Kindred Group reports record annual financial results
Casino uden dansk licens Kindred Group posted unaudited financial results for 2021 showing a 78.7% year-over-year increase in after-tax profit to £295.3 million ($400.7 million).
The Stockholm-listed company said in an official press release that the twelve-month period was its "strongest year to date, despite temporary headwinds," and its total annual revenue rose 11.4 percent to about 1.25 billion pounds ($1.69 billion). The company also reported a 15 percent increase in comparable earnings before interest, taxes, depreciation and amortization to 332.1 million pounds ($450.5 million), which led to a 75.2 percent increase in pretax earnings to 338.4 million pounds ($459 million).
Kindred Group, founded in 1997, is responsible for numerous mobile gambling domains, including 32Red.com, Bingo.com and MariaCasino.com. Earlier, the company reported that its third-quarter net income rose 15.4 percent from a year earlier to just over 60.6 million pounds ($83.2 million). The company explained that this was due to a 6.3% increase in like-for-like income to £298.4 million ($409.8 million), resulting in a 12.8% increase in earnings before interest, taxes, depreciation and amortization to £84.2 million ($155.6 million).
Now, however, Kindred Group said its net income for the subsequent fourth quarter fell 11.6% year over year to £75 million ($101.7 million) as total revenue fell 34% to £244.9 million ($332.5 million). The operator behind online casinos OttoKasino.com, VladCasino.ro and CasinoHuone.com also said this was due to a 77% drop in earnings before interest, taxes, depreciation and amortization in the last three months of 2021 to £27.6 million ($37.4 million), as pretax profit fell 20.1% to £78.8 million ($106.9 million).
Henrik Tjarnstrom (pictured) is CEO of Kindred Group, and he used a press release to proclaim the annual financial results, even though his gambling venture's free cash flow was down 13.6% from a year ago to about £231.1 million ($313.8 million). The boss said his company spent about £66.5 million ($90.3 million) in the twelve-month period to buy just over 5.9 million of its own shares and "returned excess cash to shareholders in accordance with the company's distribution policy."
Read Tjarnström's statement...
"As we close out 2021, we can look back on a strong year, despite a somewhat challenging fourth quarter. The exceptionally strong performance in 2020 led to a tough comparative performance in the quarter, but despite the low sports betting margins at the beginning of the quarter and the fact that we stopped serving Dutch residents, we had solid fourth quarter revenue of £244.9 million and underlying earnings before interest, tax, depreciation and amortization of £27.6 million, a margin of 11%."
