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NEWS 18 September 2017

Codere up 7% in H1 revenues

By Manuel Marti
So far, 2017 has been all smiles for the Spanish gaming operator Grupo Codere. The firm has released its H1 financial results, presenting solid corporate growth bolstered in small part by its Latin American operations.

Codere has reported €814m in group revenues for the first half of this year, a 7% increase compared to the same period last year when the company posted €760m. This strong performance is mainly driven by the Argentinean and Mexican markets, which generated €300m and €168m in revenue respectively.

The Spain-listed company, which currently operates over 50,000 gaming machines and 4,400 sports betting terminals in Latin America, Spain and Italy, explained in the stock filling that expanding into the markets of Mexico and Argentina had increased its operating expenses to €683m. This expansion strategy would explain why Codere’s H1 adjusted EBITDA was €131.5m, a 0.8% drop compared to the same period prior year.

Moreover, the operator reported nearly €65m in group profits, reversing its 2016 interim declines when it only posted €1.6m. Codere also announced it had paid interest expenses of €37m during the period ending 30 June.

Codere says that it is performing in line with the roadmap already established as part of its full-year targets and will remain focused on this.

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