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  1. #1
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    Default Kindred announces provisions for 7.1 million UK fine

    Kindred announced today that it has set aside 7.1 milion in provisions against a pending U.K. regulatory settlement.

    From today's Earnings + More newsletter:

    The news of the provision in the accounts comes as the company said it has embarked upon immediate action to improve profitability after its mid-January profit warning. Total regulatory sanctions provisions of 8m also include 900k of fines from the Swedish regulator related to AML failures.

    Profitability was helped, however, by a reassessment of the fair value of Relax Gaming of 38.4m. Revenues there rose 64% YoY to 11.3m.

    Provision against market closures in the US cost 1.9m.

    As pre-announced, revenues came in below expectations at 305.5m, while pre-tax profit fell 34% to 51.9m.

    The company reiterated that underlying EBITDA for 2023 would come in at 200m.

    In current trading, it said average daily gross win revenues were up 36%.

    In terms of cost-cutting plans, CEO Henrik Tjrnstrm said were looking across the P&L very closely.
    Read more here: https://earningsandmore.substack.com...or-71m-uk-fine

    Click here for Kindred's 2022 CY report: https://www.kindredgroup.com/media/p...022-unaudited/

  2. #2
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    Default

    A small note to add: the provision comes from stolen commission from partners.

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    Kindred are nothing but damn thieves!!

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