International online casino and sportsbook operator Kindred Group has released its unaudited interim financial results for the first six months of 2017 showing a 28.4% increase year-on-year in gross winning revenues to $418.7 million.
Stockholm-listed Kindred Group is licensed by authorities in the United Kingdom, Malta, France, Belgium, Gibraltar, Denmark, Germany, Italy, Australia, Ireland, Romania and Estonia and stated that this all-time high had been helped by a 31.5% boost in second-quarter takings to $218.1 million.
Kindred Group runs the Unibet, StanJames and MariaCasino brands and further revealed that its underlying half-year earnings before interest, tax, depreciation and amortization rose by over 26% year-on-year to $83.4 million due to an almost 52% swell in income for the three months to the end of June to $43.7 million.
Malta-based Kindred Group is also responsible for the 32Red domain after completing a deal in June to acquire the online casino brand for approximately $229.1 million. It explained that its latest buy had subsequently contributed gross winning revenues of $6.1 million alongside underlying earnings before interest, tax, depreciation and amortization of $1.5 million.
In terms of customers, the operator declared that the second quarter had seen a nearly 3.4% advance year-on-year in the number of active punters with some 39,268 of these coming from 32Red.
All of this left Kindred Group with a six-month profit before tax of $53.8 million, which represented a rise of some 8.4% and included around $3.4 million in costs related to the purchase of 32Red, while the figure after tax improved by 9.5% to reach $48 million.
“Taking into consideration the lack of major tournaments this year, we are confident that we have continued to outpace market growth and have continued to take market share,” read a statement from Henrik Tjarnstrom, Chief Executive Officer for Kindred Group. “Our reported earnings before interest, tax, depreciation and amortization increased by 45% during the second quarter of 2017 [while], excluding items affecting comparability, underlying earnings before interest, tax, depreciation and amortization grew by 52% and 34% in constant currency. The underlying organic earnings before interest, tax, depreciation and amortization in constant currency were up 28%.”
