Kindred Group Reports 22.7% Rise in First Quarter Net Income

Kindred Group, the Swedish online gambling powerhouse, has disclosed a substantial 22.7% increase in net profit for the first quarter of 2024, totaling $39 million in revenue. The notable surge in profits, the company attributed, was a result of meticulous cost-cutting measures and the effective execution of its strategic plan.

Last year, Kindred Group unveiled its strategic decision to entirely withdraw from the North American market by the conclusion of the second quarter of 2024. Additionally, as part of its strategic direction, the company initiated a reduction in its workforce, targeting 300 positions within its organizational structure. "Our growth strategy, initiated in the fourth quarter of last year, is squarely centered on Europe and Australia," the report emphasized.

Kindred's sales report for the first quarter of 2024 underscored revenue performance in line with the previous year, with notable improvements observed in the Western Europe segment.