Kindred Group is weighing its options for the future of the company, which could lead to a possible sale of the business or a merger. The Malta-based gambling group outlined on Wednesday that the goal of the business review is to find ways to maximize shareholder value.
It is unclear how long the review will take. The group noted that it might not issue further announcements regarding the matter until the process is over and decisions are made.
The launch of the strategic review coincided with the publishing of the group’s first-quarter financial results. Both net profit and revenue grew, helped by cost cutting in certain areas. Total revenue reached £306m ($382m), while profit after tax was £25.6m ($32m).
penalties related to anti-money laundering and social responsibility failings
Kindred did have to contend with fines totaling £7.1m ($8.9m) from the UK Gambling Commission for two of its brands in the first quarter. The penalties related to anti-money laundering and social responsibility failings at 32Red and Platinum Gaming.