertising.

“Greater regulatory cooperation between member states can also facilitate the dialogue to achieve harmonisation.

“To this end EGBA regrets the dissolvement of the European expert group for online gambling, as national gambling regulators are deprived from the opportunity to meet and exchange in the framework of a common platform.”

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