Kindred Group will take “immediate actions to improve profitability” following 2022 difficulties, which saw its business witness double-digit declines across all core trading metrics.
A ‘difficult year’ had been previously outlined by Kindred leadership, as revenue declined by 15%, despite a performance bounceback in the fourth quarter, although this too fell short of group ambitions.
In its trading update for 2022 and Q4 published this morning, the Stockholm-listed betting and gaming group detailed full year revenue of £1bn [$1.2bn] (2021: £1.2bn), whilst Q4 revenue rose by 20% to £305.5m (£244.9m).
Meanwhile, underlying EBITDA for all 12 months stood at £129.2m [$155.8m], a decline of 61% from £332.1m the year prior, and was recorded as £39.2m in Q4, a strong return to form of 42% from £240.5m.
