Kambi Group’s board of directors has decided to cancel its previously proposed financial targets for 2027 due to poor regulatory performance in some of the company’s key markets around the world.
While the markets with slow financial progress leading to the decision remain unnamed, the group said revenue delays in unspecified markets can be attributed to poor regulatory progress.
Kambi initially highlighted in January 2023 that its 2027 financial target was to achieve revenue of between two and three times higher than its fiscal 2022 results, at 300 million to 500 million euros ($323.9 million to $539.9 million). Additionally, the group highlighted its adjusted EBIT target of more than €150 million.
Following the appointment of Werner Becher as new CEO in July, the board decided to reassess these long-term financial targets together with the new boss - because circumstances had changed. However, the group also said that the priority was to help Becher integrate into his new role as the company goes through this transition period.
As the second quarter of 2024 comes to an end, Kambi is hoping to post some positive financial results after its first-quarter revenue fell slightly by 1.8% year-on-year to €43.2 million.
It's been a busy period for the company, which most recently helped bring LiveScore's sportsbook to the UK and Ireland market at the end of May. Not long ago, the group formed a similar partnership to launch Svenska Spel’s new sportsbook. These developments, coupled with the extension of the partnership with Mohegan, Pennsylvania, underscore Kambi’s global expansion and brand development strategy as it enters the second half of the year.
