Kindred Group is set to report Q3 group revenue of £294.5m next week as the business released a preliminary update ahead of La Française des Jeux’s (FDJ) acquiring the operator.
FDJ’s €2.5bn move for the Unibet parent company was completed at the start of October, and the French giant is due to release its Q3 earnings today, 17 October, post-market close.
In turn, the Stockholm-listed firm released a brief update confirming FDJ’s earnings report which will include Kindred’s contributions for the first time.
As a prelude to FDJ’s report, and Kindred’s own Q3 earnings being released on 25 October, the 32Red operator provided a small update to market on its operational performance.
Revenue for the three months to 30 September of £294.5m will represent a year-on-year (YoY) uptick of 1.6% against Q3 2023’s £289.9m.
B2C revenue for the quarter is expected to land at £283.1m, a 3% YoY increase, up from £274.7m in the same period last year.
Kindred said that of the £283.1m B2C revenue figure, around 83% had been derived from locally regulated markets.
However, Kindred noted that FDJ’s report will estimate Kindred’s revenue contribution based on the scope of the business that will be retained.
As per FDJ’s initial tender offer for Kindred, it would require the operator to exit markets where it is not locally regulated, with a planned exit from Norway already in the pipeline.
Given around 83% of Kindred’s B2C revenue comes from locally regulated markets, that could mean up to £48m could be left on the table by the operator’s new owner.
A Kindred statement read: “Kindred’s estimated revenue and share of locally regulated revenue for the third quarter 2024 are in line with expectations and the group remains on track towards its communicated full-year EBITDA guidance.
“Kindred will report final figures for the third quarter 2024 in its interim report on 25 October 2024.”
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