The following is a summary of the Kindred Group Plc (KNDGF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kindred recorded Q1 2024 revenues of £308 million, up by 3% in constant currency.

• Underlying EBITDA increased by 20%, reaching nearly £60 million, primarily due to cost reduction initiatives.

• Revenue in locally regulated markets reached £250 million, recording 8% growth in constant currency.

• Net cash at the end of the quarter stood at £48.3 million, with a free cash flow of £23.7 million, a decrease primarily driven by changes in net working capital.

• The decrease in operating expenditure to £60.6 million compared to last year's £67 million even with one-off costs in Q1 indicates efficient cost management.

Business Progress:

• Significant progress was reported across locally regulated markets, particularly the Netherlands, the U.K, and Romania, with revenues reaching a historical high.

• Strategic growth projects are progressing as planned while the North American exit will conclude by the end of Q2 2024.

• The launch of Otto Casino in Sweden has covered a gap in the product portfolio.

• Active customers increased by 3%, showcasing a strong market positioning.

• Growth within sports betting and iGaming categories in the Netherlands, and investments in Kindred Sports platform indicate robust business progress.

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