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.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
