Kindred, a prominent gambling company, has experienced significant developments in the final quarter of 2022. Notably, the company achieved impressive revenue growth and recorded a substantial increase in active customers. Moreover, Kindred underwent leadership transitions, appointing new executives to pivotal roles.
Revenue Growth:
Kindred’s unaudited trading update reveals robust financial performance in Q4 2022. The company generated total group revenue of nearly £305 million ($372.6 million), exhibiting a strong year-on-year increase. Compared to the same period in the previous year, total revenue climbed by 24%. However, when excluding the Netherlands, this growth rate stood at 3%. Despite the exclusion, Kindred’s financial performance remains commendable, indicating its ability to thrive in a competitive market.
Customer Base Expansion:
Kindred experienced a remarkable increase in active customers during Q4 2022, reaching 1.83 million. This figure represents the company’s second-highest recorded number and reflects a substantial growth of 25% compared to the same quarter in the previous year. The expansion of Kindred’s customer base was supported by strategic marketing initiatives, particularly during and before the World Cup. However, it is worth noting that the quarter witnessed fewer significant football league matches, leading to an interesting trend where the popularity of the World Cup was somewhat hindered by its winter scheduling.
Leadership Transitions:
Kindred underwent significant changes in its leadership team during this period. Randle-Williams, who joined the company as a director in 2019, assumed the role of Chief Human Resource Officer, succeeding Gavin Hayward, who served in this position for eight years before departing in December. Meanwhile, Thörnlund, who joined Kindred in 2013 as a tech leader, took on the role of Chief Technology Officer, replacing Marcus Smedman. These leadership transitions bring fresh perspectives and expertise to Kindred, ensuring the company’s continued growth and innovation.
Temporary Reprieve in Norway:
In another development, Kindred received temporary relief from a daily fine imposed by Norway’s gambling regulator, Lotteritilsynet. The regulator decided to “pause” the NOK 1.2 million ($112,414) fine, offering Kindred a respite. This decision allows Kindred to reassess its operations in compliance with Norwegian regulations, while also indicating a potential opportunity for continued engagement in the Norwegian market.
Kindred’s performance in Q4 2022 demonstrates its resilience and success in the highly competitive gambling industry. The company achieved substantial revenue growth and expanded its active customer base, driven by strategic marketing efforts. The leadership transitions bring fresh talent and expertise to crucial roles within Kindred, ensuring its continued success. Moreover, the temporary reprieve from the fine in Norway provides an opportunity for Kindred to navigate the regulatory landscape effectively. With a strong foundation and dynamic leadership, Kindred is poised to thrive in the evolving gambling market.