Interactive

Malta – Kambi records 22 per cent revenue rise

By Lewis - 6 November 2020

Kambi posted record quarterly performance with revenue up 22 per cent year-on-year and operator turnover rising 62 per cent, driven by the resumption of sports culminating in a busy September calendar

Revenue for the Kambi Group amounted to €28.1m for the third quarter of 2020 and €70.8m for the period January to September. Operating profit for the quarter was €6.5m, at a margin of 23.3 per cent, and €10m for the period January to September, at a margin of 14.2 per cent.

Profit after tax amounted to €5.1m and €6.8m for Q1-Q3. Earnings per share for the third quarter of 2020 were €0.164 (0.075) and cash flow from operating and investing activities (excluding working capital movements) amounted to €6.9m.

Kambi commented: “The difference between Q2 and Q3 couldn’t have been starker and underlines the ability of the business to quickly and efficiently respond not only to the lockdown situation, but also ensuring resources were in place for when sports returned.

“It’s reassuring for our partners to experience the capability and inherent flexibility Kambi has to adapt and thrive under testing conditions and we are confident in our ability to handle any potential future impacts that may arise from the virus. It’s also been reassuring to see that, despite some heightened local restrictions, there’s been no impact on high-level sports.”

The quarter saw Kambi expanded its partner network through the signing of Churchill Downs and its BetAmerica sports betting brand. The company also signed a long-term extension with LeoVegas Group, cementing the partnership and extending the agreement to cover additional brands.

Kambi added: “As we near the end of 2020, the cautious optimism of earlier in the year has been replaced with growing confidence, as we finish the year in great shape. Looking ahead, having successfully come through our toughest challenge, more exciting opportunities await us.”