The Kindred Group Plc has released its financial figures for the first quarter of 2019. The company has posted an 8 percent increase in the gross winnings revenues to GBP 224.4 million for the first quarter of 2019.
The company’s performance in the Swedish market has been as expected and the Gross winnings revenue from the Swedish market for the first quarter of 2019 amounted to SEK 207.4 million after deduction of bonuses of SEK 137.9 million.
In a statement to the press talking about the performance in the Swedish market the company said: “As anticipated for several years, the re-regulation of the Swedish market resulted in significant short term margin pressure, particularly in the first quarter. The single biggest impact came from all legacy and new Swedish customers being awarded one additional bonus under the terms of the new licensing system. The significant uptake on customer bonuses, especially in January and February, resulted in bonus expenditure increasing with GBP 6.6 million for the first quarter compared with the same period last year. Bonus costs stabilized later in the quarter and by March were lower than last year with full-year costs expected to be lower than for 2018.”
Earlier this month Kindred CEO, Henrik Tjärnström had called for a uniform EU market for casino and gambling industry. Speaking at a conference he had said that he wants all EU citizens to have access to same products and services as their neighbours.
The group’s underlying EBITDA for the first quarter of 2019 was GBP 30.6 million. While the profit before tax was GBP 17.7 million the profits after tax amounted to GBP 15.1 million for the first quarter.
The company has said that the number of active users on their platform for the first quarter was 1,631,636.
Also, there was significant growth in revenue from the mobile which grew by 17 percent year-on-year and made 70 percent of the total revenues. Also, 57 percent of the revenues came from locally regulated markets.