Codere reaffirms its improvement trend with €317.7M in the second quarter
Madrid, September 1, 2022.- Nueva Codere, a leading multinational in the private gaming sector, today announced its results for the second quarter of 2022.
The company has obtained revenues of €317.7M in this period, which reflects a growth of 8.2% compared to the previous quarter and a recovery during the quarter of 91% of revenues prior to the pandemic. Thus, the upward trend is maintained and the group expects to reach 2019 levels before the end of the year.
This revenue improvement has been driven in the physical business by a strong performance led by Argentina. For its part, the Mexican unit has been affected by the slow macro recovery of that market, as well as by greater restrictions on tobacco and commercial promotions; while, In Spain, the results of sports competitions have reduced the percentage of retention of bets, in addition to a lower number of sporting events at the end of the quarter. In turn, the turnover of the online business has grown by 36% compared to the second quarter of the previous year, boosted by Mexico and the good performance of Spain.
In relation to adjusted EBITDA, €47.8M was recorded, slightly below the previous quarter (-1.9%), but €29.7M more than in the same period of 2021. This is due to the strong growth in Argentina during this period and to a lower contribution from Mexico and Spain, a consequence in large part of what was mentioned in the previous paragraph, as well as an increase in energy costs.
Current Situation the main markets in the second quarter
Source: Read Full Article