Kindred’s share price drops

The Kindred group has announced revenue of £450.6m for H1 of 2019, a figure that represents a 6% year-on-year increase.

However, despite this income rise, EBITDA dropped 32% to £61.1.m, as profit before tax faced a significant decline, down 48%, 

As an explanation for this decline, Kindred pointed to a tough comparative period, pointing to their Swedish deregulation issue and the 2018 Fifa World Cup.

When markets opened following the publication of the figures, the operator’s share price fell 20% to SEK 66.50. 

This figure represents the lowest point of the operators’ share price in the last six months.

For the second quarter, Kindred reported a gross revenue of £226.2million, a rise of 3% year-on-year.

EBITDA dropped 27% to £30.5m in Q2, while profit before tax totalled £14.7m, down 49%.

Kindred also saw its number of active customers fall 5% during Q2 to 1,478,437.

Henrik Tjärnström, Kindred Group CEO, said: “Of the group’s gross revenue, 59% came from locally licensed markets which represented 41% growth compared to the same quarter last year (a growth of 19% excluding Sweden).

“This focus on growth in locally licensed markets is very much part of our strategy and, as expected, has resulted in margin pressure from higher betting duties.”