Kindred Group shares spike 12% after record revenue, earnings

Stockholm-listed online gambling operator Kindred Group saw its share price rise double-digits on Friday after reporting “a record quarter for revenue and profit.”

On Friday, the parent company of Unibet reported revenue hitting a record £193.6m in the three months ending September 30, 36% higher than the same period last year, while earnings rose 38% to £46.8m (also a record) and pre-tax profit spiked 41% to £35m.

The revenue surge was spurred by this spring’s addition of the UK-facing 32Red online casino brand, which contributed revenue of £18.6m and earnings of £3.7m to the Q3 totals. Kindred controls around a dozen different gambling brands, although the Stan James Online brand was recently put on death row.

Kindred CEO Henrik Tjärnström noted that the revenue gains came despite the absence of a major football tournament, and praised “solid cost control” for boosting the company’s bottom line. Tjärnström also celebrated the fact that Kindred’s mobile strategy had boosted mobile revenue by 51% year-on-year, bringing mobile’s share of Q3 revenue to 71%.