Codere Online ups outlook again after rise in net revenue
Second-quarter revenue was up 39 per cent.
Spain.- Codere Online has raised its full-year outlook again after reporting a 39 per cent year-on-year rise in revenue to €51.7m for the second quarter. It reported growth in all segments, with a rise in monthly active players in both Spain and Mexico
Net gaming revenue in Spain was up 25 per cent year-on-year at €21.8m, while NGR in Mexico rose 57 per cent to €28.2m and Colombia, Panama and Buenos Aires City, Argentina, generated a combined €4.4m, up 22 per cent. Active player numbers rose by 26 per cent to 51,500 in Spain and by 25 per cent to 62,300 in Mexico. Numbers fell by 10 per cent to 31,800 in other jurisdictions combined.
Codere Online has increased its full-year 2024 net gaming revenue forecast to a range of €205m to €215m and adjusted EBITDA to a range of €2.5m to €7.5m.
CEO Aviv Sher said: “We are very pleased with our performance in the second quarter of 2024, with net gaming revenue of €54.4m, a 39% increase over the prior year period. In the quarter we saw improved customer engagement and customer acquisitions in part due to targeted additional marketing investments made around certain major sports betting events (i.e., Euro and Copa America).
“As a result, performance in our core Mexican and Spanish businesses was strong (notwithstanding all the Spanish victories in the Eurocup), with net gaming revenue growing by 57% in the second quarter in Mexico to over €28m and 25% in Spain to nearly €22m.”
CFO Oscar Iglesias said: “We are pleased to have delivered positive adjusted EBITDA for the second consecutive quarter despite the increased marketing spend around Euro 2024 and Copa America. The €1.3m in adjusted EBITDA in the second quarter is nearly €6m better than the prior-year period, and for the year-to-date period, we have generated €3m.”
In June, Codere Online appointed three new members to its board of directors. Gabriel Saenz de Buruaga, Taavi Davies and Claude Noesen replace Patrick Ramsey, Michal Elimelech and Laurent Teitgen. Codere Group CEO Gonzaga Higuero was re-appointed and will serve as chairman. He said: “We welcome these new additions to the board and look forward to working with them to build upon the significant progress achieved by the company in recent years.”
