Q2 2024 Kindred Group PLC Earnings Call Transcript
Key Points
- Kindred Group PLC (STU:UNBA) reported a 7% increase in group revenues for Q2 2024.
- The company achieved an all-time high in locally regulated gross winnings revenue at GBP267.1 million, a 12% growth excluding North America.
- Underlying EBITDA grew by 32% year-over-year, reaching GBP73.6 million with a margin of 22%.
- Free cash flow increased significantly, coming in at just over GBP41 million.
- Active customers increased by 12%, driven by strong sports betting activity during the Euros.
- Gross winnings revenue from casino and games decreased by 2%, despite a 1% increase excluding North America.
- The company experienced a 9% decline in gross winnings revenue in the CES region.
- The North American operations closure led to a significant revenue decline, with Q2 gross winnings revenue at GBP2.2 million.
- ARPU decreased by 6% compared to Q2 2023, attributed to the influx of leisure punters during major tournaments.
- The company faced headwinds from currency fluctuations, resulting in a GBP5.7 million negative impact on revenues and a GBP1.4 million negative impact on underlying EBITDA.
Good morning, and welcome to Kindred's interim report for the second quarter of 2024. My name is Nils Andén. I'm the CEO of Kindred. I also have our CFO, Patrick Kortman with me today to run through the results for the second quarter. The outline today, is as previously seen some highlights from the quarter, a business overview, then I will hand over to Patrick for the financials and then come back for a summary. And after that, we will have the normal Q&A session.
If we start by looking at the highlights of the second quarter, we are very pleased to see a continuation of the strong development and the continued execution of our strategy. We saw a strong sportsbook performance that drove growth across most the vast majority of our core markets with group revenues up 7%. I'm also very pleased that we saw particularly strong development in our focus markets, which are the locally regulated markets with gross winnings revenue increasing by 12% if we exclude North America compared to the same quarter last year.
We saw strong
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