Nordic online gambling operator Kindred Group saw its profits plunge in the first quarter of 2020 as regulatory penalties, restructuring costs and writedowns took their toll.

Figures released Friday by the Stockholm-listed Kindred show the company generated revenue of just under £250m in the three months ending March 31, 11.2% higher than the same period last year. But earnings rose a more modest 6.2% to £32.5m and after-tax profits tumbled to just £1m from £15.1m in Q1 2019.

The profit column suffered a nearly £21m hit from a variety of factors, including allocating funds for the company’s staff cull, a record fine in Sweden’s (over)regulated market and “accelerated amortization of acquired intangible assets.” Investors weren’t bothered, pushing Kindred’s stock price up nearly 11% by the close of Friday’s trading.

Despite the pandemic-forced elimination of most sports events by March – which may be why betting stakes fell nearly 15% year-on-year – Kindred’s sports betting revenue was up 15% to £122.5m. Credit the gains to a gaudy 16.6% margin on pre-game wagers, while the overall margin after free bets was up 2.8 points to 10.7%.