Kindred has confirmed that Q3 revenue rose four per cent as the online gaming operator prepares for its delisting from the Nasdaq Stockholm.
Revenue was up year-on-year from £283.9m to £294.5m, with gross winnings revenue (B2C) up three per cent from Q3 2023 to £283.1m.
Kindred CEO Nils Andén said the 49 per cent rise in the company’s underlying EBITDA to £63.4m “represents an underlying EBITDA margin of 22 per cent and demonstrates our scalable business model.”
“The stellar performance and dedication from everyone at Kindred has resulted in a year-to-date underlying EBITDA of £196.3m,” he added.
“I am very pleased that we would be well on track to achieve our stated underlying EBITDA target for the full year 2024 of £250m.”
Kindred’s profit after tax in Q3 was £9.6m, falling from £12.6m.
For the nine-month period from January to September, total revenue rose by four per cent to £929.8m and gross winnings revenue (B2C) was up three per cent to £897.9m.
Profit after tax for the nine months was impacted by “significant strategic review costs” of £34.4m in relation to the acquisition by La Française des Jeux (FDJ).
Following the £2.1bn deal, which completed earlier this month, Kindred has applied to delist its shares from the Nasdaq Stockholm.
“Kindred will announce the last day of trading as soon as Nasdaq Stockholm has confirmed the date to the company,” it said.
