Kindred seeks new CFO as Johan Wilsby steps down

Wilsby will leave the Swedish online gambling group later this year.

Sweden.- The online gambing operator Kindred Group has announced it has begun an executive search for a new chief financial officer. It says that Johan Wilsby will leave his position as CFO later this year. He took up the role in September 2020.

Group CEO Henrik Tjärnström said: “Kindred is a dynamic company and Johan has been instrumental in developing the group’s corporate function, the strategic execution, as well as contributing to the executive leadership team.

“Johan has also been a very appreciated colleague and has shown leadership and integrity during challenging times. I want to thank Johan for his contributions and wish him the best of luck in his future career.”

Kindred reported improved group cash flow for Q1 at £29m, up from a loss of £5.5m a year earlier. Revenue has been buoyed by its re-entry into the Netherlands but remained down against 2021. Q1 revenue was £306m and post-tax profit was £26m, which compares to £353m and £73m in 2021.

Underlying EBITDA for 2022 was £129.2m, down 61 per cent. Profit after tax was £120.1m. The Stockholm-listed company has stressed that it is exploring strategic options. It intends to focus on reducing losses in North America, re-prioritising investment projects and optimising group operating expenses to boost scalability.

In March, Kindred received two hefty fines from Britain’s Gambling Commission for social responsibility and anti-money laundering (AML) failures. The regulator fined Kindred’s 32Red £4.2m and the group’s Platinum Gaming £2.9m for a series of failings. It also issued warnings to both brands.

In January, Kindred announced two new executive appointments to its team. Rachel Randle-Williams was named as chief human resources officer while Sören Thörnlund is the company’s new chief technology officer. They replaced Gavin Hayward and Marcus Smedman.