{"id":3397,"date":"2024-02-21T06:45:00","date_gmt":"2024-02-21T05:45:00","guid":{"rendered":"https:\/\/staging.kambi.com\/investors\/news-pr\/kambi-group-plc-publishes-q4-report-2023-and-provides-guidance-on-revenue-for-the-full-year-2024\/"},"modified":"2024-02-21T06:45:00","modified_gmt":"2024-02-21T05:45:00","slug":"kambi-group-plc-publishes-q4-report-2023-and-provides-guidance-on-revenue-for-the-full-year-2024","status":"publish","type":"press_release","link":"https:\/\/www.kambi.com\/pt-br\/investors\/news-pr\/kambi-group-plc-publishes-q4-report-2023-and-provides-guidance-on-revenue-for-the-full-year-2024\/","title":{"rendered":"Kambi Group plc publishes Q4 Report 2023 and provides guidance on revenue for the full year 2024"},"content":{"rendered":"<div class=\"mfn-body\">\n<p><em>\u201cI am pleased with the strategic progress we made throughout 2023, as we continue to build a strong foundation for growth over the coming years\u201d<\/em><\/p>\n<p><em>Kristian Nyl\u00e9n, Kambi CEO and Co-founder<\/em><\/p>\n<p><strong>Financial summary<\/strong><\/p>\n<ul>\n<li>Revenue amounted to \u20ac44.3 (Q4 2022: 57.8) million for the fourth quarter of 2023 and \u20ac173.3 (2022: 166.0) million for the period January to December of 2023<\/li>\n<\/ul>\n<ul>\n<li>Operating profit (EBIT excluding Items affecting comparability) for the fourth quarter of 2023 was \u20ac7.2 (18.7) million, at a margin of 16.1% (32.3%), and \u20ac20.0 (34.8) million, at a margin of 11.5% (20.9%) for the period January to December of 2023<\/li>\n<\/ul>\n<ul>\n<li>EBITA (acq)* for the fourth quarter of 2023 was \u20ac8.5 (20.5) million, at a margin of 19.2% (35.4%), and \u20ac25.2 (37.6) million, at a margin of 14.6% (22.7%), for the period January to December of 2023<\/li>\n<\/ul>\n<ul>\n<li>Cash flow (excluding working capital and M&amp;A) amounted to \u20ac5.5 (17.9) million for the fourth quarter of 2023 and \u20ac15.0 (25.2) million for the period January to December of 2023<\/li>\n<\/ul>\n<ul>\n<li>Earnings per share for the fourth quarter of 2023 were \u20ac0.182 (0.491) and \u20ac0.488 (0.861) for the period January to December of 2023<\/li>\n<\/ul>\n<ul>\n<li>Kambi has decided to communicate revenue guidance for 2024. Kambi estimates revenue for the full year to be \u20ac170 \u2013 \u20ac180 million.<\/li>\n<\/ul>\n<ul>\n<li>Kambi announced a share repurchase programme running from 5 December 2023 to 21 May 2024, up to a total of \u20ac2.8 million<\/li>\n<\/ul>\n<ul>\n<li>The 2024 AGM will be held on 21 May 2024. The Board proposes that no dividend is paid out.<\/li>\n<\/ul>\n<p>*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets<\/p>\n<hr\/>\n<p><strong>Key highlights<\/strong><\/p>\n<ul>\n<li>Underlying turnover growth of 6% when excluding the impact from Penn Entertainment\u2019s (Penn) online migration<\/li>\n<\/ul>\n<ul>\n<li>Excluding the termination fee recorded in Q4 2022, revenue of \u20ac44.3 million represented a 2% decrease for the quarter and full year 2023 revenue of \u20ac173.3 million was a 13% increase against tough comparatives including the World Cup in Q4 2022 and the Penn online migration<\/li>\n<\/ul>\n<ul>\n<li>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.<\/li>\n<\/ul>\n<ul>\n<li>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 and the Netherlands<\/li>\n<\/ul>\n<ul>\n<li>In November, Kambi Co-founder and member of the Board Anders Str\u00f6m became Chair of the Board, succeeding Lars Stugemo<\/li>\n<\/ul>\n<ul>\n<li>In January, Kambi\u2019s CEO and Co-founder Kristian Nyl\u00e9n notified the Board of his intention to step down from his current position upon the appointment of a successor<\/li>\n<\/ul>\n<p><strong>Revenue guidance for 2024<\/strong><\/p>\n<p>Kambi today provides 2024 full year revenue guidance of \u20ac170 \u2013 \u20ac180 million. This full-year guidance is provided strictly on a one-off basis and Kambi does not intend to provide annual guidance for coming years.<\/p>\n<hr\/>\n<p><strong>CEO comment<\/strong><\/p>\n<p><em>\u201cThe final quarter of 2023 saw Kambi conclude a year of strong strategic progress, whilst navigating what remains a complex and challenging sports betting landscape. Revenue of \u20ac44.3 million in Q4 reflected a 2% year-on-year decline excluding the one-off termination fee from Penn recorded in Q4 2022, largely due to the loss of Penn\u2019s online revenue. On a full year basis revenue increased 13% to \u20ac173.3 million when excluding the termination fee.<\/em><\/p>\n<p><em>As I look back on the year, I have two overriding takeaways, the first being I\u2019m 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\u2019s 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\u2019re on the right path for the long-term.<\/em><\/p>\n<p><em>These foundations include the numerous partner signings and renewals made last year, headlined by the partnerships with Bally\u2019s Corporation, LiveScore Group and Svenska Spel, which we expect to deliver a meaningful revenue contribution from H2 2024. We also continue to work on our modularisation capability and believe with Abios, Shape Games and now Tzeract, the positive commercial conversations we\u2019re having with regards our strong product portfolio will increasingly bear fruit during the year ahead. On Shape Games, we recently took the decision to integrate it further into the business to make the most of the opportunities we see in combining the strengths of the Kambi and Shape Games UX teams. Meanwhile, another important element to financial performance is tight cost control, so it is pleasing today we can communicate a limited year-on-year cost increase for 2024. These are just some of the actions we have taken to put us in a stronger position moving forward.<\/em><\/p>\n<p><em>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 California where 2028 now appears to be a more realistic timeline for regulation. In Brazil, we welcome the long-awaited regulation of the country\u2019s sports betting market, but are also mindful that the transition to a fully licensed framework is unlikely before Q3 2024 and that new operators will face tough competition entering what is already a mature grey market with established sports betting brands.<\/em><\/p>\n<p><em>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 Kambi Group. Our resilience, strategic progress and commitment to product excellence have set us up well for the future and, as we move forward, we do so with great optimism for the journey ahead.\u201d<\/em><\/p>\n<p><strong>Update from the Chair<\/strong><\/p>\n<p>Anders Str\u00f6m, who was appointed Chair of the Board in November 2023, provides the following update on appointing a successor to Kristian Nyl\u00e9n:<\/p>\n<p><em>\u201cFollowing the announcement regarding our CEO in January 2024, the Board of Kambi has initiated the process of seeking a successor. The search is progressing according to plan, with the aim to finalise an appointment prior to the summer period. In the meantime, the company&#39;s progress towards its long-term strategic objectives remains uninterrupted.\u201d<\/em><\/p>\n<hr\/>\n<p>You are invited to participate in a web presentation at 10.45 CET with Kambi Group plc\u2019s CEO Kristian Nyl\u00e9n and CFO David Kenyon. The presentation will be held in English and can be accessed using the link below. After the presentation there will be the opportunity to ask questions.<\/p>\n<p>Please see details in the link below:<\/p>\n<p><a href=\"https:\/\/gbr01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Ffinancialhearings.com%2Fevent%2F46435&amp;data=05|02|Chris.Stutzman%40kambi.com|249af06e8e734403329a08dc18c25af3|e3ec1ec4b9944e9e82e080234621871f|0|0|638412470247237118|Unknown|TWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D|3000|||&amp;sdata=U4XVDhzKkW5ijom6NtNcwBvdvRoZCho1EABm3oY38Cg%3D&amp;reserved=0\" rel=\"noopener\" target=\"_blank\">https:\/\/financialhearings.com\/event\/46435<\/a><\/p>\n<p>Link to the webcast:<\/p>\n<p><a href=\"https:\/\/ir.financialhearings.com\/kambi-group-q4-report-2023\" rel=\"noopener\" target=\"_blank\">https:\/\/ir.financialhearings.com\/kambi-group-q4-report-2023<\/a><\/p>\n<p>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: <a href=\"https:\/\/conference.financialhearings.com\/teleconference\/?id=50046435\" rel=\"noopener\" target=\"_blank\">https:\/\/conference.financialhearings.com\/teleconference\/?id=50046435<\/a><\/p>\n<p>Link to report page: <a href=\"https:\/\/www.kambi.com\/investors\/financial-reports-and-presentations\/\" rel=\"noopener\" target=\"_blank\">https:\/\/www.kambi.com\/investors\/financial-reports-and-presentations\/<\/a><\/p>\n<\/div>\n<div class=\"mfn-footer mfn-contacts mfn-3bd1a7eea613\">\n<p><strong class=\"mfn-heading-1\">For further information, please contact:<\/strong><\/p>\n<hr\/>\n<p>Mia Nordlander<br \/>SVP Investor Relations<br \/><a href=\"mailto:Mia.Nordlander@kambi.com\" rel=\"noopener\" target=\"_blank\">Mia.Nordlander@kambi.com<\/a><br \/>Mobile: +44 (0) 7850 910 933<br \/>Office: +44\u00a0203\u00a0318 6279<\/p>\n<p>Chris Stutzman<br \/>Investor Relations Analyst<br \/><a href=\"mailto:Chris.Stutzman@kambi.com\" rel=\"noopener\" target=\"_blank\">Chris.Stutzman@kambi.com<\/a><br \/>Office: +1 302 603 5137<\/p>\n<\/div>\n<div class=\"mfn-footer mfn-about mfn-69f15e07a220\">\n<p><strong class=\"mfn-heading-1\">About Kambi<\/strong><\/p>\n<hr\/>\n<p>Kambi is a provider of premium sports betting services to licensed B2C gaming operators. Our services encompass a broad offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software platform. Kambi\u2019s 40-plus customers include ATG, Bally\u2019s Corporation, Corredor Empresarial, Kindred Group, LeoVegas, LiveScore, Rush Street Interactive and Svenska Spel. Kambi employs more than 1,000 staff across offices in Malta (headquarters), Australia, Denmark, Philippines, Romania, Sweden, the UK and the United States.<\/p>\n<p>Kambi utilises a best of breed security approach and is ISO 27001 and eCOGRA certified. Kambi Group plc is listed on Nasdaq First North Growth Market under the symbol &#34;KAMBI&#34;.<\/p>\n<p>The Company&#39;s Certified Advisor is Redeye AB.<\/p>\n<\/div>\n<div class=\"mfn-footer mfn-regulatory mfn-regulatory-mar\">\n<p><em>This information is information that Kambi Group plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-21 07:45 CET.<\/em><\/p>\n<\/div>\n<div class=\"mfn-footer mfn-attachment mfn-attachment-general\">\n<p><strong class=\"mfn-heading-1\">Attachments<\/strong><\/p>\n<hr\/>\n<p><a class=\"mfn-primary\" href=\"https:\/\/storage.mfn.se\/09f1a38e-996a-474e-8b6d-ec6d886dc7cd\/kambi-group-plc-q4-2023-report.pdf\" rel=\"noopener\" target=\"_blank\">Kambi Group Plc Q4 2023 Report<\/a><\/p>\n<\/div>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"wpcf-remoteid":"86719344-f272-40b1-aaa9-63a463a87568","wpcf-regulated":"1","wpcf-isfinancial":"0","wpcf-publishedyear":"2024","wpcf-published":"1708497900","banc-mfn-type":"ir","banc-mfn-lang":"en"},"press_release_type":[262,258,261,271,54,58],"class_list":["post-3397","press_release","type-press_release","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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