Kindred Group, the owner of Unibet, has revealed its decision to withdraw from the US market after releasing its Q3 financial results. The company aims to achieve annual cost savings of £40m ($50.8m) by the end of Q2 next year, primarily by reducing its workforce by 300 employees and consultants.
This strategic move will allow Kindred to concentrate on its core markets and drive growth in those areas. The Q3 results showcased a modest 2% increase in revenue, reaching £283.9m. Moreover, the year-to-date (YTD) total revenue stood at £897.6m, representing a remarkable 18% surge compared to the same period in the previous year.
The gross winnings revenue followed a similar upward trend, rising by 1% for the quarter and 16% for the YTD. Notably, the underlying EBITDA has experienced an impressive 64% surge so far this year. However, the growth in Q3 was relatively subdued, with only a 6% increase compared to the corresponding period last year.
In light of these results, Kindred Group has made the strategic decision to focus on its key markets and streamline its operations to maximize growth potential.
This strategic move will allow Kindred to concentrate on its core markets and drive growth in those areas. The Q3 results showcased a modest 2% increase in revenue, reaching £283.9m. Moreover, the year-to-date (YTD) total revenue stood at £897.6m, representing a remarkable 18% surge compared to the same period in the previous year.
The gross winnings revenue followed a similar upward trend, rising by 1% for the quarter and 16% for the YTD. Notably, the underlying EBITDA has experienced an impressive 64% surge so far this year. However, the growth in Q3 was relatively subdued, with only a 6% increase compared to the corresponding period last year.
In light of these results, Kindred Group has made the strategic decision to focus on its key markets and streamline its operations to maximize growth potential.
