Kindred closes 2020 trading with ‘strongest quarter ever’

Kindred Group Plc has has recorded its ‘strongest quarter ever’ after publishing a trading update on its Q4 2020 activities.

Ahead of disclosing its full-year trading results on 10 February 2020, Kindred stated that it has recorded an ‘all-time high’ in group revenues, predicting figures of approximately £365 million – a 55% increase on the corresponding period in 2019. 

The betting group believes that it will deliver its Q4 results ‘significantly ahead’ of its prior market consensus, as it anticipates an underlying Q4 2020 EBITDA of approximately £115 million – up 360% on 2019’s £30.7 million.

Peak corporate performance was achieved by the company after it maintained a ‘record active customer numbers’ across its online gambling portfolio with a total of 1.78 million players. Furthermore, the company benefited from strong Q4 sports betting margin of 10%, trading above its long term average of 8.5%.    

But despite increasing its marketing spend during the second half of 2020, Kindred said that it had placed ‘substantial operational leverage and continued focus on cost efficiencies’.

During the trading period, Kindred revealed that ‘the significant increase in revenue and improved marketing efficiencies’ had meant that marketing spend equated to approximately 21% of gross winnings revenue.

Rounding off its trading update, Kindred explained that despite a drop in marketing spend throughout the global pandemic, the operator’s ‘share of voice has increased throughout 2020’.

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