(AGENPARL) – mer 29 novembre 2023 7.30 AM CET / 29-Nov-2023 / Kindred Group (STO:KIND SDB)
As part of its strategic review, Kindred Group will exit the North American
market with the expectations to have fully exited operations in the market by
the end of Q2 2024, subject to the regulatory process. The Group also announces
decisive actions to drive growth on core markets and dedicated cost reduction
initiatives, which includes a reduction of over 300 employees and consultants
during 2024. In total, these initiatives are expected to result in annualised
gross cost savings of approximately GBP 40 million.
Kindred Group plc (Kindred) announces an interim update on the strategic review
initiated by the Board of Directors on 26 April 2023. As part of the strategic
review, Kindred will immediately start an exit process from the North American
market with the expectations to have fully exited operations by the end of Q2
2024, subject to the regulatory process. The re-allocation of financial and tech
resources towards existing core markets will improve ability to capitalise on
core market potential and gain market share.
The re-allocation of financial and tech resources enables Kindred to initiate
growth initiatives across its core market footprint. These initiatives include,
but are not limited to;
· Additional brand extensions of hyper local casino brands in selected markets
· Re-allocation of marketing investments and tech resources to selected
markets and strategic projects with convincing growth opportunities
· Continued product differentiation through exclusive content
Additionally, Kindred introduces further cost reduction initiatives. In addition
to non-headcount opex savings, Kindred has also addressed its organisational
structure with the intent to achieve a leaner and more efficient organisation
focused on selective growth initiatives. This will include a reduction of over
300 employees (including employees in North America) and consultants during
2024. The cost reduction initiatives are expected to result in annualised gross
cost savings (opex and capex) of approximately GBP 40 million.
“The cost reduction actions announced today are both necessary and decisive.
While it is never a desire to inform valued colleagues of redundancies, this
puts us in a stronger position to secure long-term growth for Kindred across our
locally regulated core markets. We can now focus our resources and tech capacity
towards strategic initiatives and selected markets where we see clear potential
to grow our market share”, says Nils Andén, Interim CEO of Kindred Group.
This disclosure contains information that Kindred Group is obliged to make
public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The
information was submitted for publication, through the agency of the contact
For additional information:
Alexander Westrell, Director of Communications
Linda Lyth, Investor Relations Manager
About Kindred Group
Kindred Group is one of the world’s leading online gambling operators with
business across Europe, North America and Australia, offering over 30 million
customers across 9 brands a great form of entertainment in a safe, fair and
sustainable environment. The company, which employs approximately 2,500 people,
is listed on Nasdaq Stockholm Large Cap and is a member of the European Gaming
and Betting Association (EGBA) and founding member of IBIA (International
Betting Integrity Association). Kindred Group is audited and certified by eCOGRA
for compliance with the 2014 EU Recommendation on Consumer Protection and
Responsible Gambling (2014/478/EU). Read more on http://www.kindredgroup.com.
Nasdaq Stockholm, KIND-SDB
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Kindred Group, Kindred Group plc, The Centre, Tigne Point, Sliema, TPO 0001 Malta
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Kindred Group, Kindred Group plc, The Centre, Tigne Point, Sliema, TPO 0001 Malta