CIRSA focuses on Spanish reopening following Q1 wipeout

CIRSA has reported that strong January and February growth was wiped-out by Coronavirus circumstances, which forced the Spanish gambling operator to shut down its entire retail gambling presence.

The Blackstone Group owned operator reported that company performance had been in-line with expectations until March, as Q1 operating revenues declined by 6% to €355 million.

Publishing its top-line results, CIRSA revealed that group Q1 operating profits fell by 14% to €89m as COVID-19 headwinds have interrupted all core CIRSA business units.

Tracking the period 8-25 March, CIRSA was forced to shut down its entire operating presence across eight separate jurisdictions.

At present, CIRSA’s only active business unit is Spanish online sportsbook Sportium, whose performance has been disrupted by the postponement of 2020’s global sports calendar.

This June, CIRSA will restart its Spanish retail operations, in which the company seeks to return as many of its ERTE (furloughed) 4,400 (84% of workforce) back to work.

“Given the exceptional social and economic situation, management focuses on safeguarding the sustainability of the Company, managing the decisions that protect its future in the short, medium and long term, including measures relating to the liquidity and solvency of the company and reducing operating costs,” said CIRSA management.

Check Also

Spain

Spain: Casino closes gap as online gambling revenues pass €850m

The online gambling market in Spain generated €850.7m in 2020, an increase of 13.7% on …

Martin Lycka: The importance of being liquid

Market-by-market, regulators face critical choices in how to govern the intricacies of managing product liquidity …

Spanish operators warned of Garzón’s tax review intentions

Alberto Garzón, Spain’s Minister of Consumer Affairs, has revealed his department’s intentions to undertake a …