Stockholm-listed sports betting operator Kindred Group Plc has announced in its year end report that its annual sales from gross winnings in 2016 increased by 54% to £544.1m, pushed by mobile gaming.
Closing its full-year 2016, the enlarged operator posted profit before tax stood at £92.8m for the full year of 2016 compared to £66.2m for the previous year and EBITDA for 2016 was £120.7m, up from £77m in 2015.
Despite betting duties increasing by 67% for the fourth quarter of 2016 and some unfavourable sporting results, EBITDA grew by 48% to £38.9m.
Kindred Group’s Chief Executive, Henrik Tjärnström comments: “Of the Group’s gross winning revenue 35% was from locally regulated markets. Gross winnings revenue from the mobile channel grew by 74% and accounted for 71% of total gross winnings revenue in the fourth quarter.
“The strong performance of the Group resulted in free cash flow of 57% in the fourth quarter. In the period up to 12 February 2017, average daily gross winnings revenue in GBP was up 36% higher compared to the same period in 2016. Adjusting for the impact of exchange rate changes, the growth was 21%.”
Kindred governance expects to declare full-year 2016 profits of approx £84m and the performance breakdown will be made available on 13 March 2017.
Looking to the future, the company has set a goal to make at least one acquisition a year to continue its focus on expanding the brand.
Republicated from www.gamblinginsider.com