Kindred hails 32Red acquisition as revenues climb 17%
Q3 revenues hit £194m with more than 1.2 million active customers
Kindred has hailed the positive impact of 32Red on its balance sheet after posting a 17%cc rise in Q3 revenues to £193.6m.
The contribution from 32Red amounted £18.6m, with underlying EBITDA of 3.7m.
“This acquisition also brings new expertise into our teams and additional locally regulated revenue and opportunities for future revenue and cost synergies” Kindred CEO Henrik Tjärnström said.
Group underlying EBITDA reached an all-time high at £46.8m for the third quarter, up 38% compared to the same period last year.
“Our focus on mobile strategy has enabled us to remain at the forefront of industry developments,” added Tjärnström.
“In the third quarter, gross winnings revenue from mobile grew by 51% compared to the third quarter last year and amounted to 71% of our total Gross winnings revenue.”
“In the period up to 22 October 2017, with approximately 50% higher than normal sports book margins, average daily gross winnings revenue in GBP was 68% higher compared to the same period in 2016. Adjusting for the acquisition of 32Red and the impact of exchange rate changes, the growth was 57%,” said Tjärnström.
The firm reported 1.2m active customers during the quarter, up by almost 200,000.