NewsEconomicsCodere continues the upward path: in the first quarter...

Codere continues the upward path: in the first quarter revenues at 293.7 million

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Nuova Codere, a leading multinational in the private gaming sector, today announced the results of the first quarter of 2022. The company achieved a turnover of 293.7 million euros in this period, which confirms the upward trend of the previous quarter and represents an 83% recovery of the group’s turnover before the pandemic. The positive effects of the lifting of the coronavirus restrictions in most of the markets in which the group operates, the recovery plans implemented and the solid performance of the retail business, in particular in Argentina, Mexico and Spain, have driven this recovery, which has reached 92% in March. The turnover of the online business also recorded strong growth, by 21% compared to the previous year. Normalized EBITDA maintains its upward trend and stands at € 48.7 million (€ 45.2 million more than in the first quarter of 2021). During this period, all markets contributed to this positive generation, notably Argentina, Mexico and Spain. The EBITDA margin also reflects the positive impact of the savings and efficiency plans, settling at 16.6% in the quarter (13.8 percentage points more than in 1Q2021). Spain achieves revenues of 43.6m in this first quarter, an improvement of 63.7% compared to 1Q2021, reaching almost 90% of turnover in 1Q2019. Italy recorded revenues of 68.4 million in 1Q2022, recovering 79% of turnover in the same period of 2019, thanks to the reopening of the theaters, although some restrictions related to covid-19 were still in force in the country during the quarter. . Mexico achieved revenues of 49.9 million, 62% of those obtained in Q1 2019 and 126% higher than those achieved in the same period of 2021. However, this business unit is performing slightly below expectations due to the maintenance health restrictions, as well as the slowdown in the Mexican economy. Argentina, although internally affected by the country’s main macro variables, achieved revenues of 73.2 million, almost 93% more than in the same period of the previous year and 91% compared to 1Q2019. Compared to the other retail markets of the group, Uruguay achieves revenues of 14 million, 24% more than in 2020; Panama invoices 15.5 million, recovering 81% of revenues before the pandemic; and revenues from Colombia were 5 million, 43% more than those achieved in 1Q2021, surpassing the pre-pandemic level. The online business also had a positive behavior in 1Q2022, with revenue growth of around 21% compared to the previous year, up to 24 million. In terms of installed park, as of March 31, 2021, Codere had 42,916 machines, 137 amusement arcades, 1,010 amusement arcades, 37 sports betting shops and 6,322 bars. The company maintains its forecast of recovering between 95% and 100% of its pre-pandemic revenue level in 2019 by the end of the year.

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