“I am pleased with the strategic progress we made throughout 2023, as we continue to build a strong foundation for growth over the coming years”
Kristian Nylén,
Financial summary
- Revenue amounted to €44.3 (Q4 2022: 57.8) million for the fourth quarter of 2023 and €173.3 (2022: 166.0) million for the period January to December of 2023
- Operating profit (EBIT excluding Items affecting comparability) for the fourth quarter of 2023 was €7.2 (18.7) million, at a margin of 16.1% (32.3%), and €20.0 (34.8) million, at a margin of 11.5% (20.9%) for the period January to December of 2023
- EBITA (acq)* for the fourth quarter of 2023 was €8.5 (20.5) million, at a margin of 19.2% (35.4%), and €25.2 (37.6) million, at a margin of 14.6% (22.7%), for the period January to December of 2023
- Cash flow (excluding working capital and M&A) amounted to €5.5 (17.9) million for the fourth quarter of 2023 and €15.0 (25.2) million for the period January to December of 2023
- Earnings per share for the fourth quarter of 2023 were €0.182 (0.491) and €0.488 (0.861) for the period January to December of 2023
Kambi has decided to communicate revenue guidance for 2024.Kambi estimates revenue for the full year to be €170 – €180 million.
Kambi announced a share repurchase programme running from5 December 2023 to21 May 2024 , up to a total of €2.8 million
- The 2024 AGM will be held on
21 May 2024 . The Board proposes that no dividend is paid out.
*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets
Key highlights
- Underlying turnover growth of 6% when excluding the impact from Penn Entertainment’s (Penn) online migration
- Excluding the termination fee recorded in Q4 2022, revenue of €44.3 million represented a 2% decrease for the quarter and full year 2023 revenue of €173.3 million was a 13% increase against tough comparatives including the World Cup in Q4 2022 and the Penn online migration
- Entered into long-term sportsbook platform agreements with
Svenska Spel and LiveScore Group to power their respective brands. These partnerships leverage established customer bases and revenue streams, with meaningful financial impact anticipated from H2 2024.
- Secured two additional European sportsbook partnerships, including a long-term deal with fast-growing Dutch online casino operator 711 and a multi-channel partnership with Bingoal to provide superior sports betting technology in
Belgium andthe Netherlands
- In November, Kambi Co-founder and member of the Board Anders Ström became Chair of the Board, succeeding Lars Stugemo
- In January, Kambi’s CEO and Co-founder Kristian Nylén notified the Board of his intention to step down from his current position upon the appointment of a successor
Revenue guidance for 2024
CEO comment
“The final quarter of 2023 saw
As I look back on the year, I have two overriding takeaways, the first being I’m not satisfied with our financial performance. This performance was impacted by lower than anticipated revenue from Shape Games, smaller than expected revenue contributions from two of our largest partners and Bally’s more measured approach to marketing its sportsbook thus far. My second reflection is we made good progress in building the foundations that will ultimately lead to a much-improved financial performance in the future, giving me confidence we’re on the right path for the long-term.
These foundations include the numerous partner signings and renewals made last year, headlined by the partnerships with Bally’s Corporation,
Having said that, it is important to note that challenges do continue to exist, including a slower roll-out of newly regulated sports betting markets. The outlook in certain markets has not been as promising as previously anticipated, particularly in
Meanwhile, in January, I communicated to the market of my intention to step down as CEO in 2024 and a search to find my successor is now underway. I want to emphasise that our long-term strategic direction remains unchanged and I am pleased with the milestones we achieved as a business throughout 2023. While there has indeed been a slowdown in regulatory-driven opportunities, we remain very positive about the long-term trajectory of
Update from the Chair
Anders Ström, who was appointed Chair of the Board in
“Following the announcement regarding our CEO in
You are invited to participate in a web presentation at 10.45 CET with
Please see details in the link below:
https://financialhearings.com/event/46435
Link to the webcast:
https://ir.financialhearings.com/kambi-group-q4-report-2023
Dial-in number to the teleconference will be received by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference: https://conference.financialhearings.com/teleconference/?id=50046435
Link to report page: https://www.kambi.com/investors/financial-reports-and-presentations/
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