Kindred Highlights Achievements in 2023 Annual and Sustainability Report

Leading online gambling operator Kindred Group plc (Kindred) recently unveiled its 2023 Annual and Sustainability Report. The report details the company’s performance throughout the 2023 fiscal year, showcasing both impressive financial results and progress towards its strategic objectives. 

Most notably, Kindred achieved a 13% year-over-year increase in revenue, reaching GBP 1,210.5 million. This growth was accompanied by a substantial rise in underlying EBITDA (earnings before interest, taxes, depreciation, and amortization) of 58%, reaching GBP 204.5 million.  

Kindred solidified its commitment to responsible gambling by generating 82% of its gross winnings revenue from locally regulated markets, up from 79% in 2022.

Healthy Financial Performance

In the fiscal year 2023, Kindred Group demonstrated exceptional financial growth, with a 13% year-over-year increase in revenue. This impressive performance is a direct reflection of the company’s strategic initiatives, which have proven highly effective in driving business growth and expanding market share despite exiting the US in Q4.

One of the standout highlights of the report is Kindred’s dedication to promoting a sustainable business model that prioritizes customer safety and societal contribution. More specifically, 82% of the company’s revenue is derived from locally regulated gambling markets, underscoring its commitment to operating within the boundaries of regulatory frameworks and ensuring compliance with the highest industry standards.

In a statement accompanying the report, Kindred’s CEO, Nils Andén, reflected on the company’s ambitious goal set at the beginning of 2023: to achieve an underlying EBITDA of at least GBP 200 million ($256.1 million) by the end of the year. 

Remarkably, the company not only met this bold target but also exceeded expectations, prompting the Board to establish a new, even more ambitious goal of delivering an underlying EBITDA of GBP 250 million by the end of 2024.

Delivering Value Across Stakeholder Groups

Kindred Group’s 2023 Annual and Sustainability Report highlights the company’s commitment to delivering value across various stakeholder groups, underscoring its holistic approach to business operations.

At the core of Kindred’s ethos lies a steadfast dedication to providing customers with a safe and responsible gambling environment. Through meticulous monitoring of player behavior and proactive measures to promote responsible gaming, Kindred ensures that its customers can enjoy the thrill and excitement of its products while maintaining control. This customer-centric approach is reflected in the impressive 83% customer satisfaction score achieved by the company.

Kindred’s 38,479 shareholders benefit from the company’s strong financial performance, as evidenced by the increase in share value and the substantial cash distribution of GBP 108.1 million in 2023. This return on investment serves as a testament to Kindred’s commitment to creating long-term value for its shareholders.

Employees are also part of the company’s big picture. Kindred recognizes that its employees are the driving force behind its success. It fosters a strong, values-based culture and provides a high-performing, hybrid working environment.

The company offers its workforce attractive training and development opportunities, as well as competitive benefits. This approach is reflected in the impressive employee Net Promoter Score (eNPS) of 19, indicating a highly engaged and satisfied workforce.

Kindred’s impact extends beyond its core business operations, as the company actively contributes to the well-being of local communities. Through partnerships with sports organizations, support for community projects, investments in responsible gambling activities, and the provision of job opportunities, Kindred demonstrates its commitment to being a responsible corporate citizen. 

In 2023 alone, the company generated GBP 405 million in corporate, payroll, and betting taxes, as well as sponsorships, further underscoring its societal contribution.

As a stable and reliable associate, Kindred provides a solid foundation for the earnings, employment, and technological developments of its 2,198 suppliers and partners. This mutually beneficial relationship not only supports the growth of third-party companies but also fosters innovation and progress within the industry ecosystem.

Strategic Partnership with La Française des Jeux

La Française des Jeux (FDJ), France’s premier sports betting and lottery operator, officially launched a public tender offer for Kindred last month. This comes months after a European court ruled in favor of Norwegian Gambling Authority and Kindred must exit Norway, leaving Norsk Tipping as a monopoly in the market.

While the completion of the tender offer is subject to various regulatory approvals, FDJ anticipates acquiring a minimum of 90% stake in the leading betting and gaming company, paving the way for a strategic partnership that could reshape the industry landscape.

Throughout the report, Kindred’s commitment to responsible gaming practices is a recurring theme, underscoring the company’s belief that sustainable growth and profitability must be achieved hand-in-hand with ethical and responsible business practices. Kindred’s innovative responsible gaming tools and initiatives have garnered widespread recognition, solidifying its position as a leader in player protection.

Looking to the Future: Sustainability, Governance and Transparency

Kindred’s sustainability efforts are also highlighted in the report, showcasing the company’s proactive measures to reduce its environmental footprint, promote diversity and inclusion, and contribute to the well-being of local communities. From energy-efficient operations to comprehensive waste management strategies, Kindred has demonstrated its commitment to being a responsible corporate citizen and contributing to a more sustainable future for the industry.

The report also provides a comprehensive overview of Kindred’s corporate governance structure, risk management practices, and compliance measures, fostering transparency and accountability at every level of the organization. This unwavering commitment to good governance and ethical practices has been instrumental in building trust among stakeholders and solidifying the company’s reputation as a responsible and trustworthy operator.

Wrapping Up

Kindred Group’s 2023 Annual and Sustainability Report stands as a testament to the company’s unwavering pursuit of excellence, responsibility, and sustainability. By seamlessly integrating ethical practices with financial success, Kindred has set a benchmark for the industry, inspiring others to follow suit.

 As the company continues to navigate the ever-evolving gaming landscape, its dedication to responsible gaming, sustainable practices, and industry leadership remains steadfast, positioning it as a driving force for positive change and a beacon of responsible growth within the online gambling sector.

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