Online gambling operator Kindred Group reported record revenue in the final quarter of 2020 on stronger sports margins, higher customer engagement and aggressive cost-cutting.

In a trading update released Tuesday, the Stockholm-listed Kindred reported all-time high revenue of £365m in the three months ending December 31, 2020, up 55% from the same period last year and around 30% better than the company reported in Q3 2020. Final figures won’t be released until February 10 but eager investors sent the stock up 5% by Tuesday’s close.

Kindred credited the revenue surge to a variety of positive benchmarks, including a record 1.78m active customers during Q4, up 11% year-on-year. Another contributing factor was a 10% sports margin, up around 1.5 points from the long-term average. 

Kindred expects Q4 earnings to come in around £115m, a nearly four-fold rise from Q4 2019’s £30.7m and only £15m below the company’s full-year 2019 earnings. Possibly fearing a media and/or regulatory backlash from such a bottom-line surge, Kindred played down the gains, saying only that the result was “significantly higher than the current consensus.”