Kindred reports over 100% increase in EBITDA in Q1 2023
Kindred Group has recently published its financial analysis covering the first quarter of 2023, which has highlighted a strong period of growth for the firm.
Starting off the report with the main statistics, the company made a total of just over 306 million Pounds in revenue in the period. This was up by just under 60 million Pounds compared to the same period last year when the firm made 246 million Pounds, which is an increase of about 24%.
Revenue from business-to-customer winnings was up by a similar amount at 23%, going from 242 million Pounds in the year prior to 297 million Pounds. However, the vast majority of the approximate 57 million Pound increase came from the group’s operations in the Netherlands, as the segment saw a slight decrease of 1% with the country excluded.
Kindred’s strong revenue statistics led to a similar performance in terms of EBITDA, which grew by 102% in the period, going from 24.5 million Pounds to 49.4 million Pounds.
This led to an even greater increase in the group’s profits, as its before-tax and after-tax figures were recorded at 30 million and 25 million Pounds respectively. Compared to the statistics of last year at 7.6 million and 6.4 million Pounds, the new ones represent increases of 300%. This impacted the firm’s earnings per share as well, which grew by 4 times to 0.12 Pounds.
Lastly, the operator also saw a sizable increase in its active player base, which grew in size by 18% to just over 1.6 million users.