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Directors tender resignations at Cherry AB
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Two board members, Anna Bergius and Claes Ruthberg, tendered their resignations, as an investigation into the alleged insider trading by former CEO, Anders Holmgren is progressing. The company has already started the search for their replacements. Bergius and Ruthberg submitted the resignation to Cherry chairman, Morten Klein, which would come into effect immediately.
Cherry said in a statement: “Their decision was based on receiving a notice from the Swedish Economic Crime Authority, informing the two board members about the authority’s suspicion of crime committed by them in connection with the investigation that was initiated in May 2018 of alleged insider crime carried out by the former CEO, Anders Holmgren.
“Both board members concluded that their decision is the best alternative for the company given the current situation.”
Holmgren had been arrested on suspicion of insider trading.
The Economic Crime Authority carried out a raid of Cherry’s offices on May 22 and the arrest took place shortly after. Gunnar Lind, chairman of the audit committee at Cherry, has taken on the role of acting president and chief executive while the investigation continues.
Following the resignations of Bergius and Ruthberg, the Cherry Board of Directors consists of four members. According to the company’s Articles of Association, the board of directors must comprise at least three and at most nine members. Cherry said Klein has been in contact with the Nomination Committee to initiate a search for additional board members.
Earlier this month, Cherry said it was set to conclude its search for a new permanent CEO by the end of August.
Klein, speaking on an earnings call for the company’s second-quarter financial results, hailed the leadership of Lind in his acting capacity.
Source: igamingbusiness.com
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Kindred Group plc – Interim report: January – March 2024 (unaudited)
First quarter 2024
- Total revenue was GBP 307.7 (306.4) million, in line with the first quarter of 2023.
- Gross winnings revenue (B2C) was GBP 297.6 (297.3) million.
- Underlying EBITDA increased by 20 per cent to GBP 59.3 (49.4) million.
- Profit before tax was GBP 39.8 (30.4) million.
- Profit after tax was GBP 31.4 (25.6) million.
- Earnings per share were GBP 0.15 (0.12).
- Free cash flow amounted to GBP 23.7 (29.0) million.
- Number of active customers increased by 3 per cent to 1,667,564 (1,623,568).
CEO Nils Andén comments on the first quarter of 2024
“We have had a solid start to 2024 with the underlying business operations performing well and operational initiatives moving forward according to plan. The headcount reduction plans announced at the end of last year are progressing as intended and the North America exit is set to conclude towards the end of the second quarter this year. Our growth plan that we launched during the fourth quarter last year, focusing on Europe and Australia, continues at pace with dedicated strategic growth projects across locally regulated markets.”
“Together with the encouraging performance of the B2B business, Relax Gaming, total revenue for the first quarter came in at GBP 307.7 million, in line with the same period last year. Underlying EBITDA for the first quarter came in at GBP 59.3 million, which is a very encouraging increase of 20 per cent compared to the first quarter 2023 and shows the continued positive impact of our cost control focus.”
“During the quarter, we launched the Kindred Sportsbook Platform (KSP) in a test market, and we are very pleased with the progress to date. KSP remains one of our most important strategic projects and will give us the flexibility and differentiation needed to improve growth in locally regulated markets.”
“Our share of Gross winnings revenue from locally regulated markets came in at a new all-time high of 84 per cent, indicating our continued focus to sustainable revenue and our commitment to a positive contribution to societies.”
“Following a solid start to the year we now have our eyes firmly set on a much sought after summer of sports with the UEFA Euros, the Copa America, and the Paris Olympics.”
Trading update up to and including 21 April 2024
The average daily Gross winnings revenue for the Group, up to and including 21 April 2024, was GBP 3.48 million, 6 per cent higher (8 per cent in constant currency) compared to the daily average for the full second quarter of 2023. Excluding North America, Gross winnings revenue is increasing 8 per cent (9 per cent in constant currency).
The sports betting margin after free bets for the above period was 11.3 per cent, which is ahead of the Group long-term average of 9.8 per cent and in line with the 11.3 per cent across the full second quarter of 2023.
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SKS365 keeps investing in people: GROW People Management Program took the next level
11 experienced people managers from the SKS365 group’s 4 locations gathered last week in Belgrade for the new GROW People Management Program. From 15 th to 19 th of April, through trainings, discussions, and social connections, people had the opportunity to further grow individually and as a team, while enjoying Belgrade’s city center and rivers.
Created in 2023 with the purpose of building foundation people management skills across the organization, GROW initiative evolved this year by including a new, advanced program for experienced people managers to further consolidate their skills and prepare for future opportunities.
Building and fostering connections, sharing experiences, and enjoying team building experiences – all these activities have been part of the GROWpmp agenda for the 11 people managers coming from Commercial, Product and Development, Finance, and Sportsbook departments of the group’s 4 locations – Malta, Italy, Austria, Serbia.
GROWpmp included a variety of topics that people managers in SKS365 recognized as the key areas for management development. Topics such as influence through communication, team effectiveness, DEI, through to presentation skills and business topics like understanding finance and management reporting, were delivered with the support of external professionals and internal experts, while designed and organized by the SKS365 People & Culture team.
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North Star Network acquires Um Dois Esportes
North Star Network are delighted to announce the acquisition of umdoisesportes.com.br, which becomes the latest addition to NSN’s global sports media portfolio.
Born from the GRPCOM merger of the editorial teams of Gazeta Do Povo and Tribuna do Paraná in 2020, Um Dois Esportes provides in-depth sports coverage and analysis for the Brazilian state of Paraná and beyond.
North Star Network co-founder Julien Josset said: “Thank you to the team at GRPCOM for their faith in us to take the brand forward. Um Dois Esportes is an established and renowned site in Paraná State, and we’re excited about the challenge of developing this asset.”
“We’re happy to maintain the collaboration with the existing editorial team, and look forward to working with them, bringing our unique NSN approach, to take UDE forward.” NSN’s signing of Um Dois Esportes is the media house’s fourth acquisition of 2024, following the recent deals to purchase UK-based SportsMole and MrFixitsTips, as well as Chilean site AlAireLibre, which was announced in March.
The latest addition to the North Star media portfolio joins existing assets including Top Mercato, Afrik-Foot, and Vringe. The Paris-based company already oversees a significant Brazilian operation, delivering over 6 million sessions per month, from the likes of Trivela, Premier League Brasil and Lakers Brasil.
NSN will retain Curitiba-based journalists from the Um Dois Esportes legacy team to maintain the asset’s unique tone and popular coverage of the Paraná sports scene across site and social.
“We were surprised by the interest, and initially had no intention of selling Um Dois, but as the conversations evolved, we realised this was a serious group with good intentions,” said GRPCOM Director Rafael Mello. “We were very happy to see our project being valued by a large international group and going global, demonstrating the quality of the content we produced.”
“We’re also proud that North Star inherited our journalists, who are truly responsible for the success of the product we offer readers every day.”
The post North Star Network acquires Um Dois Esportes appeared first on European Gaming Industry News.
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