Codere eyes return to stability in performance update

Codere delisted from the Madrid Stock Exchange last year.
Codere delisted from the Madrid Stock Exchange last year.

Spain’s Codere has published an update on Q4 trading.

Spain.- The Spanish gambling operator Codere SA has made a performance update on its Q4 trading and showing signs of a return to stability following the heavy impact of the Covid-19 pandemic on its business. The group, which delisted from the Madrid Stock Exchange in Q4, reported corporate revenue of €291m for the quarter.

That figure is 85 per cent of like-for-like revenue seen in Q4 of 2019 before the impact of the pandemic. Sales recovered following the reopening of land-based businesses in its jurisdictions, which include a significant presence in Latin America.

The Spanish arcade and sportsbook division saw revenue of €42m, while Mexico generated €54m despite longer-lasting impacts from the pandemic.

Revenue from Argentina proved to be better than expected at €66m, despite ongoing inflationary problems. Codere stated EBITDA of €45m for Q4, reflecting a 15 per cent EBITDA margin.

Codere said: “With the culmination of the financial restructuring process and the launch of Codere Online on the US Nasdaq, and after two complicated years of the pandemic, the company began the year by beginning a new stage, with its portfolio intact and a strengthened financial situation.

“This allows the development of a business plan that returns the group to its growth path, after this period of normalisation, with important opportunities especially in Spain, Mexico and in the digital business.”

Last year, Codere divested Codere Online through a merger with SPAC DD3 Acquisition Corp to list on the US Nasdaq. Nueva Codere is now led by Alberto González del Solar and Alejandro Rodino as joint-CEOs, with former Ladbrokes Plc CEO Christopher Bell as chairman.

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