Kindred Q3 Continues Strong Momentum

Kindred Group Plc has announced, releasing a market update, that ‘continued strong momentum’ achieved during Q3 trading has resulted in the company reaching ‘all-time highs’ in active customers and gross profit.

Kindred anticipates that group Q3 2020 gross win sales will be delivered at around £ 280 million, up 24 percent from £ 226 million in Q3 2019, recording a ‘solid trading quarter’.

The Stockholm-listed group reported that its record sales growth has been achieved as it operates with lower marketing expenses and prudent management of its group cost base as the company returns to full capacity after the global lockdown of COVID-19.

To help accelerate its recovery, Kindred clarified that, as a result of the delay in completing the 2019/2020 football seasons and the short break before the start of the 2020/2021 campaigns, its sportsbook division has benefited from a ‘continuous stream of events.’

The trading cycle has seen Kindred brands hit a 19 percent growth to 1.65 million in active customers.

Kindred has expected a higher market consensus as a result of the strong performance of Q3, with the firm anticipating the underlying EBITDA of the period to be posted at £73-75 million, reflecting a 96 percent improvement on the performance of 2019. On Friday 6 November, Kindred will report its full Q3 trading performance.