Patrick Kortman has been with Kindred since September 2018, serving as the head of corporate development and investor relations. He is also the chairman of Finnish logistics business Hakonen Solutions. Before joining Kindred, Kortman worked as a senior investment manager at private equity business Ratos and spent 10 years at financial services group Nordea.
Usha Ganesan has been appointed as interim chief finance operations officer, while Neil Banbury has been named interim chief commercial and marketing officer. Both appointments aim to ensure momentum and consistency within Kindred during this transition period.
The strategic review that Kindred launched in April, which may result in a potential merger, sale, or partial sale of the business, is still ongoing. The focus of the review is to deliver and maximize value for Kindred’s shareholders. However, there is no set timetable for completion, and the outcome is uncertain.
In the first quarter of the 2023 financial year, Kindred experienced growth in revenue and net profit. Revenue reached £306.4m, a 24.2% increase compared to the previous year. Pre-tax profit for the quarter was £30.4m, a 300.0% rise year-on-year. The net profit amounted to £25.6m after income tax.
Kindred faced challenges in 2022, missing its targets for the fourth quarter. This led to a decline of 15.2% in full-year revenue to £1.07bn and a 59.2% drop in net profit to £120.1m. As a result, the then-CEO Henrik Tjärnström planned cost-cutting measures to improve the efficiency of the business.
