Kindred Group reported strong financial results in the third quarter of 2024, coinciding with its ongoing merger with French national lottery operator La Française des Jeux (FDJ). The company’s entire report will be released on October 25.
Kindred shows solid growth in Q3 2024 as part of the FDJ merger.
Kindred Group has revealed its unaudited total revenue for the third quarter, ahead of the complete report on October 25. FDJ purchased Kindred by buying all outstanding shares, resulting in one of Europe’s largest gaming companies.
Kindred reported overall sales of GBP 294.5 million ($382.5 million) for the third quarter, indicating strong success in both its B2B and B2C activities. The company stated that this quarter saw ongoing good growth owing to its diverse market position.
Gross wins revenue for Q3 were GBP 283.1 million ($367.7 million). Notably, 83% of these total gains came from regionally regulated marketplaces.
These unaudited statistics have been shared with FDJ, which intends to issue its own third-quarter and year-to-date financial results after the market closes on October 17. FDJ’s report will feature consolidated data for Kindred’s performance during the quarter.
Results are in line with forecasts
FDJ calculated Kindred’s revenue based on the operational scope that will be kept following the transaction. This scope, announced on January 22, 2024, includes departing areas such as Norway and other.com sites unless a clear road to getting local licenses is developed.
Kindred decided that its expected income and percentage from locally controlled markets are in line with earlier projections. The firm remains on track to reach its full-year EBITDA projection, indicating financial stability during the merger process.
FDJ’s purchase was subject to a lengthy regulatory procedure, with initial worries regarding potential effects on market competitiveness. Regulators authorized the transaction on the condition that Kindred’s gaming operations and FDJ’s lottery activities stay separate.
Changes to Kindred’s Board of Directors
Following the acquisition, Kindred made substantial changes to its board. Members leaving include James H. Gemmel, Cédric Boireau, Andrew McCue, Jonas Jansson, and Kenneth Shea. Pascal Chaffard, Edeline Minaire, and Célia Vérot have been appointed as new members.
Meanwhile, the FDJ is unfazed about potential tax increases in France. Although reports claimed that the 2025 Social Security Financing Bill might contain adjustments to gaming taxation, they were not adopted, allaying industry concerns.
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