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Codere Online reports 34% Q1 revenue increase

The report showcased significant growth and positive momentum for the company.

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Operator Codere Online has released its preliminary unaudited financial results for the quarter that ended 31 March 2024.

The financial highlights for the first quarter of 2024 include total revenue of €50.4m, with net gaming revenue reaching €53m ($57.58m) – a figure that represents an increase of 34% year-on-year.

Particularly noteworthy is the performance documented in key markets, with Mexico's revenue hitting €23.8m while Spain's revenue reached €22.3m.

Codere Online also achieved a net income of €3.4m in the first quarter of 2024, a significant improvement from a net loss of €1.3m in the corresponding period of 2023.

Regarding the results, Aviv Sher, Codere Online CEO, stated: “We are off to a strong start in 2024, with net gaming revenue of €53m in the first quarter, 34% above that of last year and once again our highest ever quarterly figure.

“Our focus on Mexico and Spain continues to yield impressive results. In both markets, our targeted marketing efforts allowed us to grow our active customer base by c. 25% as a result of the acquisition of higher quality customers (i.e. lower churn) but also with an increased spend per active.”

Oscar Iglesias, Codere Online CFO, added: “Once again, top-line growth exceeded our expectations in the first quarter, with Mexico continuing to put distance on Spain as our largest market by revenue.

“We are particularly excited, however, to see Mexico now also contributing positive adjusted EBITDA for the first time. This, together with a strong performance by Spain, allowed us to generate €1.7m in total adjusted EBITDA in the first quarter, which represents a significant step towards achieving our full-year profitability targets.”

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