Kindred, Group

Kindred Group Malta

13.01.2023 - 04:10:34

Kindred Group plc - Unaudited trading update for the fourth quarter 2022 including non-recurring indicative guidance for 2023

The World Cup 2022 disrupted the sporting calendar and resulted in approximately 25 per cent fewer top football league fixtures compared to the fourth quarter last year and contrary to expectations, turnover from the World Cup was not enough to offset the impact of reduced fixtures elsewhere. This combined with a lower than long-term average sports betting margin and a few isolated events during the quarter had a negative impact on the Group's quarterly performance, resulting in total revenue of approximately GBP 305 millionContinued increased sustainability focus in some key markets, notably Belgium, affected revenue negatively. In Norway Kindred has made several changes to its offering, which has also impacted revenueLower revenue than expected combined with a historically low gross profit margin and considerable marketing investments had a negative impact on the profitability for the fourth quarter with underlying EBITDA estimated to reach approximately GBP 39 million. Underlying EBITDA excluding North America reached approximately GBP 54 million As a result of the weaker than anticipated performance, immediate actions will be taken to improve profitability in the short- and medium-termKindred has decided to communicate a non-recurring indicative guidance for the fiscal year 2023. Kindred estimates Underlying EBITDA for the full-year to reach at least GBP 200 million assuming long-term average sportsbetting marginView original content: