Last month, Kindred announced plans to improve profitability and reduce losses in North America. The company will re-prioritize investment projects, optimize operating expenses, and review all areas of cost. Kindred’s CEO, Henrik Tjärnström, expressed confidence that these actions will enhance future performance.
In terms of financial results, revenue for Q4 fell short of expectations at £305.5m. The breakdown of revenue sources showed that 60% came from Western Europe, 26% from the Nordics, 10% from Central, Eastern, and Southern Europe (SEC), and 4% from other regions including North America. Casino and games accounted for 54% of total revenue, while sports betting contributed 41%. However, new regulations in Belgium, the UK, and Norway impacted revenue growth.
Despite the challenges faced in 2022, Kindred remains optimistic about the future. They aim to achieve underlying EBITDA of at least £200.0m in 2023. Throughout the year, core markets such as France, Sweden, the UK, and the Netherlands displayed solid activity, with the Netherlands surpassing expectations.
For the full year, revenue decreased by 15.2% to £1.07bn. B2C revenue dropped by 16.7% to £1.04bn, but B2B revenue increased significantly due to the acquisition of Relax Gaming. Kindred posted a pre-tax profit of £126.8m, down 62.6% from the previous year.
Despite the challenges faced in 2022, Kindred remains optimistic about the future. They aim to achieve underlying EBITDA of at least £200.0m in 2023. Throughout the year, core markets such as France, Sweden, the UK, and the Netherlands displayed solid activity, with the Netherlands surpassing expectations.
