Home market adjustments impact Kindred’s YTD profits

first_img Winamax maintains Granada CF sponsorship despite bleak Spanish outlook August 19, 2020 StumbleUpon Vbet sponsors AS Monaco as Ligue 1 kicks off new season August 24, 2020 Share Related Articles FDJ’s ParionsSport launches sponsorship programme for French amateur football August 24, 2020 Submit Share Replicating market-wide trends, Stockholm-listed Kindred Group Plc cannot escape ‘challenging core market conditions’ as the company continues to experience headwinds in Sweden and the Netherlands.Publishing its latest year-to-date interim trading statement (unaudited period Jan-Sep 2019), Kindred maintains a positive revenue momentum at £677 million (YTD2018: £ 658m) – as governance underlines ‘strong locally licensed revenue growth at 33%’, highlighting growth in France and the UK.Despite maintaining robust revenues, Kindred’s performance continues to be impacted by Sweden’s re-regulated market demands, ‘worsening channelization’ which has led to a significant decline in Q3 active player numbers to 1.38 million (1.5 million).In addition, the multi-market operator continues to experience headwinds in the Netherlands following the removal of ‘iDeal’ payment solutions.“Similar to what we saw in the first half of 2019, re-regulation in Sweden resulted in difficult market conditions in the third quarter,” said Kindred Group CEO Henrik Tjärnström. “The current terms and conditions make it challenging to attract customers into the system and can lead to worsening channelization.”A breakdown of corporate costs sees Kindred record a significant 30% increase in YTD betting duties of £148 million (YTD2018: £114m) – with the company reporting £48 million in tax charges during Q3 trading.Continuing to adjust to multiple home market demands, Kindred records a 32% decline in YTD underlying EBITDA to £98 million (YTD2018: £145m). Closing its trading statement, Kindred governance declares  YTD profits before tax at £54 million (YTD2018: £104m).Despite tough home market conditions, Kindred governance maintains confidence in the firm’s diverse regulated market make-up, noting growth in the UK and France. The Stockholm enterprise has also launched its first US sportsbook verticals in New Jersey and the Unibet Lounge in Pennsylvania.Tjärnström added:“Outside of Sweden and the Netherlands, we continued to see strong growth in several other markets, including the UK and France. Locally licensed revenue growth was particularly strong with 33 per cent growth, or 13 per cent growth excluding Sweden, compared to the same period last year.“As expected, this resulted in margin pressure from higher betting duties which increased with 26 per cent compared to the same quarter last year. However, this focus will drive more sustainable future profit growth. Locally licensed markets were 57 per cent of overall Gross winnings revenue in the quarter.”last_img read more

Accused professes his innocence

first_img– claims he never heard of WarlockAfter just over one week on trial for the alleged shooting to death of Dexter Griffith at East Ruimveldt, Georgetown, on September 29, 2015; the accused, Delon Henry, called “Nasty Man”, is likely to know his fate in the coming days.At Tuesday’s hearing, the prosecution closed its case and defence called no witnesses. However, the defendant took the stand in an unsworn statement, telling the court that he knows nothing of the murder allegation and that he does not know the place called Warlock where the shooting occurred.“I come from till up de East Bank. All de officer dem question me and I said I did not know about this murder. I did not shoot anybody,” Henry observed.Before taking his seat, Henry claimed that the Police assaulted him, noting that he has always denied killing Griffith.Delon Henry, called “Nasty Man”However, Police Corporal Munilall Persaud testified earlier that he assisted Police Inspector Simeon Reid in conducting the photographic identification parade on October 6, 2015, at Criminal Investigations Department Headquarters, Eve Leary, Georgetown.Persaud told the court that he laid out 16 photographs, noting that witness Keswhan Griffith, brother of the deceased, selected the number ‘10’ photo which was that of Delon Henry. The detective claimed that at no time did he or anyone in his presence assist the witness in his selection of Henry’s picture.The younger Griffith had testified earlier in the trial that he witnessed “Nasty Man” shooting his brother on that fateful night. One day before he participated in the ID parade, he saw the picture of the suspect in the State newspaper and made contact with Police.When Corporal Persaud was cross-examined by defence Attorney Adrian Thompson, he maintained that he had no concern with conducting the ID parade the next day with Griffith after the witness related what he saw the day before. Persaud said if he had a problem with his senior’s instructions, he would comply and then complain but he saw no need to make a complaint against Inspector Reid.Meantime, Police Prosecutor Neville Jeffers who conducted Henry’s Preliminary Inquiry, read the evidence of former Police Constable Maxwell Grant who resigned after never assuming duties after proceeding on leave. According to Grant’s deposition that was tendered at the Georgetown Magistrates’ Courts, the Constable’s evidence confirmed that five spent shells were recovered from the scene.Grant had related that the evidence was retrieved, placed in bags and handed over to then Police Sergeant Eon Jackson who has tendered the exhibits at the Magistrates’ Courts. However, Jackson, the ballistics expert, revealed on Monday that he was unsuccessful in his attempts to locate the spent shells.The case concludes before Justice Sandhil Kissoon who will soon put the matter to the jury to deliberate on Henry’s fate.According to reports back then, after being shot, Griffith reportedly walked a short distance in an attempt to escape from Henry but eventually fell unconscious to the ground, while his assailant escaped. Prosecutors Lisa Cave and Orinthia Schmidt are prosecuting the State’s case.last_img read more