Codere returns to profit as new leadership plans for 2018 upgrades

Spanish gambling operator Grupo Codere has published its 2017 full-year results, reporting metric growth across its group assets and KPIs.

The refinanced Spanish legacy gambling operator, reports a 6% increase in corporate revenues to €1.6 billion (FY 2016: €1.55 billion).

Operating under its restructured corporate recovery plan, Codere reports a 2017 group EBITDA of €246 million, up 26% on corresponding 2016’s EBITDA €180 million.

Detailing corporate highlights, Codere governance detailed the positive growth performance of its gambling assets in Mexico, Argentina and Panama, which have supported the steady growth in Codere’s Spanish home market assets.

Closing 2017 accounts, Codere declares group operating profits of €131 million, with corporate earnings amounting to €84 million, reversing its 2016 losses of €1.1 billion. Total group debt continues to be around the €900 million mark.

Speaking to investors, Codere’s new leadership team of Group CEO Vicente Di Loreto and Chairman Norman Sorensen Valdez stated that while Codere continues its corporate recovery, the business still needs to upgrade its systems and gambling products to meet new consumer demands.

Codere governance will continue to invest in its South American market expansion, with Di Loreto and Sorensen Valdez stating that the new markets’ hold “enormous opportunities for growth’, with Codere seeking to become global gambling’s number 1 Spanish jurisdictions gambling firm.

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