The Kindred Q3 report has finally been published however the Group will not be all that happy with what they have been seeing in Sweden. The company saw their revenue drop 2% year-on-year to £226m, while revenue for the year-to-date went up 3% to £676.6m. Let’s take a look.
If you take a look at the latest online gambling news, you’ll be able to find many more results for different quarters from gambling firms and suppliers alike. Feel free to head on over there now to see for yourself.
Kindred Q3 Results Struggle in Sweden
Kindred Group saw their EBITDA decrease 33% to £37.2m and drop 32% year-to-date to £98.3m.
Another sad factor for Kindred was to see their profit before tax only make £21.4m, a fall of 49% and generated profit after tax of £18.1m, a 51% decrease.
The operator said a difficult Swedish market, along with a lower-than-usual sportsbook margin in September and the removal of the iDeal payment solution in the Netherlands, resulted in lower revenue.
Despite this, Kindred plans for future growth in its other markets, launching sportsbook products in both New Jersey and Pennsylvania during Q3.
Henrik Tjärnström, Kindred CEO, commented on the Q3 results for the Group:
“Similar to what we saw in the first half of 2019, re-regulation in Sweden resulted in difficult market conditions in the third quarter.
“The current terms and conditions make it challenging to attract customers into the system and can lead to worsening channelisation.
“Outside of Sweden and the Netherlands, we continued to see strong growth in several other markets, including the UK and France.”
The next question which the gambling firm need to address is whether or not they will be able to improve on this poor showing in the last quarter of the year. With 2020 coming up, it will be vital for the gambling firm to prove their worth.