It’s that time of the year again where financial results are coming thick and fast and today is no exception.
On the latest episode of iGaming Daily, sponsored by SBC Summit Barcelona, guests will be taking a deep dive into Kindred’s second quarter results and looking at both its B2B and B2C operations across the globe.
Joining James Ross to discuss all things Kindred are Conor Porter, Senior Journalist at CasinoBeats and Danny Lee, Business Journalist at CasinoBeats and SlotBeats.
Porter kicked off the podcast giving the listeners an overview of kindreds headline figures from its Q2 report.
Porter Stated: “Interim CEO Nils Andén has been reflecting on the quarter itself and described it as extraordinary, with some good growth for them against a year’s comparison. 29% increase year over year in revenue, rising from 238.7 million the previous year, going up by 29% to 307.3 million thanks to continued focus on their strong customer offering. With May and April having a particularly good showing for the company itself. They’ve also mentioned that they are potentially the number one in the Netherlands, after re-entering the regulated market there.”
Following on from the discussion lee gave listeners an insight into Kindred’s Western European performance.
Mentioned Lee: “Western Europe has made up the significant part of kindred’s gross winning’s revenue, with 60% of its total figure coming from Western Europe I believe. They’ve said that it remains Kindred’s dominant force with Revenue up 51% from last year’s 119.5 million to 180.1 million for this Q2, occupying 60% of that total GWR. There was also a bit of a negative impact in Belgium I think due to some safer gambling measures being introduced in the market. They also attributed some good stuff to its performance in the UK as well.”
Porter added to the discussion, giving listeners and insight into kindreds operations in the Nordic Region.
Added Porter: “The Nordic figures for kindred were at 24% of overall revenue. However, it decreased compared to the previous year by four percent closing in Q2 at 71.5 million. Whereas in the previous year in 2022 it was 74.2 million. They cited ongoing challenges in Norway as a reason as to why that has declined, compared to the previous year. The company did have some strong growth in Denmark. However, due to the ongoing challenges that they’re facing in Norway it could be something that may go on into the third quarter.”
Continuing the discussion, Lee commented on Kindred’s Central Eastern and Southern Europe performance.
Lee mentioned: “In Central Eastern and Southern Europe there were improvements, rising 26% to 33.1 million from last year’s figure of 26.2 million. I believe they actually attributed this strong growth to its performance in Romania and Italy. They are both two fairly key iGaming markets around the whole of Europe.”
