Kindred upgrades consensus ahead of Q3 results

Issuing a market update, Kindred Group Plc has disclosed that ‘continued strong momentum’ recorded during Q3 trading has resulted in the company achieving ‘all-time highs’ in active customers and gross win revenues.

Recording a ‘strong trading quarter’, Kindred anticipates that group Q3 2020 gross win revenues will be delivered at circa £280 million, up 24% on Q3 2019’s £226 million.

The Stockholm-listed group stated that it has achieved its record revenue growth as it operates with lower marketing investments and cautious management of its group cost base as its business returns to full capacity following the COVID-19 global lockdown.

Helping accelerate its recovery, Kindred detailed that its sportsbook division has benefited from a ‘continuous stream of events’ as a result of the delay in completing 2019/2020 football seasons and the short break before the start of 2020/2021 campaigns.

The trading period has seen Kindred brands achieve a 19% increase in active customers to 1.65 million.

As a result of Q3’s positive results, Kindred has anticipated a higher market consensus, with the company expecting the period’s underlying EBITDA to be recorded at £73-75 million range – representing a 96% increase on 2019 results. Kindred will publish its full Q3 trading results on Friday 6 November.